This episode is sponsored by, Arculus and FTX US.

On this edition of “Long Reads Sunday,” NLW reads Michael Casey’s “No, DeFi Is Not a Repeat of the 2008 Crisis.”

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: bedo/Getty Images, modified by CoinDesk. Join the discussion at