The crypto space is an incredible, albeit risky, learning environment. Its volatility serves as a dire warning to those who like to test how deep the pool is by jumping in headfirst. Old guards constantly warn newcomers: “Take it slow, learn the basics and stack sats.” Wealth, in this space, can appear and disappear in an instant.
Despite being around for more than 10 years, the crypto space is still in its infancy; the technology advances so quickly that every year we get to experiment with new concepts, new ideas, new applications and new ways to change the face of the world.
We also run into challenges as bad actors find new ways to scam people out of their hard-earned money, and with new untested projects that capture value but are highly vulnerable to failures, bugs and exploits. Decentralized finance falls within these new experiments; it holds the promise of exciting new ways of doing finance and investments, often with disastrous consequences.
As more and more traditional organizations take to crypto — like Square and PayPal — the opportunity to rise to the challenge is ours; it’s up to those who know the space, who understand its core values and want to see it become much more than a well-kept secret. This is a call to action.
What would a compliant DeFi look like?
Let’s start with defining “compliance.” It doesn’t just mean that the project follows Anti-Money Laundering regulations but also that it is up to quality and trust standards. This means that DeFi projects should step up in terms of security, quality, user responsiveness and…