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🏴‍☠️

Retail demand for leverage is the missing piece to the puzzle, and it's surprising that more projects haven't focused on solving this problem.