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