Crypto Just Had Its Lehman Moment. What’s Next?
— Market, Finance, Token, Value, Terra, Ust, Crypto, Whats, Luna, Terras, Defi, Lehman, Moment — 1 min read
On May 9, Terra, a network of interlocking digital tokens, collapsed. The collapse delivered a blow to the credibility of decentralized finance, or DeFi, as a sober and useful proposition. Founder Do Kwon built a system that revolved around the U.S. dollar that was marketed as being pegged to the greenback. Kwon: DeFi projects feel like games, not businesses. Their players revel in the esoteric language of these projects like members of secret societies. It brings to mind the same baroque nomenclature that characterized the subprime mortgage boom. So far, the whole proposition remains largely an object of speculation, not adoption. Source