1/ Pretty disappointed at defi innovation right now
Maybe that's why CT has been so encapsulated with NFTs - it's where the new ideas are
We need to stop copy pasta'ing the same degen playbook and reinvent new primitives that people will actually use after LM rewards dry up
2/ Here's some shit that I want to see:
- Composable primitives that aren’t possible in tradfi
- Structured products with real-world use
- Reputation-based primitives
Here's shit I don't want to see:
- leveraged pools
- same primitive, different L1
- ponzinomics yield farming
3/ Innovation means reimagining financial products from first principles, leveraging what blockchain can do that is impossible in tradfi
@AlchemixFi combined yield on Yearn w/ upfront loans @RariCapital created isolated lending pools @OlympusDAO created protocol-owned liquidity
TLDR; Smart contract insurance has PMF due to user need (from degens) and deterministic payout from on-chain events, but also has drawbacks due to subjectivity in the claims process
1/ People that don't understand the pudgy pengus don't understand the power of mimetic desire & in-group signaling
If there are people that you respect and want to be 'accepted' in their group, you'll likely mimic their behaviors & actions
2/ Mimetic desire is baked into our brains, as an evolutionary mechanism to belong to a group in order to maximize survival
In our modern society, this is reflected in literally 90% of our actions & behaviors: our hobbies, our clothing, our slang
All to belong
3/ For all pfps, there's a sense of signaling. It's the combination of two reasons why ppl are saying that pfp projects are pumping: flexing & community.
Flexing = ur signaling outwardly of being a part of an exclusive group
Community = u reap the benefits of being in the group