CoinMarketCap data shows interest in decentralized finance (DeFi) is back in a big way. For example, CoinMarketCap’s four most trending cryptocurrencies on 3 August 2023 were DeFi tokens.

Those tokens were Worldcoin (WLD), XRP (XRP) the coin formerly known as Ripple, the CurveDAO Token (CRV), and Litecoin (LTC). For example, Worldcoin is OpenAi chair Sam Altman’s questionable DeFi solution. XRP is a cryptocurrency and trading solution built for cross-border transactions, the CurveDAO is a swap and liquidity pool solutions, and Litecoin is payments solutions built for cross-border transactions. Tellingly, Litecoin’s creators arrogantly call their cryptocurrency “the future of money.”

Moreover, you can argue the fifth-most trending cryptocurrency Bitcoin (BTC), the granddaddy of all cryptocurrencies, is a DeFi app. To explain, I consider Bitcoin a decentralized system to store, transmit, and utilize money. Hence, I consider a DeFi solution.

Therefore, DeFi has retaken the cryptocurrency media-sphere from garbage meme coins such as Shiba Inu (SHIB) and the despicable Pepe (PEPE). Interest in DeFi is back, which shows the rumors of DeFi’s demise were exaggerated.

I think DeFi is back for two reasons. First, there is widespread dissatisfaction with the financial system. This dissatisfaction drives interest in Bitcoin, which promoters present as an alternative to the financial system. It also drives the popularity of Worldcoin, which Altman (falsely) presents as a new financial system.

Dissatisfaction with the financial system is increasing because of growing income inequality, rising poverty, corruption, and the failure of financial institutions. In particular, many people can no longer access credit and make money in our financial system.

Second, income inequality and structure block access to the financial system for many people. For example, excellent stocks are now too expensive for many ordinary investors. Mr. Market…