Deep Tide TechFlow news, on December 18, Bankless co-founder Ryan Sean Adams stated on social media that if a DeFi system on an L1 public chain can be shut down by an email from the Treasury Department (because all liquidity pools, collateral, and trading pairs are supported by government-backed stablecoins), then it is just a fintech with additional steps.
Adams emphasized that if we want a truly sovereign internet currency system — which is exactly what the crypto industry used to care about — we need a large-scale economic asset that can compete with G7 countries as a base currency. He stated: "ETH either reaches a scale of tens of trillions of dollars, or the entire endeavor will be meaningless."
In response, Solana co-founder Anatoly Yakovenko said that traders have always been dealing with custody risks, and banks can also fail. If there is enough bandwidth to manage all markets, that is technically a feature.
