The dream that decentralised finance – or “DeFi” – can free the monetary system from the clutches of governments and banks has helped launch 20,000 cryptocurrencies.
But with 2022 proving to be more of a crypto-nightmare – including for the vaunted “stablecoins” that held the most promise as rivals to central bank-issued currencies – questions are now being asked as to whether DeFi really has any future.
There are predictions the cryptocurrency market, having lost more than half its value in the first six months of 2022, could collapse further – or be on the point of a rebound.
This speaks to that fact that crypto is great for gambling, but still lousy as usable currency. It lacks other useful attributes too.