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By getting greedy and treating FTX user funds as capital to deploy in the prop trading firm.

I know, right? Soon the defi community will be calling for the own version of Glass-Steagall. What is old is new again, I guess.

Knowing when to stop is genius.

Some how a bunch of cex's behind the doors lending ops now is defi?

Meanwhile, some how magic internet money (abracadabra.money), with people bitching about their bad debt on chain for months is still solvent, while ftx is dumpsterfire...

This is not DeFi. This is CeFi that caters to crypto. The major DeFi apps have had no problems this cycle.

So perhaps not surprisingly, Uniswap - which is a preeminent DeFi app - now has deeper liquidity on many important trading pairs than the largest CEXes:

https://uniswap.org/blog/uniswap-v3-dominance

Lol, yes on spot, but no one trades spot! The sweet leverage lays within the future market.

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