But, of course, that is not a deus ex machina of crypto, which would seem to be in philosophical tension with the decentralization goals of many in the blockchain and crypto industries. Ultimately, although crypto and traditional banking may be ostensibly competing in financial services, they are living in fundamentally different realities. In the wake of the Terra and FTX collapses, there was no Superman to swoop in and undo the calamitous ramifications.


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