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

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