RE: What should we do about all this DeFi stuff?
You mean yield-farming or solid defi? :D yield-farming centered around a high inflation yield-token is amazing pyramid shit --> 2017 2.0. Being in crypto from eo 2016, so long enough to know when to puke. On one side it disgusts me. Its like wrapping a human with his insides. It shows all what dominates our behavior: a simple emotion driven stem brain. On the other hand it is pure beauty. as you said: this is what banks do all the time. Getting over 10% return for providing liquidity? Was normal 30 years ago. We younger people feel as if it is dirty money. The yield-token bring in the pyramidal element, it is set up to collapse but not because of the yield per se.
some pools will be pure scam right from the start, others will be exploited bugs and well...a very few will hold. All this stimulus money meets defi at the right point in time, everything is set up for a short and hard mania. Well long term moderat-defi will reach normies for sure but not without some trusted third party like gemeni, binance...just my guess, maybe it will simply go on from here