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There’s a mythological gold standard for going bankless that’s never quite been achieved before: a feature-complete exchange with an entirely onchain codebase.
MakerDAO, Aave, and Uniswap all emerged around 2018-2019, and manifested the concept of "going bankless" – all of these apps were financial primitives with fully onchain codebases. Borrowing, lending, and trading were now actions achievable in a completely onchain, disintermediated way.
The 2019 DeFi 1.0 apps were all built under the constraint of the times – 12 second blocktimes, small blocksizes, expensive gas fees. They would later become known as "Slow DeFi," i.e., DeFi apps that resonated with, and were constrained by, the physics of the underlying blockchain – Ethereum.
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