Five Years In, DeFi Now Defines Ethereum

Saturday 11 August 2020, 11:25 PM AEST - 3 days ago

Network, interconnected

DeFi Dad is a DeFi super user sharing his money experiments and tutorials on Twitter and . He is an organizing member of the Ethereal Summit and Sessions, host of The Ethereal Podcast and a weekly contributor to The Defiant and Bankless.

Ethereum has always been difficult to explain. Even the founders of Ethereum have sometimes struggled to communicate the projects transformative potential in laypersons terms. Metaphors such as world computer and gas tried to translate Ethereum to the world, but looking back its clear how little we understood about the platforms true capabilities.

By 2017, big promises were being made that Ethereum would bank the unbanked. But that promise seemed to go largely unfulfilled in the wake of the initial coin offering (ICO) craze. Nevertheless, the oft-repeated slogan represented the first attempt to describe Ethereums potential to transform personal finance.

While the ICO mania showed Ethereums potential as a distributive technology that could emulate, improve upon and democratize the initial stock offering, what was missing then was a simple personal financial use case that could be demonstrated to a friend, such as a mobile app. In those early days, there were many white papers, promises and signs of progress by a few teams (some of which have led to the top DeFi projects such as ChainLink, Kyber, and Set), but most of the benefits had yet to be delivered.

Meanwhile, there were lots of inspiring speakers from the Ethereum community who drew us into believing Ethereum would change the world. It just required a patient newcomer willing to wade through new ideas, intricate foreign concepts and a firehose of new information daily. Nothing was a simple elevator pitch.

When I saw Joe Lubin speak at Ethereal SF 2017, there was an inspiring message to take home. A lot of detail flew over my head at the time, but if you listened carefully it was impossible to not buy the idea that Ethereum could change the world for the better.

Its worth noting that in 2017, ConsenSys and other early adopters and builders were also educating ins ...

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