DeFi stood where CeFi failed — and will get very strong
Akask Weekly - Aug 3rd 2022 (Akash Network)
“This is a classic example of a closed source system failing over open source system… Voyagers and the Celsiuses are essentially banks — they took the deposits and invested in heavily risky assets with leverage… people are going to realize the importance of open source systems and the importance of DeFi. I think DeFi is going to get very, very strong… I’m super bullish… DeFi withstood without regulation… we need regulation to protect people from these quasi-banks and not from DeFi.” — 00:37:11
Context: Panel on the Celsius/Voyager/3AC collapse; earlier he notes bankrupt CeFi firms had to repay DeFi loans first to unlock collateral.