

Most debates about DeFi vs TradFi miss the real distinction. The divide isn’t decentralization. It’s how financial systems enforce obligations under uncertainty. Deterministic finance vs discretionary finance. This framework explains: ➢ why banks create elastic credit ➢ why DeFi relies on collateral ➢ why the two systems remain intertwined. New essay: open.substack.com/pub/resonancen…



























