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The shifting sands of DeFi: Synthetix Founder Kain's views on Synthetix and DeFi right now

This post will serve as a minor follow up to the recent State of Synthetix post as a number of things have changed in that time which have required a review of our project priorities.

One of my favourite startup books is “The Hard Thing About Hard Things” by Ben Horowitz. I think it captures almost perfectly the insanity required to attempt to create a new thing. The odds are hugely stacked against you, any number of things can and will go wrong, most of which are out of your control. The best you can do, and maybe the core lesson I took away from the book, is to be adaptable; you must respond to reality not attempt to control it. I think about this a lot in the current DeFi environment, because it is without a doubt the most hectic and intense environment you could choose to build in. The proportion of things we don’t know so far outweighs those we do that the very act of trying to know things feels futile at times. When your epistemology devolves into nihilism due to the rapidity of change and the sheer absurdity of attempting to distill things into a coherent narrative, then something very interesting is happening.

I believe this is because we are in the middle of a huge transition, not of finance, but of human organisation. The fact we picked finance makes sense since it is easily amenable to the current tools we have available. But this transition is purring because we are truly seeing an exponentiating technology spread across the world. Every single component built in DeFi provides another tool for someone else to build upon. Many people believe this was how the internet works, but in reality it was only one component of the internet that was truly open, which was the information itself. Excluding low level protocols, most of the interesting stuff on the internet was closed source. The difference between the early internet and DeFI is that essentially everything is open source, so you have possibly the lowest barr...

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