In the cryptocurrency space, asset issuance, speculation, and regulatory arbitrage should not be viewed as negative behaviors in a one-sided manner. Even in traditional stock markets, there is still ongoing debate about whether speculation or investment (price vs. value) is the essence of the market, and the answers often vary significantly depending on different market environments and periods.
The cryptocurrency space is largely built around speculation, and for this reason, speculation has become one of the core themes that excite people in the crypto world. In the current market cycle, the vigorous development of memes is strongly supported by DeFi infrastructure, and it is precisely with the help of DeFi that memes have achieved such rapid growth. In fact, DeFi and memes are not opposing forces.
Some friends excitedly use DeFi to refute my viewpoint; however, they first need to thoroughly understand the underlying logic and essence behind it. I have closely followed the development of DeFi throughout, from the initial excitement when I first encountered it, to the unrealistic fantasies that arose as prices continuously rose, and then to a more calm reassessment of the boundaries of DeFi.
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Ultimately, the reason DeFi can become the main theme of the cryptocurrency space lies in its ability to effectively serve asset issuance, speculation, and regulatory arbitrage, thereby precisely meeting the core demands of the crypto world.
