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Cameron Winklevoss: DeFi Boom is Different From 2017 ICO Mania

By Abhimanyu Krishnan | News | 23 Sep 2020

Gemini Exchange co-founder Cameron Winklevoss has commented on the recent DeFi boom and its comparison to the 2017 ICO mania, tweeting on September 22 that there was a great deal of difference.

  • Winkelvoss says that in 2017, no working products were really offered; rather people would shill projects with poor quality whitepapers
  • It is true that there are many working DeFi products out there, but several unvetted projects have been appearing on exchanges like Uniswap
  • Many in the industry have suggested that DeFi’s current gains are unsustainable, pointing to yield farming programs with absurd APYs
  • Some protocols have launched without having experienced contract audits; the most notable of these is YAM Finance
  • Industry insiders have both praised and criticized DeFi

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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