Tengji Zhang

When to read: morning, evening, eating, walking.

Gives a brilliant and very cynical description of the Ponzi nature of yield farming in DeFi. Shed some light on how it is no so different from startups nowadays that keeps raising more money despite net negative return, as long as they have a grand narrative with a big promised profit at the end.

How to process a book: 

• Jump mid-way through and ask do I want to have got here. If the answer is yes then read from start more carefully.

Ethereum is New York City; it is a happening place with the biggest DeFi protocols, the most TVL, the hottest DAOs and NFTs, but it is expensive. You scale by "building up skyscrapers" using L2 chain or "building out satellite towns" using interoperability networks that serve as highway connecting them.

TradFi companies are trying to package together financial instruments other TradFi companies feel comfortable buying so that they don't have to hold crypto due to various regulatory complications.

On-chain identity matter because current professional identities are uninformative and rely on trust instead of verification.

Anatoly (Solana)

• Hard for there to be winner-take-all