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30 September 2020

Caught in two minds: DeFi meme coins spark debate over their intentions

Caught in two minds: DeFi meme coins spark debate over their intentions

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Such references, however, are not as they seem and actually relate to assets in the decentralized finance sector of crypto.

DeFi, as a sector of the crypto industry, focuses on providing crypto participants ways to borrow and loan digital assets, as well as earn interest on their holdings.

As a result, new projects such as Sushi, Yam and others have popped up all over the place, with speculators chasing the highest interest returns and coin pumps.

Essentially, DeFi products allow crypto holders to lock up their digital assets and earn interest.

“There’s nothing there on the backend,” Vays said of the DeFi meme coin sector as a whole and projects’ lack of potential.

DeFi has reached peak bubble status, similar to the initial coin offering scene in 2017, which saw millions of dollars pumped into projects on pure speculation.

“The DeFi bubble will pop sooner than people expect,” Ryan Selkis, the founder of crypto data company Messari, said in a tweet, mentioning the presence of Ponzi schemes and other antics.

Due to his focus on the mining sector of crypto and blockchain, Salter has only recently begun pursuing the DeFi space and the opportunity held within, stating:

The DeFi bubble can likely only grow so large before projects and platforms start dropping out of the game

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