The Anomaly of Uncut Gems
While the search for the next Cryptocurrency "Gem" is a never ending and daunting task, there may be some actual order to all the disorder. Considering there are, at the time of writing, 7,108 different cryptocurrencies according to CoinMarketCap, and 5,902 according to CoinGecko. Where, obviously thousands upon thousands of cryptocurrencies creates an extremely daunting task when searching for uncut gems. The anomaly comes into play when we consider the current sector as a whole, Decentralized Finance on the Ethereum blockchain, and ERC-20 tokens in general make up the majority of the current coin listings. The amount of unique coins has increased dramatically, coinciding with the moonshot of DeFi, many of the newly created coins (that anyone can create) are merely copy & paste versions of protocols that possibly don't even work.
Disregarding the Hyper-inflated Garbage
I have only participated in an extremely small part of DeFi and that was from when I was earning nearly 40% APR on BAT that I had placed into the Compound protocol. Compound was, and still is an excellent DeFi project that is fully decentralized and governed by the holders of the COMP token. I did have both BAT and ETH locked in the protocol before they altered the ETH APR and the Distribution protocol for the COMP token. I feel the need to mention that I did not have the intention of "Yield Farming" COMP, I merely wanted to take advantage of earning interest on my BAT which I have already decided I am not spending until it reaches $1. It's free, so why not continue to increase my bag plus earn some COMP tokens at the same time while waiting for the long haul because who knows when BAT will ever reach $1.
I have only recently began researching other DeFi projects that are not associated with Yield Farming, I personally don't have enough finances to make yield farming worth my time or the gas fees. So by entirely disregarding this DeFi yield farming bubble and all the shit-coins being created, I have focused on projects like TROY, Mantra DAO, and DEC. These projects all have unique offerings in my opinion and I believe that they will all do well in the future no matter what happens to the yield farming DeFi options.
I am currently in the process of finding these uncut gems through many sources including Publish0x, but I am keeping a close eye on anything to do with Kasuma and Polkadot as well as BEAM on Mimblewimble as they have a lot of room for growth and further adoption.
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As always, thank you for reading! Give yourself a TIP and have a great day!
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