DeFi: Went Down the Rabbit Hole and Look What I Found ($50?!)

DeFi: Went Down the Rabbit Hole and Look What I Found ($50?!)

By tomoyan | tomoyan | 24 Sep 2020


Back in April this year, I found a Rabbit Hole, and I have been waiting for this hole to go live since then.

Today, they finally did it. They launched rabbithole.gg which you can earn crypto by completing tasks. This is kind of like DeFi version of Coinbase Learn to earn some tokens.

Twitter

Rabbithole x Our Network

🐇RabbitHole🕳️

 

DeFi is happening big time in crypto space right now, but there are too much going on and changes everyday. So learning DeFi can be very hard. Often times, you read something but you don't know what that really means until you try it.

Rabbit Hole is a "Learning by Doing" platform that rewards you for using DeFi services (dApps). 

Go to Rabbit hole and connect your wallet.

wallets

Right now, they have this AAVE campaign until 10/05 and looks like Matcha is coming soon.

Click on Aave and use their DeFi app and learn more about how things work.

aave task

There are 2 tasks for Aave they are both pretty simple, and I think these tasks are great starting point for using Aave app.

Lending tokens and borrowing tokens on Aave. If you have done these thing before, you can just "Redeem" them.

earn 50

I have done lending on Aave before so I will just do borrowing, but I think what's lacking here is the actual "learning" part.

"If you have done this before, great! do the other one, go to "View Dapp" and just do it" like... where is the explanation? People want to know how to do these things? If you are new to this and don't know what you are doing, these things are very scary, and they actually cost money to do things. You could mess up something during the process and end up losing money and stuff like that can easily happen. And they are like "JUST DO IT! at your own risk" 👇

risk

I do not like this part... I think they could have explained things better and hold hands, showed you the ropes. I have done these things and I was pretty comfortable with this task but if I didn't know, this could be a huge turn off. I think they missed the mark on this part big time.

But once you are done with the tasks, you will earn XP.

xp points

XP is like... 

think of XP as part of your profile, in future campaigns, you'll need a certain amount of XP to be eligible for rewards (the more XP you have, the more advanced of a crypto user you are)

I guess having more XP is a good thing for future rewards? But for now, XP means pretty much nothing.

Now, go get that reward! Don't worry, this claim won't cost anything. Just click "Claim Reward!" and...

claim reward

Email? 🤔 Okay throw in email address and "Score!"

email claim

But wait...

WTH is going on here!

what is this

I have completed the tasks, I have earned XP, and I have claimed the reward, but I may or may not be eligible for the reward?! 😢

"What is this?" is this

if you were a subscriber to Our Network newsletter before 9/21, you'll receive the reward, otherwise you'll just receive the XP. This is just a measure to prevent against users creating new accounts and getting free rewards

Hmm... I guess I went down the rabbit hole so hard 😭 full speed, Tokyo Drift style gone bad miserably...

But then...

 

i'll make sure it's worth your while if you're not a subscriber 

 

stay tuned for more info on that

don't worry, i'll make sure it was worth it!

dont worry

I can't reveal my sources or say what is going to happen at the end of the campaign, but you know... something good ($50) will happen hopefully 🤞

Something to think about

Before you do these tasks, check the gas fee.

https://ethgasstation.info/

You might get 50 aUSDC, lending and borrowing cost gas fees. Everything you do in DeFi costs money so quit lending and borrowing will cost money too. If you get 50 aUSDC, whatever you are going to do with it will cost money too.

When they came up with this Rabbit Hole project, gas was so cheap, this was a great idea back then, but now, gas is so expensive you might end up loosing more money than what you can earn so this might not make sense to you so be careful.

But still I think Rabbit Hole is an interesting project and this could become a huge "Crypto Earn" platform.

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tomoyan
tomoyan

Crypto DIYer - tomoyan.github.io


tomoyan
tomoyan

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