you know what's a cartel? the
@LidoFinance cartel.
they have onboarded every single one of their Eth validators who also operate a Terra validator to run
$stLUNA
Eth and Terra are now essentially run by the same group of institutions. it's a takeover happening under your eyes
I was one of the first validators on Cosmos. The validator set was cartelized from launch.
Insiders, employees, whales. Less than 10 controlled the network. Every Cosmos style dPoS system ends up like this.
Terra has the same design.
I struggle calling this DeFi.