Understanding governance as ownership of agreements is fundamentally wrong After reading the draft of AAVE in the English section of the timeline, as well as the more dramatic retelling in the Chinese section, I thought AAVE was going yellow As a result, when I went to DeFillama to take a look, TVL remained basically unchanged None of AAVE users care about it What kind of question is it? A significant portion of DeFi users and communities are completely non overlapping Some people say, 'The project party doesn't need to issue coins, it's better to have equity.' From the perspective of a pure coin holder, one can understand this emotion But if the project cannot win the market or liquidity, it will hand over the entire project's IP and control to you You have withstood the test, and now the plate is yours - are you happy? This is everyone's blind reflection in 2018 Governance and ownership are not the same thing; Coin issuance is completely parallel to the logic of equity in terms of time and space As I mentioned in my article in Lira, Türkiye yesterday, the ideal role of currency is actually closer to the monetary policy toolbox of the central bank Its purpose is to form a liquidity moat for its own products. It's like the reason why China keeps its exchange rate low all year round in order to gain an export advantage When DeFi projects face competition: 1. Tokens or token expectations can be used to quickly form interest rate scissors at low cost 2. Use the Ponzi flywheel token to drive data, including volume, ranking, APY, etc 3. Through the external lending and derivative tools of the currency, a very low-cost financing pipeline is formed, which expands the scale and squeezes the market share of latecomers An on chain exchange token and derivative assets that can support aggregators, lenders, and in extreme cases oracle、 6 sectors including wealth management pool and even spot DEX, each of which can issue assets separately Even if the LTV of an asset is only 30%, the average FDV of an asset is calculated at 300 million, which is 540 million yuan of working capital How did you compete later on? Yes, this is the logic of the @ JupiterExchange system So guess why the majority of central banks in countries are called "central" banks, rather than a decentralized power system? The purpose of the study of Türkiye lira, which I sent yesterday, is to let you reexamine the relationship between "currency, holder and project party" A project team that wants to do well does not necessarily mean that you are solely determined to grasp the optimal solution for this relationship; Perhaps the other party would prefer if you could help them turn this economic cycle around - Maotai distributors are not just about stocking up @CZ_Sinance has updated the version of "If you can't hold onto it, you can't get rich" to "Buy in a place where nobody cares, sell in a time when people are buzzing" @Heyibantance said, 'If you're not optimistic, you can go short.' What is actually revealed is a much deeper ecological logic of the cryptocurrency circle than its literal meaning The question is, do all of you here understand?