121#theses2023MapleFinancehadastrongtrackrecord,asdidGenesisCapitalandBlockFi.Butinafullrisk-offenvironmentwithpooron-chainidentity,reputation,andcreditorinfrastructure,thismarkethasgoneicecold.Goldfinchisdown90%+sinceitspubliclaunchatthebeginningoftheyear.Mapleisdown90%+sinceitsAprilhigh.It’sdoubtfulthatcryptowillevercompetewithlegacybanksatscalewithoutundercollateralizedlend-ing.Thequestioniswhetherwehavetherightbuildingblocks(creditscores,insurance,andyes,creditdefaultswaps)thatmakethissectorofDeFiviableintheshortterm.Canweusesmartcontracts,on-chaindata,soulboundNFTs,andDeSocidentitiestoreplaceloanofficers?Ihopeso,butitfeelslikeitmaysimplybetooearly.(...