[lottin]

As I suspected, I can't take a DeFi loan from https://truefi.io/. It's only open to a small number of vetted borrowers comprised of OTC desks and exchanges. Interesting to see how it works though. They say "delinquent borrowers will face legal action pursuant to the loan agreement signed", which means they're relying on the "legacy" legal system to enforce the loan agreement. In other words, it's not DeFi (surprise, surprise).

Are DeFi loans coming in the future? I have no idea, but right now it's not clear whether it's even possible to make loans with DeFi. No one has done it, so far. And loans are the most elementary of financial instruments.

Another problem with DeFi has to do with the very concept of decentralisation. For instance, these TruFi loans are approved or rejected by the lenders themselves. Another example, in a Dao, the shareholders assume management roles. Therefore, at least in these instances, decentralisation means replacing highly specialised workers with unpaid, non-specialised, informal labour. I think anyone can see that this is a dumb idea. A decentralised entity that is organised in this way will never be able to compete against a corporation that exploits division of labour and is professionalised.