A look at the subculture and ethos driving the white-hot DeFi space, which has grown from $2 billion to $9 billion in total value locked in just two months.

Today on the Brief:

Traditional markets falter, led by tech stocksBitcoin falls under $11,000 for the first time since JulyStablecoins mint $100 million daily since mid-July

Our main discussion is about DeFi’s “degens.” NLW talks about:

The numbers behind DeFi’s recent run-upWhat “degen” means in this contextWhy degen is, in part, a reaction to previous bitcoiner critiques of Ethereum Why degen is (in even bigger part) a reaction to a no-yield, artificially low interest worldDisclosureThe leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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