My brief experience with DEFI and what I think about it

My brief experience with DEFI and what I think about it

By Cryptolohy | cryptolohy101 | 20 Nov 2020


We are at the cusp of a huge paradigm shift, from centralization  to decentralization, this is apparent in several ways, for instance, how the job market is becoming more flexible, allowing people to work from home or even work from anywhere, and thus, finance is also doing similar strides towards flexibility, now we have the equivalent to decentralized banks, decentralized token exchanges, and soon, decentralized autonomous organizations.

I don't have a ton of experience in this space, but is okay since the space itself is new, we are in the bleeding edge of the bleeding edge.

So, without further ado, this is my experience with decentralized finance.

 

  • DYDX: I deposited some savings there in the form of DAI, it helped me to develop my savings habit since at some point the interest rate was 18% APY if I remember correctly.
  • Uniswap: I have used this decentralized exchange to get my hands in some rare coins sometimes, however, my biggest win was when I got 400 UNI and I sold it at 3 USD (I don't regret it since no one knows the future and I thought the coin might go down in price) which helped me pay some family related expenses.
  • Curve Finance: I entered late into this system with the hope of making good profits with the curve finance token, but at the end the high ethereum fees, combined with the bad performance of the curve token plus the fact that I didn't got any curve token even though I was a liquidity provider (a mystery that even till now I don't have an answer for, probably a bug) made this my most painful experience so far.
  • Burgerswap: I am not sure if I made money here or lost, since I did got some burger tokens, but they were worth very little. The quickness of the transactions and low fees are great though, but the bridge between ethereum and binance smart chain is not as easy to use as I would had desire it.

 

What do I think about it?

 

  • I think DEFI is the future
  • I think is amazing
  • I think is unstoppable
  • I think that it will destroy the FED
  • I think it will outsmart the New York Stock Exchange
  • I think it can lift people out of poverty
  • Even the bad experiences were useful to build up my knowledge.

 

I love DEFI, I love it, is great!

 

And you? what do you think? let me know in the comments.

 

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