A look at the subculture and ethos driving the white-hot DeFi space, which has grown from $2 billion to $9 billion in total value locked in just two months.

This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.

Today on the Brief:

  • Traditional markets falter, led by tech stocks
  • Bitcoin falls under $11,000 for the first time since July
  • Stablecoins mint $100 million 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