After watching the drama of AAVE in the English section on the timeline, and the even more dramatic retelling in the Chinese section, I thought AAVE was going to fail.

The result was checked on DeFillama, and the TVL has basically remained unchanged.

Explain AAVE's users, 0 people care.

What problem does it explain? A significant portion of DeFi users and communities do not overlap at all.

Some people say that "the project team doesn't need to issue tokens, it's better to have equity".

From the perspective of holders, this sentiment can be understood.

But if the project party cannot win the market or liquidity, it hands over the entire project's IP and control to you.

You have withstood the test, and now the plate is yours - are you happy?

This is everyone's random reflection from 2018.

Governance rights and ownership are not the same; issuing tokens and equity logic are completely two parallel timelines.

Coins, as I mentioned in the article about the Turkish Lira yesterday, in fact, play a role that is closer to the central bank's monetary policy toolbox.

Its purpose is to form a liquidity moat for its own products. It's similar to how China has consistently kept its exchange rate low to maintain its export advantages.

When DeFi projects face competition:

1. You can quickly form an interest rate spread with low cost using tokens or token expectations.
2. Drive data through the token Ponzi flywheel, including volume, ranking, APY, etc.
3. Through external lending derivative tools of coins, form a financing channel with extremely low costs, scale up, and squeeze the market share of latecomers.

An on-chain exchange token and derivative assets, which in extreme cases can sustain six sectors: aggregators, lending, oracles, wealth management pools, and even spot DEXs, each of which can issue assets independently.

Even if the LTV of an asset is only 30%, the average FDV of an asset calculated at 300 million is 540 million in liquidity.

How do you compete with later generations?

Yes, this is the logic of the @JupiterExchange system.

So why do you think most countries' central banks are called "central" banks instead of a decentralized power system?

The purpose of my research on the Turkish Lira yesterday was actually to encourage everyone to reassess the relationship between "coins, holders, and project parties."

A project party that wants to do well does not mean that just holding on firmly is the optimal solution for this relationship; perhaps the other party hopes you can help them get this economic cycle going - a Moutai distributor's job is not just about hoarding stock.

@cz_ Update "If you can't hold it, you can't get rich" to "Buy where no one is asking, sell when the crowd is cheering"

@heyi 一姐说“不看好你可以做空”

What it actually reveals is a much deeper ecological logic of the cryptocurrency world than the literal meaning.

The question is, everyone present, do you understand?