The Decentralized Finance (DeFi) Thread

Coja Petrus Uscan

Hummingbird
Gold Member
Cross post.



For anyone looking for a tip of an alt that could have very nice gains, there is a decentralised database going live in about 2 weeks:


It has had a good rally and now pulling back. Its on Binance and not many other exchanges; and with a cap of 35M$ it has plenty of room to grow. Seems a logical candidate to be up with other projects that are not even live. It has a very good adbisory, including the creator of Cassandra DB, creator of bash and creator of Ripple.
 

Coja Petrus Uscan

Hummingbird
Gold Member
It's not altseason. It's DeFiSeason. As most coins take heavy losses, many DeFi projects are storming up heady double-digit gains. UniSwap up 320% this month.

It was fairly obvious, which of these were worth buying over the last few weeks. SNX and Yearn are grossly overvalued. It made little sense why Curve was not in the top 100 - should be heading to the top 25. XVS is the next buy. SWRV also looks like a good pick. On lots of exchanges, including Binance, yet only $7M cap. SNX is at $2.3B with 7X the locked value.

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Coja Petrus Uscan

Hummingbird
Gold Member
 

Penitent

Sparrow
Regarding the squeeze, Pomp says: "This is the best marketing campaign for the future digital, decentralized financial system."

 
I deposited a small amount of ETH into Blockfi a while ago. I checked the amount today and I got some interest accruing. I wanted to see what the withdrawal process is like and this kind of warning kind of worries me about depositing more ETH:

Withdrawing Ethereum to a wallet address that does not support smart-contracts may result in the total loss of your funds.

I've been super busy, I hope to dedicate a couple hours to learn more about DEFI and Uniswaps. From what OP has said in another thread this space can outpace Bitcoin and Bitcoin is considered "conservative".
 
I'm still trying to get into DeFi. OP made some very good posts that I need to slowly digest. I did have MetaMask installed but can't find my password or the keys. I installed it to bet on the 2021 election so aside from losing about $100 I don't think it bit me too hard. A hard lesson learned I guess.

Bittrex allows purchasing ADA without having to do swaps. Unfortunately my debit card isn't being accepted at the moment.

Fun story: A guy who is legit smarter than me thinks Bitcoin isn't worth investing in. He has a bright future but I don't think he's right about that let alone all the financial benefits of crypto and DeFi.
 

Coja Petrus Uscan

Hummingbird
Gold Member
ETH DeFi is now in a bind.

I tried to lock up about $3K of a token I'd earned for staking. The lowest cost was $180; and I think there was a second fee on top of that. Back in November the same lock up was about $15-30.

My first test lock up was for $250, which cost $4. It will now cost most, all or more than that to unlock it.

So the space is now only usable for people holding larger sums.

I believe the gas price will continue to go up. The yeild farming platforms work by many people locking up crypto in them, then the platform 'invests' them en masse. This is much cheaper with gas. People are getting stuck in DeFi. Small holders may be charged huge gas fees to withdraw what they put in months ago for a few dollars. Yet they can leave it in and claim double and triple digit rewards.

I think we will continue to see the ETH price rise, gas prices rise and funds locked in DeFi rise. Then when this whole thing pops, only whales will be able to get out first and it will implode badly.

Word on the street is that ETH will not be able to address this for months, if that. That gives other chains a chance to steal current projects and lure in new ones. Binance seems to be best placed.
 

Coja Petrus Uscan

Hummingbird
Gold Member

DeFi ETN to go live.
 
ETH DeFi is now in a bind.

I tried to lock up about $3K of a token I'd earned for staking. The lowest cost was $180; and I think there was a second fee on top of that. Back in November the same lock up was about $15-30.

My first test lock up was for $250, which cost $4. It will now cost most, all or more than that to unlock it.

So the space is now only usable for people holding larger sums.

I believe the gas price will continue to go up. The yeild farming platforms work by many people locking up crypto in them, then the platform 'invests' them en masse. This is much cheaper with gas. People are getting stuck in DeFi. Small holders may be charged huge gas fees to withdraw what they put in months ago for a few dollars. Yet they can leave it in and claim double and triple digit rewards.

I think we will continue to see the ETH price rise, gas prices rise and funds locked in DeFi rise. Then when this whole thing pops, only whales will be able to get out first and it will implode badly.

Word on the street is that ETH will not be able to address this for months, if that. That gives other chains a chance to steal current projects and lure in new ones. Binance seems to be best placed.
Would you still be long ETH? If the bubble does pop I want to pick some ETH at a discount.
 

Coja Petrus Uscan

Hummingbird
Gold Member
Would you still be long ETH? If the bubble does pop I want to pick some ETH at a discount.

ETH has been my favourite for some time. But if another chain gains traction that could change things. I expect DeFi to crash hard as it looks like exiting it will be particularly messy and painful. It is essentially operating as a ponzi in many cases with in excess of 100% paid in printed tokens. But with crypto these are where you can make the most gains. But the platforms that can prove themselves will be good buys in the next dark age.

My long-term interests are BAT, MYST, PRE, BLZ, ENJ, MANA, probably UNI, SNT.
 
My long-term interests are BAT, MYST, PRE, BLZ, ENJ, MANA, probably UNI, SNT.
I've been told by someone I trust that smart contracts are going to get big next year and I'm still green with this DeFi stuff. Everytime you post CPU I need to reread it. So ETH can lose ground to a more efficient coin due to gas? Gotcha. I've made some serious money from ETH alone to exit now.

I preferably want to stick to Coinbase and not have to go through REEF or any other brokerage that requires a MetaMask wallet. With that being said why MANA? Based off some brief research MANA is buying virtual real estate? Is virtual real estate going to be popular in the future?


That DEFI Crypto Index Fund requires 10K minimum.
 
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Coja Petrus Uscan

Hummingbird
Gold Member
I preferably want to stick to Coinbase and not have to go through REEF or any other brokerage that requires a MetaMask wallet. With that being said why MANA? Based off some brief research MANA is buying virtual real estate? Is virtual real estate going to be popular in the future?

Back in 2017 I went through a lot of the projects to pick out the ones I thought had legs, which is - good team, good product or seemingly good future product; and something that is close enough to the core holders that it could take off. There are all kinds of niche crypto projects - ticketing platforms, pot! platforms, document management, mineral mining; I think there is even an old people's home management software one.

The projects that are going to be used are going to be related to blockchain, or something tech-nerdy - like NFTs, VPNs, search engines, games, exchanges.

MANA, BAT, ENJ, GNT, SNT and a few others have been good, solid projects that have been able to hold decent market caps over a long time. There are other good projects that haven't, like MYST and PRE. MANA was the sort of project that that could, over a long time, possibly deliver very significant returns. But it's not something I would buy now. MANA is also a game, similar to Minecraft. It was recently brought under the Atari umbrella and I believe Greyscale have taken out a trademark or something that suggests they may launch a MANA ETN. BAT and MANA are two that have been identified by quite a lot as solid, long-term projects. Hence this possible ETN.

Why are you averse to buying buy wallet? Don't want to be in a position when you have no solid paper trail, to explain yourself?
 
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