Now that we have DeFi, we can explain TradFi events in its terms and it makes it much clearer and entertaining, ex with the mortgage crisis: > Banks held tons of discrete mortgage NFTs that had low individual liquidity >> They make a Vault to regroup them + tokenize it fungible (ERC-20) to boost liquidity >>> Mortgage-Vaults are massive success and widely adopted >>>> Everyone takes the vault tokens at face value without checking what you can redeem it for >>>>> Collateral composition deteriorates until it reaches a tipping point >>>>>> The veil is lifted, everyone realizes they have been holding shit tier NFTs in a fancy package, kaboom At least our collectible NFTs vaults were funnier, you had the occasional "let's snipe the rare that was dropped into the vault", and the cool factor of leveraging a jpeg. No such fun in TardFi, only pain