Bankless Joint Creation: ETH will either reach a scale of tens of trillions of dollars, or everything is meaningless
Bankless co-founder Ryan Sean Adams stated on social media that if a DeFi system of an L1 public chain can be shut down by a single letter from the Treasury (because all liquidity pools, collateral, and trading pairs are backed by stablecoins supported by the U.S. government), then this is just fintech with extra steps.
Adams emphasized that if you want a real sovereign internet currency system (which is exactly what the crypto industry once cared about), you need a large-scale economic asset capable of competing with G7 countries as base currency. He said: "ETH either reaches tens of trillions of dollars in scale or the whole endeavor will be meaningless."
In response to this, Solana co-founder Anatoly Yakovenko said that traders have always been dealing with custody risks and banks may also go bankrupt. If there's enough bandwidth to manage all markets, technically it's a feature.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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