Bitcoin was born in the aftermath of the 2008 financial crisis. Decentralized Finance (DeFi) was born out of the aftermath of the ICO craze, the predatory first application of Ethereum’s promise of “programmable money.” The first generation of DeFI protocols were propped up by unsustainable tokenomics models, incentivizing their users to farm and dump tokens. Others relied upon highly unstable architecture (Olympus, Terra et al) which enriched early participants then ultimately blew up.
Other crypto speculators never even touched DeFi, preferring to simply hold tokens on a centralized exchange, believing this was easier and less risky. FTX, Celsius and others imploding showed us how this too was folly.
In the aftermath of the failures of centralized exchanges and other top protocols in decentralized finance, what is our way forward? What worked well, and what caused the catastrophic losses that threaten the original vision of cryptocurrencies?
Equal access to the flow of value and information between parties, without the need for a middleman is the ethos cryptocurrencies were born from. How do we get back to our roots after so many bad actors have tainted our industry?
Enter Aftermath Finance
Our vision is simple, though it has taken years of research, trading (both winning and getting rekt), and development to build. We are building a platform for trading, investing, and earning yield that is fast, inexpensive, completely transparent and on-chain, and lets our users custody their own assets. Not your keys, not your crypto.
Seems like a simple idea, why hasn’t anyone done it yet? Simply stated, blockchain technology hasn’t allowed for something like Aftermath to be built until now. Others have tried, but still rely upon off-chain execution or centralized sequencers. This is a step in the right direction, but not a solution.
As a team of experienced DeFi users and rust developers, we chose to build on Sui because it offers the latency, throughput, and scalability required to build a decentralized, fully on-chain exchange. Mysten Labs shares our ethos, which is why we are proud to be partners and winners of the Sui Builder Hero award.