Text version of the latest “Deconstruction.”

This week, “Deconstruction” focuses on the systemic crisis in the crypto market, the rebranding of TON, stricter listing on Aave, the end of anonymity for stablecoins, a conservative risk model for DeFi by Buterin, and the dopamine trap of perpetuals.

The Coldest Crypto Winter

According to Bloomberg forecasts, the digital industry is experiencing not just a price drop but a systemic crisis of narratives that have been built over the past 10-15 years….