The ecosystem is crowded with early versions of DeFi with many flaws: Because the tech is new, because the chains they run on have their own shortcomings, and because people are greedy and see a chance to make a lot of money very quickly by rushing products out without concern for who ends up paying for their gains. We can do better.
Much like how the ICO boom of 2017 brought widespread interest to the crypto market, DeFi will also shift many eyes toward our industry. But we need to remember that the cost of the 2017 runup and ICO boom was an eventual loss of general interest and a prolonged crypto winter that followed when the vast majority of these projects failed to live up to their promises. Instead of fast-tracking projects that do not meet their own stated ideals, we must aim higher to interest the general public in elements of DeFi that are sustainable and fulfill their promise. So far, few do, but we as an industry can fulfill our promises with DeFi.
Douglas Horn is the white paper author and chief architect of the Telos blockchain. He is also the founder and CEO of GoodBlock — a DApp development company that creates cutting-edge DApps, tools and games. Prior to blockchain, Douglas worked in the entertainment and gaming industries.
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