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Finance Redefined is Cointelegraph’s DeFi-centric newsletter that puts key events of the past week into context. Subscribers will receive a copy every Wednesday.

Editor’s Note

This is one of those weeks when it is difficult to find a central topic for this newsletter. There weren’t any major scandals or releases, more like a slow grind with a few projects launching new features, others announcing their nice round of investment as every celebrity and their mom keeps dropping non-fungible tokens or NFTs. Snoop Dogg it is last, I believe?

I suppose a valid question is, “Why NFTs and not decentralized funding?” The answer is money. NFTs are currently making huge amounts of money for their sellers, similar to the DeFi revenue farming mania of the summer of 2020. In crypto, money is always the answer.

NFTs will pass as well, but like other past trends in crypto, this current rise could leave a residue far greater than what we started with.

I would say that DeFi is currently in the “accumulation” phase, which is why we are seeing a steady stream of releases and investments, without any of them really turning the ecosystem upside down. Market conditions are not helping either, like us still in a wavering phase that should eventually resolve itself. Maybe we’ll resume the bull run soon, maybe not. I have come to understand that timing the top of the market is quite easy, the problem is that there are so many “tops” in a crypto year that it becomes difficult to distinguish a local correction from a global peak.