DEFI

'The Crypto User Is Not That Loyal At All': Guy Young on Ethena's New Neobank

DeFi's total value locked never reclaimed its 2021 peak, even after a full bull run. Ethena Labs founder Guy Young says that data point convinced him a neobank, not more DeFi growth, was the next move. He lays out why he isn't worried about Tether-backed Plasma competing for crypto's existing users,

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