NM WebDex Y2K20 records the fugitive meanings of New Models’ vernacular as collectively defined by a swarm of NM dark forest dwellers in early 2021.
Decentralized Finance (DeFi)

A general term for a new class of financial applications and protocols that replicate many IRL/centralized financial mechanisms by using smart-contracts, primarily built on Ethereum.

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Daniel Keller: The other crazy thing that happened, Uniswap, which is this decentralized trading protocol that's been really... it's like, the main way everyone has been trading these meme—Sushi, Yam, whatever—food-related tokens. They did an airdrop, anyone who used Uniswap before September got 400 tokens, which is now worth $2500 bucks. So it's actually like uniswap airdropped more money than the federal government did to a pretty substantial group of crypto users. It's kind of crazy it's not bigger news. Because it really is like, I’m going to use the titular line, a new model of bringing people into the club, but also of just like actual fictitious, but also redistributive wealth. It's a decentralized stimulus, basically.

LIL INTERNET: I would really like you to explain this to me, because Boys Noize has been in a state of crypto-mania recently talking about yield farming and Sushi and Uniswap and all of these things. And he says everybody it feels like 2017 like the high again and there's money flying around everywhere. And I just want to know how and why.

DK: Yeah, well, partially due to our acquaintance, Calvin [Liu]'s company, Compound [Labs]. They really set off this trend. There's just been a proliferation of different interfaces that interact with each other that allow you to yield-farm—borrowing money from certain platforms at advantageous rates, then lending money at other rates, taking advantage of the arbitrage and those rates. And then there's all these platforms that specifically grant you tokens for staking or giving liquidity to that platform. And then you have speculation on those tokens. I don't know if a house of cards is actually a reinforcing interface. Because it's not just like buying low and selling high.

LI: It’s a Ponzi geodesic dome.

DK: Ponzi Dome, exactly. That's what's new about it. And what's actually interesting about it, I mean, yes, it's a bubble. Of course, it's a crazy bubble. These things aren't providing utility in any real world sense. But they actually are interesting experiments, it’s like a game. It's like an online game casino version of crypto, without any pretension about doing anything. And it's more like research in all of the derogatory senses of the word. But all the positive ones too.

LI: Bucky Bubble.