Bitcoin recorded its best August in years with a 26% return, while Ethereum gained 34%. BitMEX, one of the industry’s first Bitcoin futures exchanges, is shutting down after 11 years, having been victim of its own success as its perpetual swap innovation was copied by every legitimate platform. Around 19% of American adults have now invested in, traded or used cryptocurrency, according to Pew Research Center. While DeFi built a verifiable financial system that no bank consortium ever delivered, the industry over-promised on timelines and under-delivered on user experience. Despite many unfulfilled promises, the technology has become too deeply embedded in traditional finance to be unwound.
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