Today on the Brief:
- Traditional markets falter, led down by tech stocks
- Bitcoin falls under $11,000 for the first time since July
- Stablecoins mint $100m daily since mid-July
Our main discussion is about DeFi’s “degens.” NLW talks about:
- The numbers behind DeFi’s recent run up
- What “degen” means in this context
- Why degen is in part a reaction to previous bitcoiner critiques of Ethereum
- Why degen is (in even bigger part) a reaction to a no-yield, artificially low interest world
