[zeroclip]

Beginning of the end for unregulated centralized exchanges. Possible beginning for DeFi and regulated CEXes. Or possible that regulators fail to distinguish them, and crypto stays flat for some years until a trad banking event revived interest in blockchain.

But really who cares? Smart contracts and stablecoins can continue to work the same no matter market volatility.

[lupire]

> Smart contracts and stablecoins can continue to work the same no matter market volatility.

Even ignoring the constant hacks of smart contracts, work for what purpose?

[zeroclip]

A lot of the same things that these failing CEXes are doing. Custody of coins, trading, exchanging tokens, long and short positions, borrowing and lending. Most people on FTX are day traders or hodlers.