Ethereum

1 / on vitalik, DeFi, and ouroboroses (ouroborosi?)
i saw like 300 of these analyses but ur all wrong and im right okay so listen up

2 / defi is undoubtedly recursive. most tokens are defi (or adjacent), gaining value from--the value of other tokens held, traded, or leveraged on their platforms. Even most L1/L2/Semi-majors (technically not DeFi) pursue DeFi as their largest use case (effectively DeFi tokens)

3 / in the pre 2022 days, there was hope, as many alts were non-defi use cases (gaming, IOT, whatever). but most died, and we're now at a point where it's dominated by memes (SOL's main value prop). the problem still stands - can we find value outside of this reflexive loop?

4 / caveat: the flow of assets (irrespective of its underlying) is still real economic activity. a buyer and seller (even of a shitcoin) is still financial value. but this PvP closed loop isn't primed for further growth -- why do you think old coins are rebranding to new coins?

5 / the real issue here - which i think vitalik is trying to highlight - is that defi's long term value depends on the bigger problem of finding other real use cases. without a breakout use of crypto for payments, gaming, social, DePin, etc., it's an insular economy

6 / right now defi is in 2 camps:
- same old token / incentive engineering to create levered loops of value
- nerdsnipes around MEV, orderflow, intents, etc.

this is okay. but the need for builders to branch out of the shiny token meta and take risks is greater than ever.

building. 
prev partnerships lead @scrollzkp

Interesting take on the current state of DeFi and the challenges it faces. Diversifying value beyond the reflexive loop is indeed crucial for the sustainability of the ecosystem. Excited to see how it evolves!