$huma

In the history of finance, the definition of credit has always been determined by 'those who hold assets.'
In agricultural societies, credit comes from interpersonal relationships and clan prestige; in industrial societies, credit relies on tangible assets like land, property, and machinery that can be used as collateral; entering the digital age, credit is controlled by bank statements and credit systems. In the crypto world, although DeFi breaks down the walls of banks, it continues the same logic: you must put up crypto assets like BTC or ETH as collateral to obtain liquidity.
The biggest issue with this system is that it always serves the "asset holders." A "whale" holding a large amount of crypto assets can easily obtain multiple times liquidity through collateral; while an ordinary salaried worker, even with a stable income, is excluded from the financial system due to a lack of collateral. The result is: the more concentrated the capital, the more concentrated the credit, and the universality of finance is completely lost.