Parts of the DeFi Eco system are a true joke.
All of the DeFi Eco system is a true joke.
It's amazing to me that people think these schemes to give people a return far greater than what Bitcoin can itself are real.
It's all Ponzi rube goldberg smoke and mirrors, and none of it is sustainable. You can't create "gains" or "returns" out of thin air.
I wouldn't call all of them a joke. I use and like some where I use wBTC as collateral to get fiat exposure without selling. So there's demand for the service and I'm willing to pay for it in a decentralized manner. Something you can't yet do on Bitcoins L1 or L2. Only on some sidechains like RSK, but the onboarding experience is a pain.