“Less than six months ago, the Terra/Luna failure was seen as evidence DeFi was not sustainable. The recent FTX fiasco shifted the focus on centralized crypto exchanges as the new villain. I think the sudden shift in focus on DeFi is a self-defense mechanism (against the FTX crisis) in favor of decentralization,” he says. For Grachev, decentralization might entice more investors to store crypto on hard wallets and shift some of their crypto activity to decentralized networks. That might lead to capital flowing back into some decentralized finance projects, if they can stomach more losses.
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