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Dear Bankless Nation,

When centralized institutions manipulate markets, retail investors are left holding the bag. And when we get burned, we look for alternatives.

That’s exactly how we got Bitcoin. (Remember that whole 2008 financial crisis thing?)

So it’s no surprise 11 years later we’re seeing the same story play out with DeFi.

The China ban is bullish DeFi

In our conversation with Sahil Bloom we discussed the reality of China’s most recent crypto ban. This time there’s on-chain data supporting the severity of the CCP’s declaration to outlaw all crypto transactions.

In the days after the CCP’s announcement, massive amounts of money poured out of Huobi, Binance, and OKEx.

But where do you think the capital is going?

It’s not going to alternative centralized exchanges…

It’s going to DeFi.

RYAN SΞAN ADAMS - rsa.eth 🦇🔊🏴 @RyanSAdams

When nations squeeze centralized crypto companies they're just driving capital into the arms of DeFi

Ki Young Ju 주기영 @ki_young_ju

It seems Huobi users moved $ETH, #stablecoins, and DEX tokens to decentralized exchanges like Uniswap. Outflow transactions spiked after Huobi announced the suspension of existing accounts in mainland China. Ironically, regulation led to decentralization this time. https://t.co/EKpkHIdSv0

12:42 PM ∙ Oct 1, 2021

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58Likes6Retweets

While correlation is not causation, it’s hard to separate outflows from China with dYdX’s record-breaking highs in transaction volume over the past week along with UNI’s spike upwards.

As we said during this the rollup this week:

This just makes sense! Go onto the censorship resistant platform after you’ve been censored by your nation state. That’s what they’re for.

Watch the clip.

In the coming years, we’ll see the same story play out over and over again. Officials will clamp down on crypto through centralized chokepoints and then retail users will flee to permissionless, unstoppable, decentralized protocols.

There’s no stopping crypto. Uniswap, Aave, dYdX, and dozens of other DeFi protocols are designed to be censorship-resistant against nation-state attacks.

This reminds me of the time NYC city subway banned dogs unless they fit in a bag…

Dog owners just got creative

They can’t stop crypto. Every oppressive action only accelerates DeFi.

The rebel princess put it this way…

People want to be free. So does capital.

Reflect on that.

Here’s what’s lined up for next week:

• Podcast episode with Devin Fizner, co-founder at OpenSea

• We explain why “Play to Earn” is Gaming 3.0

• The case for $20,000 ETH 👀

Have a phenomenal weekend.

- RSA

P.S. Some of you reading this aren’t yet Bankless Premium. Join us down the 🐇🕳️ for $22/mo and get a free t-shirt when you upgrade to Premium. Only 2 days left.

P.P.S. Meet Kyla our newest Bankless anchor…she’s on TikTok!

🙏 Sponsor: Aave—Experience DeFi: Deposit, Earn, & Borrow with Aave

Recap for the week of Sept. 27th, 2021

📺 NEW PODCAST EPISODE

🎙️ Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed

ACTION RECAP 📚

1. Execute on any opportunities you saw in Market Monday

2. Earn fixed yield on BarnBridge with SMART Yield

3. Trade call and put options on L2 with Lyra Finance

4. Dig into Rari’s Fuse protocol and their RGT token

5. Share your most painful rookie mistakes

WATCH & LISTEN 🔊

1. 🎙️ Listen to The Crypto Gaming Revolution | Arianna Simpson

2. 📺 Watch Layer Zero | Kevin Owocki

3. 📺 Watch SotN: Evergrande & China's Crypto Ban | Sahil Bloom

4. 📺 Watch ROLLUP: China Crypto Ban | NFTs on Twitter | Compound Bug

5. 🥂 Bonus! Top Signal | Cool Cats vs. Pudgy Penguins vs. BAYC

METAVERSAL 🧙‍♂️

1. WTF are Moon Cats???

2. Get JPEG’d with Chainlink’s NFT Oracle

3. Catch up on drops, releases, and what 🐋s are buying

BANKLESS DAO 🏴

1. Travel from music to graffiti to NFTs

2. Plug in with the Dev guild and Writers guild

3. Sit down with YalorMewn from MCV and RG

4. RSVP to the Season 2 Launch event with BanklessHQ 🔥

   

   Bankless DAO 🏴 @banklessDAO

   📩 RSVP now! Join @BanklessHQ and BanklessDAO as we kick off Season 2 together on Twitter spaces at 11 am EDT on October 8th. Catch up on the amazing things we've done in Season 1, our plans for Season 2, and the 🔥 drops that you won't want to miss. season2.bankless.community

   

   season2.bankless.communitySeason 2 | BanklessDAOYou are invite for BanklessDAO 🏴 Season 2 launch 🚀

   10:56 PM ∙ Sep 20, 2021

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   163Likes87Retweets

Weekly Subscriber Perks 🔥

Bankless Premium Members get access to perks like these:

• Full Access: Build Faster | Market Monday

• Discounts: 30% off DeFi’s biggest conference yet

Launch your own raffle for Bankless Badge holders! Go ahead. We can’t stop you…

📺 STATE OF THE NATION

🎙️ Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed

🗞️ WEEKLY ROLLUP. Download the crypto meta to your brain in this weekly show.

🎙️ Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed

Jobs opportunities 🧑‍💼

✨ See all listings on the Bankless Job Board✨

• Founding Blockchain Engineer at Highlight

• Community Manager at Aragon

• Community Lead at Popcorn

• Senior Frontend Web3 Developer at Tracer DAO

• Senior Software Programmer at Popcorn

Subscribe to Bankless. $22 per mo. Includes archive access, Inner Circle & Badge.

🙏Thanks to our sponsor

Aave

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Tag Bankless on Twitter and tell us how you’re going bankless for 3 x 🔥

50 years? Crypto moves at light speed, check back in 5.

Derivatives Monke @Derivatives_Ape

I wonder if historians will study @BanklessHQ’s podcast in 50 years from now after the inception of the metaverse.

9:59 PM ∙ Sep 27, 2021

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Write for Bankless

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.