Thread by @cburniske

If you think #DeFi will have a smaller impact on $ETH than ICOs, you aren't paying attention.

The ICO boom flexed #Ethereum's ability to perform 1 financial service: early-stage capital formation.

#DeFi will flex Ethereum's ability to perform *all* financial services.

If you’re whining about #DeFi now, I fear for your mental state in a couple years time — this is just getting started.

Crypto is still off the radar compared to 2017-style interest, and that type of interest will come again, and again, and again, and...

Each cycle with past narratives hardened + new narratives that drive further conversion of users, suppliers, developers, and investors.

Eventually these architectures will be the “new default” and the cycles less pronounced, but we’re still a ways from that.

Until then, expect plenty more experimentation. New narratives will be the norm, don’t bet against the obvious.