
Opinion by: Sky, founder at LIKWID
In the last wave of decentralized finance (DeFi) innovation, a generation of engineers funded by venture capital worked tirelessly to design “permissionless” lending protocols.
Many projects made notable strides, yet their core structure was centuries old — the collateralized loan model. Like the Sumerians once pledged livestock for silver, modern DeFi still relies heavily on oracles to feed offchain prices into lending systems — a single point of failure disguised as neutrality.
Despite claims of being…

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