In the summer of 2020, a new crypto subculture exploded: DeFi, or Decentralized Finance. Protocols like Compound, Aave, and Uniswap offered double-digit, sometimes triple-digit annual yields for users willing to lock up their tokens. A self-described “degen” (degenerate) culture took over — apes scrolling for the next farm, memes featuring literal monkeys, and yield charts worshipped like scripture.
The mania peaked with “food coins.” YAM launched with an unaudited smart contract and a tomato logo; it rebased into oblivion within 36 hours. SUSHI forked Uniswap and walked away with half a billion dollars. PICKLE, CREAM, KIMCHI, HOTDOG — anything edible got tokenized. Most died. A few became billion-dollar protocols.
DeFi Summer proved that crypto could build parallel financial systems with nothing but code and memes. The “ape into the farm” culture was absurd, but underneath the jokes, users were earning real yields on real protocols that had never existed before. The meme was the marketing; the technology was real.
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