To give one more counter-point to your "fraud costs are baked in":
Self-custody as is common in crypto isn't really a thing in traditional finance (for most people anyways) - having your money backed 1:1 by cash is an extremely expensive service.
The bank accounts most people have are essentially low-risk lending agreements.
So any kind of cost calculation should factor in the financial gain of lending out your assets.
Self-custody as is common in crypto isn't really a thing in traditional finance (for most people anyways) - having your money backed 1:1 by cash is an extremely expensive service.
The bank accounts most people have are essentially low-risk lending agreements.
So any kind of cost calculation should factor in the financial gain of lending out your assets.