This episode of The HASH is sponsored by Minima.global and Circle.

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All on the hash for your ears.

You're listening to the Coin Desk Podcast Network.

You're watching The Hash on Coin Desk TV and listening on the CoinDesk Podcast Network. I'm Jed

Sanasi. We got Zach Seward and Will Foxley with us today. We are going to start the show off

with a bank report. It's been so long since I've had the chance to troll Will with one of these.

So here we go. J.B. Morgan analysts say that centralized crypto exchanges

will remain dominant despite FDX's collapse, which contradicts some crypto-native figureheads

who predict a shift towards DFI platform in the wake of FDX's implosion. The analyst cited

an absence of a limit order stop loss feature on Dex's, dependency on price oracles that source data from centralized exchanges, hacks and exploits as some of the reasoning.

Zach, I'm going to kick it off to you for your thoughts on this bank report.

Before Will Foxley dunks on this poor bank analyst and calls him a midwit, I will stand up for

this report and I believe that this is right. Humans have a long history of entrusting other

people to do complicated things for them. And sometimes being your own bank sucks.

And sometimes yield farming out on the wilds of defy also sucks.

And that's why we saw firms like Celsius and others leverage some of these defy protocols

to give lazy users some of that sweet, sweet yield.

And I think directionally, if that's the argument that's being made here,

directionally that point will stand.

And I think despite all of the chest thumping that this is Defi's moment,

I think probably those are pretty stiff, like stiff human headwinds to overcome, right?

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