$human

The evolution of finance has always revolved around the definition of 'credit'. In the agricultural era, credit relied on personal relationships and community reputation; in the industrial era, credit was closely tied to collateral such as land, machinery, and inventory; by the digital finance era, credit is determined by bank transactions and centralized credit systems. The emergence of blockchain was once seen as an opportunity to break the old order, but the logic of DeFi still revolves around 'asset collateralization'. You must hold crypto assets like BTC or ETH to unlock liquidity. In other words, finance appears decentralized on the surface, but essentially still serves 'asset holders'.