Today on the Brief:

• Traditional markets falter, led down by tech stocks
• Bitcoin falls under $11,000 for the first time since July
• Stablecoins mint $100m daily since mid-July

Our main discussion is about DeFi’s “degens.” NLW talks about:

• The numbers behind DeFi’s recent run up
• What “degen” means in this context
• Why degen is in part a reaction to previous bitcoiner critiques of Ethereum 
• Why degen is (in even bigger part) a reaction to a no-yield, artificially low interest world