“The demise of FTX, the crypto exchange run by Sam Bankman-Fried, is horrifying, but it’s a tale as old as time,” writes Hayden Adams. In a guest essay, the founder of Uniswap argues for the potential of decentralised finance
, the crypto exchange run by Sam Bankman-Fried, is horrifying, but it’s a tale as old as time. Opaque processes and intermediation concealed extreme leverage, poor risk management and alleged fraud.’s collapse, crypto could be useful for anything other than scams and speculation. The decentralised finance movement, or “DeFi”, which is built on the technology underlying cryptocurrencies, is nascent. But it offers transparent protocols that also enshrine inviolable user protections.
DeFi’s “self-custody” model provides novel levels of control and risk management for users. When an individual or institution “custodies” their digital assets through a cryptographic wallet, they can choose their own security model, trusting themselves with their private keys or sharing keys with a security provider such as Coinbase or Fireblocks.
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