The decentralized finance space has seen a parabolic explosion since the start of 2020.<\/p>\n
Due to a confluence of trends, including but not limited to a search for yield on cash and a recovery in the price of Bitcoin, DeFi coins<\/a> have gone from a market capitalization of a billion or two to $13 billion as per CryptoSlate data.<\/p>\n Value is also accruing within DeFi applications as opposed to just their coins. According to data from DeFi Pulse, the value of cryptocurrencies locked in decentralized finance applications such as MakerDAO<\/a> and Compound<\/a> has reached $11 billion after crossing $1 billion for the first time earlier this year.<\/p>\n Despite this growth, which many commentators in the space say was underpinned by innovation and true interest, some aren't convinced DeFi is here to stay.<\/p>\n Nouriel “Dr. Doom” Roubini recently dubbed DeFi a space full of “vaporware,” agreeing with Bitcoin maximalists for once.<\/p>\n Nouriel “Dr. Doom” Roubini<\/a>, a prominent economist known for predicting previous financial crashes, recently doubled down<\/a> on his hatred for the Bitcoin and crypto. This time, he had has scopes trained on the DeFi space, which he branded “vaporwave from its onset.”<\/p>\n “DeFi was vaporware from its onset. Now totally faltering as blockchain was always the most over-hyped technology in human history.”<\/p><\/blockquote>\n DeFi was vaporware from its onset. Now totally faltering as blockchain was always the most over-hyped technology in human history https:\/\/t.co\/cIUoZbMXvZ<\/a><\/p>\n — Nouriel Roubini (@Nouriel) September 24, 2020<\/a><\/p><\/blockquote>\nNouriel Roubini trashes DeFi space despite extreme growth<\/h2>\n
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