The parent entity, iFinex, is making huge profits with its Tether capital sitting in US treasuries. Tether earns $3b per year right now. iFinex also has 94,000 BTC returning from the Bitfinex hack funds seizure ($1.5b).
Capital moving to OKX may explain its exchange token performance in this bear market.
Anything that works will need trusted centralised parties.
If true, dapps and L1s are just a wild goose chase over an intractable problem.
Please prove me wrong.
Best way to prove me wrong is to name a dapp that provides a benefit that people want that cannot be done by better by existing Web2 and Bitcoin technology.
Example arguments:
- why a DEX will be better than a CEX
- seamless fintech inter-op across the web using MetaMask
I suspect the 2 key issues needed to be solved in order to have true decentralised apps that can fulfill the dream of "Web3" are:
- prevention of sybil attacks
- ability to peer into the global state across all L1s by any dapp. (I think this problem is provably intractable)