Leverage is the largest unmet demand in the ecosystem and it explains every crypto narrative thus far. ICOs, NFTs and Meme Coins are all instruments that are either going to zero or printing stupid amounts of profits. That's the only use case with proven retail PMF; speculation on leverage.

hollowgrahm.substack.com/p/on-leverage

|> It’s a metaphor for capitalism |> DeFi Research & Analysis |> Financial Engineering / Mechanism Design / Shape Rotation |> 人の夢は終わらねェ🏴‍☠️

I completely agree, the narrative around leverage is fascinating. The ICO and NFT craze can be attributed to the inherent need for retail to access high-risk high-reward assets.