On one side, I'm happy to see that Defi platforms (even HIVE) are doing certain steps toward sustainability, but that will take a lot of time... maybe they are calling it Defi 2.0, but we will need 3.0, 4.0, 10.0 until we reach something "fairly good"...
And regarding HIVE, I share a similar opinion, we can't just copy/paste UST as there are so many differences... Bumping APR from 12% to 20% just to be "trendy" doesn't look like a valid approach...
But on the other side, we shouldn't underestimate the power of FOMO and greed in people... I did that a couple of times and missed some nice short/mid-term profits... Sometimes, greed can keep the project/token alive for months, even years... Saw that on Hive-Engine, but in the end, long-term success isn't possible as there are zero tokenomics...
Don't get me wrong, I want to see HIVE alive in 10-20 years, just talking about other Defi platforms where I can't see any future...
Trying to bootstrap it like UST requires serious ponzinomoics, hoping that you grow to a point where you can recapitalise and service debt obligations, you create by the mismatch in borrowers and lenders.
I see something similar with Polycub... It is maybe possible to reach that point, but it will need much more than adding bonds to make it "not a Ponzi"...
Sorry for a ramble on many different topics... I'm glad that I'm not alone in constructive criticism these days... :)
I get the idea of DEFI, having permissionless exchanges, bringing in on-chain liquidity, and having automated market makers, makes sense, but a good idea and a good implementation are two different things.
The big winners are either initial LP providers, Developers and Hackers and the retail just lines up to get crushed and since it lives in a gray area no ones going to come save you from yourself.
I agree that greed is a powerful emotion, and markets can remain irrational way longer than anyone can imagine. Honestly for me, I'm just having fun critiquing the obvious issues people are ignoring and placing it on record so when it does go south, no one can say there wasn't someone warning them