The slow march forward, March 24–31

Finance Redefined is Cointelegraph’s DeFi-centric newsletter contextualizing major events in the previous week. Subscribers receive a copy every Wednesday.

Editor’s Note

This is one of those weeks where it’s hard to find a central topic for this newsletter. There weren’t any big scandals or releases, more like a slow grind with a few projects launching new features, others announcing their fancy investment round, while every celebrity and their mother keeps dropping nonfungible tokens, or NFTs. Snoop Dogg is the latest, I believe?

I suppose a fair question to ask is, “Why NFTs and not decentralized finance?” The answer is money. NFTs are currently making stupendous amounts of money for their sellers, not unlike the DeFi yield farming mania of the summer of 2020. In crypto, money is always the answer.

NFTs too shall pass, but like other past trends in crypto, this current rise may leave behind a residue that’s much larger than what we started with.

I would say DeFi is in its “accumulation” stage right now, and that’s why we’re seeing a steady stream of releases and investments, without any of them really rocking the ecosystem. Market conditions are not helping either, as we’re still in a wavering stage that needs to ultimately resolve itself. Maybe we’ll resume the bull run shortly, maybe we won’t. I’ve come to understand that timing the market’s top is fairly easy, the problem is that there are so many “tops” in a crypto year that it becomes difficult to tell a local correction from a global peak.