THE EVOLUTIONARY PATH

Summary from the TLDR Crypto newsletter

Crypto's increasing dollarization should be viewed as an evolutionary proving ground rather than a failure. Innovations in DeFi—lending, AMMs, derivatives, and governance—highlight the potential of code-based finance. Crypto currently has two unsustainable relationships with TradFi, one as an R&D lab for incumbents, and another as a tech layer relying on incumbent infrastructure. Ultimately, one model will prevail—whether by merging, reverting to centralization, or advancing fully decentralized protocols.