Brief responses to two USV Ethereum Critiques

“Is Ethereum the AOL of Crypto?” by Albert Wenger

1. Is DeFi dependent on Ethereum for funding?

  • When a DeFi project has its own token. I assume the point here is that a project with its own token is financially dependent on the price of that token, which we assume might be correlated with the price of ETH. Such a project might also simply hold a lot of ETH.
  • When a DeFi project is financially supported by organizations or people with large holdings of ETH (e.g. ConsenSys, which he calls out specifically).
  • 4 have their own token (MakerDAO, Synthetix, Bancor, Kyber)
  • 8 have raised VC money (MakerDAO, Compound, Synthetix, dYdX, Uniswap, Set, Dharma, wBTC (via Kyber), Bancor, and Kyber)
  • 1 raised money from ConsenSys (Nuo)

2. Is DeFi dependent on a small circular economy of users?

Source: Alethio (link)

“Some Thoughts on Crypto” by Fred Wilson

Source: Electric Capital (link). Includes both protocol and ecosystem devs, including dapps.

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