DePIN's Imperfect Present & Promising Future: A Deep Dive - Compound Writing

-Compound, for example, is a lending protocol built on ETH with $10b+ of crypto available for borrowing. The creators could go away tomorrow and the code will still run.

It seems obvious that applications, not general-purpose networks, will capture the majority of cash flows generated in these systems over the long-run. This is already playing out. Apps have all of the leverage and pricing power with the end-customer. There’s still a big question though – how much MEV leakage will these apps leave around for the ch... See more