4 min read.Updated: 11 Apr 2022, 10:40 PM ISTAndy Mukherjee
They have a role but must first help DeFi get off their ‘animal farm’
Ayn Rand’s fans dreamt of decentralized finance (DeFi) as the ultimate realization of their techno-anarchist utopia: freedom from both governments and large custodial organizations. But somewhere along the way, they got stuck on George Orwell’s Animal Farm where some animals are more equal than others. Much of what passes as DeFi today is just “decentralization theatre," as Fabian Schar, a University of Basel professor of blockchain, describes it. In theory, this hot new crypto corner wasn’t envisioned to be controlled by big-bulge intermediaries. The self-executing computer code deciding how digital assets would be lent or invested was meant to be manipulation-proof. Developers weren’t expected to have special rights.