As an advocate of open market and capitalism, in the book The Road to Serfdom, P. A. Hayek claimed that the competition in the free market would be much better than centralized and mandatory planning because he believed the open competition was the only way to coordinate social activities and stay away from the autocracy and manipulation.
I agree with Hayek in the aspects of open competition, especially when you observed and participated in the Defi movement in the market recently, you will understand what the free competition can bring to us. With the backbone of Ethereum and the whole Defi ecosystem, everyone can turn an idea into a product and quickly pool hundreds of thousands of funds to get started.
And almost simultaneously, innovations, scams, worship, curses, FOMO, FUD… all come out like a drama. Although everyone called it a social experiment, the fake experiments just won’t push society’s advancement, only leaving someone getting rekt.
It’s time to review what lead us here and what’s the way out.
Generation Zero and Defi 1.0
It was said that the phrase “Decentralized Finance” was first shown up at a meetup in San Francisco held by Dharma in May 2018. At that time, the Maker Foundation, Compound Labs, 0x, dYdX, Wyre, Bancor, Augur, Uniswap, and Dharma…
