DeFi,
in
its
current
form,
has
proven
that
an
on-chain
financial
system
can
be
created
that
provides
all
the
core
primitives
that
an
open,
globally
accessible,
and
robust
financial
system
would
require:
payments,
swaps,
lending,
derivatives,
insurance,
and
much
more.
The
infrastructure
and
protocols
that
underpin
DeFi
do
indeed
reduce
counterparty
risk
and
costs,
while
increasing
transparency
and
accessibility
—
even
if
the
initial
product-market
fit
amounts
to
little
more
than
token
gambling.
