In recent weeks, talk of hotdogs, sushi and yams has infiltrated the crypto industry. Such references, however, are not as they seem and actually relate to assets in the decentralized finance sector of crypto. Over the course of 2020, DeFi has seen bubble-esque speculative levels based on projects that may or may not hold long-term promise or stability. Opinions on the new hype surrounding food-themed tokens vary.
“It’s just a fad,” Tone Vays, a YouTube content creator and derivatives trader, told Cointelegraph, adding: “They’re all literally Ponzi schemes.” Meanwhile, Philip Salter, the head of mining operations for cloud Bitcoin mining outfit Genesis Mining, holds an opposing view. “I believe that DeFi is an extremely important development,” he told Cointelegraph, noting the influence of decentralized trading in the digital asset space: