The United States printed more money in June than in the first two centuries after its founding. Last month the U.S. budget deficit — $864 billion — was larger than the total debt incurred from 1776 through the end of 1979.
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Two centuries of debt in one month
The vision of an open financial system, commonly referred to as decentralized finance (DeFi) is a subsector of the blockchain industry that has emerged as one of the dominant use cases beyond store-of-value and speculation. What’s really exciting is the amount of value that’s been flooding into DeFi protocols over these past few months. Over $3.5 billion in value is locked in DeFi protocols at the moment. People are beginning to experiment with non-centralized finance, particularly with borrowing and lending crypto-assets to generate yield. This is an inflection point for open finance.
