For the next few episodes of Means of Creation, we are piloting a series of web3 explainers—unpacking some of the fundamental concepts of web3, from first principles. The goal is to explore various topics, trends, and projects that people want to learn more about but find confusing! Essentially, to ask the questions we’ve been too afraid to ask in public. If you want your questions answered, or have topics and/or guests you want to recommend,  feel free to do so by tagging  @Means of Creation on Twitter. We hope you find these conversations valuable! In this first episode, we explain DeFi, or Decentralized Finance. Cryptocurrencies have taken a major hit over the last few days—Bitcoin and Ethereum have fallen by almost fifty percent from their all-time highs. However, the proponents of DeFi still believe in its long-term potential to be the future of finance. If we zoom out a little, this belief seems to be well-founded: as of this writing, the value locked in various DeFi projects is $196B. As recently as 2019, that number was merely $600M. DeFi proponents also go on to claim that we’re just getting started—the advantages of an open and decentralized financial system have the potential to capture trillions of dollars of value. In this episode, we're joined by Nat Eliason, who helps us unpack this claim. Nat is a writer, crypto engineer, and educator who’s been at the forefront of DeFi long before it became became a trend. He brings with him a wealth of experience in this space—he teaches a very popular course called DeFi Orientation which enables people to get started in DeFi and earn money from their crypto assets. He helps crypto companies with their tokenomics and smart contract development. He also writes Almanack, a newsletter about DeFi, tokenomics, yield farming, and other related topics. Nat's experience as an educator and operator lets him simplify complex theories but also demonstrate how to apply them in practice. He was the perfect guest to bring on to explain the rapidly changing world of DeFi.