It’s hard to ignore the fact that DeFi continues to be a significant use case for blockchain. As of this writing, DeFi protocols have over $58 billion in value locked, known as TVL (total value locked). This value comes in the way of digital assets, such as tokens.

Huge thanks to Cat McGee for serving as my sounding board while I navigated through these intricate ideas. You've been an incredible support. And Raza, you're awesome. Your readiness to assist and your generosity with resources are deeply appreciated.

A few months ago, Vitalik published "The Three Transitions", which can be seen as a survival guide for Ethereum, focusing on scaling, security, privacy, and user experience.

Here is my attempt to distill Vitalik’s Three Transitions.

Update: two weeks ago

gm