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Tuesday, June 15, 2021

DeFi Has Been Put In The Limelight After Most Of The Legacy Brokerages Have Crashed

The developers of DeFi have brought out quite an interesting system in the wake of the stock market coming under a lot of strain. As quite a few legacy markets have started roiling, most of the brokerages have broken down- leading to a slew of market manipulations flying from both ends. This has led to a couple of finance adherents to sit up and mention that they had previously asked them to come up. There was an innate need for unstoppable, open, and permissionless financial architecture- that seems to be under stress. 

How Did Robinhood Help DeFi Reach Prominence?

Also, there was an incident with Robinhood as a trading app where they took a step to disable the buying option that they previously had on their app. This could be a possibly unprecedented design- as this has been based on quite a few tickers which have followed on the massive retain wave in the shorted assets. 

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Quite a few commentators have already commented on the Robinhood irony. The app has made their motto the marketing and conception towards democratizing the entire financial structure- and yet now they routinely turn their back against a revolt on the hedge funds- which are stereotypically deep-pocketed. 

Matthew Graham had previously mentioned to Cointelegraph that the failure of the brokerages actually led to DeFi coming to prominence. Incidentally, before Robinhood could actually scratch off their access to multiple assets- most users have already been complaining about the service that they provide through a host of brokerages. This has prompted many critics to comment on the exchange– similar to how Uniswap wouldn’t be able to turn itself off and would definitely not care for a single user. 

Jordan Gustave, the chief operating officer, has already spoken about how user neutrality seems to be one of the major features in the architecture of DeFi. In a way- this is what has enabled DeFi to rise to the prominence they currently are at. 

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