DeFi is the best Meme in the field of cryptography after Bitcoin?

Original title: “DeFi: The State of Meme”


DeFi seems to be adapting to a new environment. A year of slow construction and a busy summer have allowed DeFi TVL to increase its performance by more than 15 times and have more users and funds. However, the biggest change comes from the attention of entrepreneurs and existing companies-many of them have heard rumors of great success in this unfamiliar field of DeFi.

This highlights the power of DeFi as a Meme. Just like this sentence:

Meme has created a virtuous circle. Starting from a name allows people to start talking and writing about DeFi, which will lead in more users and then attract more developers to build applications. New projects provide new content, thus starting a cycle of sustainable growth. The easy-to-understand name attracts new users, and it has a cohesive effect on the community and industry.

We are about to enter the third DeFi construction cycle. In the first cycle, the proof-of-concept stage, the team built financial products on Ethereum, but there was no catchy name. Most of the euphoria produced in 2017 (or before). Projects like Maker, 0x, Kyber, dYdX, Synthetix, Uniswap and Compound were later called DeFi.

In 2018, they are just one of many projects on Ethereum, sometimes dubbed “Web3”, but they are not particularly memorable. Their success, especially Maker and its Dai stablecoin, created an organic community that soon united under the banner of “DeFi”, jointly conceived by the Set, Dharma and 0x teams as the name of a Telegram Group.

DeFi Pulse was launched in February 2019, creating a central hub and a data point: Total Value Locked or TVL-used to compare items, although at the time, almost all assets in DeFi were stored in MakerDAO. This has attracted media attention. Forbes wrote an article about DeFi in April, and DeFi was all the rage at New York City Blockchain Week in May.

At this time, some DeFi media also appeared: Defiant, DeFi Prime, Dose of DeFi, DeFi Weekly and DeFi Rate.

The resulting ecosystem opens the second DeFi construction cycle, composability and specialization (summer 2019-spring 2020). Projects such as Maker, Compound and Uniswap cater to people’s growing interest in DeFi, and A major protocol upgrade was initiated to make it easier to run with other DeFi projects.

Synthetix and Kyber became the first DeFi trending tokens, and Aave was renamed and relaunched as the main DeFi brand. At the same time, Curve and Balancer expanded the product range, demonstrating the innovation of liquidity pools and AMM.

DeFi Meme amplifies this sport. New media channels have provided great help (Bankless Newsletter launched in September 2019), but “DeFi” has also proliferated in investor presentations and corporate strategy meetings. It has become a shorthand for major financial activities on the blockchain. We saw the initial “CeFi movement”, especially in the article “Black Thursday, the difference between CeFi and DeFi”.

During this period of time, developers have developed rapidly, but the number of users has not yet arrived. DeFi has penetrated other communities in Ethereum, but it is still not known by ordinary crypto investors, let alone mainstream audiences. It needs a new Meme.

The launch of COMP gave birth to a new kind of Meme: liquid mining (cryptocurrency investors invest funds in different DeFi protocols to earn the maximum return, cryptocurrency investors liken themselves to “Yield Farmer” ). Of course, liquidity incentives are nothing new, but this Meme spread like wildfire throughout the entire crypto community.

Then the summer of DeFi is here. Speculation about its current status is best found on encrypted Twitter, but DeFi Summer has already started another round of DeFi concept dissemination.

This corresponds to the surge in interest caused by encryption, which I define as traditional financial professionals who have a clear view of Bitcoin and Crypto. Two weeks ago, Bloomberg reported on DeFi and Uniswap. Meanwhile, Joe Weisenthal, Patrick o’shaughnessy, and Demetri Kofinas-they are all hosts of the Finance Podcast People-made remarks like “What happened to DeFi?” on Twitter.

Derivative effects of Meme

Most people think that DeFi is the best Meme in the field of cryptography after Bitcoin . It is short and eye-catching, but it is also vague enough that anyone can see his own shadow in it. As a Meme, DeFi has and will continue to develop. ICOs used to be cool, but quickly became inflexible. DeFi has gone through several cycles now, and it doesn’t look exhausted, it feels very fresh.

The key is that DeFi Meme is in good condition. The summer event has ended, but the DeFi brand has avoided the ICO development track so far, and we are now preparing for the third round of construction.

The derivative effect will be lasting. The growth of DeFi Meme will fund new projects and be integrated by more CeFi, because every cryptocurrency fund and company now needs “DeFi Play”. More importantly, the expansion of the media ecosystem-compared with the number of DeFi media 6 months ago, has been attracting more and more fans. This is the power of Meme.

on is a research-driven DeFi innovation organization. Every day, from nearly 900 pieces of content from more than 500 high-quality information sources around the world, it searches for more in-depth and more systematic content, and synchronizes it at the fastest speed. The Chinese market provides decision-making aids.

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