From reversible transactions to increased regulation and a rising tide of censorship, mass adoption is going to make crypto look more like the systems we’re trying to escape.
For years, mass adoption has been pitched as the endgame of crypto. We’re supposed to envision a world where we can pay for our morning coffee with stablecoins and put mortgages on-chain to be used as collateral in decentralized finance (DeFi). In a world in which crypto has become mainstream, prices would likely reach all-time highs, but at what cost?
Concessions inevitably would be made to meet consumer expectations to realize this future.
Though the proliferation of online banking may seem like it set the stage for a seamless transition to DeFi, traditional finance (TradFi) customers are accustomed to a level of inherent security absent in DeFi. Unlike in traditional finance, where charges can be declared fraudulent and bad actors are prohibited from listing exchange-traded funds, there is no centralized authority to file a complaint with or review initial coin offerings in crypto. Though this may seem intimidating, it’s precisely what makes the space unique; users are given complete, sovereign control over their finances, and teams are able to build products permissionlessly.
The average consumer would expect to be protected from hacks and exploits and be offered chargeback protecti
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