DeFi digital finance stack - Discussion

jgentry · June 24, 2020, 5:48pm

Hi, Amadeo!

After watching your video on decentralized money markets, I have been reading the articles you provided in the description underneath the video. I have something interesting I would like to share with you. You might already be familiar with this truth, but DeFi is expected to drastically change the way the global economy works.

This information came from the link https://www.visualcapitalist.com/decentralized-finance/, but some of it was my own thoughts based on the information

Wider global access to financial services–for example, a person in the US could access the financial services in Canada, Mexico, or Australia.
Affordable cross-border payments–In the past, transporting money to foreign countries was very expensive. However, DeFi will reduce those rates to well under 5%.
Improved privacy and security–Custodial institutions have to make every effort to ensure that customers’ personal information is secured. With DeFi, transactions can be made securely with little effort.
Censorship-resistant transactions–The blockchains are available for anyone in the world to use 24/7/365. No authority or government can control them, hence the term “decentralized”.
Simple use–unlike the complex centralized global economy

I hope this information helps you and the rest of the community who have posted comments in this forum. Thank you!

jgentry · June 24, 2020, 5:52pm

Did you know that Decentralized Finance is also known as Decentralized Banking?

It works somewhat similar to a normal bank; however, everyone can contribute to it. You don’t need a checking/savings account to use it. No people, authorities, or governments can control it. If they did, it would not be known as Decentralized Banking or Decentralized Finance. Rather, it would be centralized.

jackswango · June 24, 2020, 10:14pm

Hi Amadeo, Have you used RAY? It looks interesting as a way to maximize yields without crazy risk, the fact that it is audited too sounds good. It strikes me as something that could be appealing further down the line, what do you think?

jgentry · June 25, 2020, 6:02pm

Amadeo,

It is a good idea that you include the Web links to which you obtained the information in your slides. Even after I watch the video, I read the articles you provide so that I can get a better understanding of the topic you discussed. I am sure this strategy is also helpful to the other students taking DeFi 101.

This is just something I wanted to share. Thanks!

jgentry · June 26, 2020, 2:29pm

I am seeing the Ethereum blockchain developing a more DeFi infrastructure.
View the link here for more information: https://www.exodus.io/blog/what-is-defi/

Some new building blocks that are essential to the DeFi digital finance stack are governance and decision-making. I found that information here: https://blog.coinbase.com/a-beginners-guide-to-decentralized-finance-defi-574c68ff43c4

Thank you!

Diego_Sanin · June 26, 2020, 8:42pm

I think overall in the DeFi ecosystem I have really enjoyed stable coins how ever I am very curious about cryptocurrencies like BAT that are also developed on ERc20. However, something that really intrigues me is the GAS needed to pay for transactions and how to counter does fees if possible.

martintokyo · June 27, 2020, 8:31am

Hi Amadeo, I have a question: With some DEX like Kyber, Bancor and Uniswap we can use ETH directly, while with others like IDEX, ForkDelta and RadarRelay we first have to wrap the ETH before using it. Can you explain why this is? The official explanation is that ETH is not a ERC20 token so that we first have to wrap it to an ERC-20. How do Kyber, Bancor and Uniswap then go around this problem?

Lacho · June 27, 2020, 5:49pm

Thanks for all the info. I will try to lend and apply liquidity for insurance. that way i start to learn more.

samjd · June 27, 2020, 9:10pm

I say Polkadot is the next big DeFi player to watch. https://polkadot.network/

claudiorox · June 27, 2020, 10:34pm

Argent is amazing. No fees when receiving and withdrawing Eth and erc20 tokens. With possibility to use your ledger as guardian

Raphael_VON_GAL · June 28, 2020, 12:45am

Hi Amadeo, I loved the Defi course. Today it was my first SWAP by Kyber Network , I could swap ETH before the 5% + drop for DAI heheh and the fees were low, it was really fast , I used my Trezor to Confirm the transactions, alll safe, very nice be able to do this after your course. I will never trade in Centralized Exchange again booom Tks a lot for the content , you explain very well.

SunnyOrbit · June 29, 2020, 3:28pm

RenVM DarkNode is up and running…
6$ reward during 4h uptime!

Im running the node on a !free! AWS instance.

patricks · June 29, 2020, 1:46pm

Nice! I’m interested in this although I don’t have 100k REN to participate Still amazing ROI. Have you tried running any other nodes that have lower cost of entry?

amadeobrands · June 29, 2020, 1:46pm

Yes Polokadot is interesting … weak token model but strong code.
I recommend looking into: https://substrate.dev/

amadeobrands · June 29, 2020, 1:47pm

Amazing man
Will send you a DM

SunnyOrbit · June 29, 2020, 2:21pm

there are free amazon server instance available.
its called AWS EC2 micro instances and its free for one year.
but you can use any VPS instance from any random provider.
the node setup itself is quite simple, basic VPS configuration with firewall and user accounting is the challenging part.
but anyway, only run a dedicated VPS if you know what you do - or use what EN project propose here:
https://docs.renproject.io/darknodes/getting-started/getting-started

ponchooo · June 29, 2020, 4:02pm

Many different protocols within the DeFi space can exist on one blockchain, or a combination of many… I think its important to think of applications within DeFi space as exactly that… Programs that serve a certain purpose… While defichain may seem to address many problems, to me the whitepaper seems at times almost intentionally vague. There are already many protocols within the ETH stack that already have the stated functionality that defichain aims to achieve… I wouldn’t get hung up on looking for ‘blockchains’ I think time served in this space is much better searching for ‘tools’ that meet your personal needs… Just my humble opinion…

ponchooo · June 29, 2020, 4:06pm

The only way to counter fees is slower transactions, fees are part of the system… At the moment fees can be quite high but in the long run I wouldn’t be concerned about paying fees there is too much opportunity out there!

patricks · June 29, 2020, 4:25pm

Thanks for sharing the docs! Definitely very interesting. I’m looking for some way to participate in the infrastructure of the blockchain space. Mining is out of reach for me, hehe, but running nodes sounds like a viable option. I’ve looked at Storj and Cardano (currently restricted to ITN participants I think) as well but ROI is not even close. Wonder how much you’ll end up spending in ETH gas fees and network bandwidth costs on AWS if you surpass the free tier limitations. Perhaps this topic deserves it’s own discussion thread in the forum

Diego_Sanin · June 29, 2020, 6:37pm

Yea I find it fair what you mention regarding the fees in terms of time and the opportunities as well its time to start developing some cool stuff on the DeFI