DeFi Ecosystem - Discussion

Hey man thank you for the recommendations, I had coinbase already setup, but the news of their website crashing for the second time in recents weeks at an important time made me to rethink. So I went with crypto.com as my first option, however I will check some you other recommendations.

I guess the only way into crypto at the moment is to use these Cefi/Defi platform that link the crypto/defi space.

2 Likes

Amazing I’m a crypto OG from Amsterdam :slight_smile:
We have on-boarded a lot of retailers in the Netherlands … but when fees went higer this was an issue.
I also created a POS system for retailers that accepts crypto etc but people do not seem to wake up.

You can start buy an funny move in your store and say sorry we do not accept FIAT … we only accept crypto. I did this with one of my companies and some clients did pay me in BTC …

You just need to download a wallet crypto.com or what ever … and satart accept crypto …

Local Bitcoins also works :slight_smile:
Or OTC

1 Like

thanks i will start to accept crypto…

1 Like

Hi,
i found this new project called Jelly swap
Looks like a Decentralized exchange that uses atomic swap p2p across different blockchains to swap cryptocurrencies.

Name: JellySwap
website: https://jelly.market/
Github: https://github.com/jelly-swap/docs

1 Like

Can you consider the lightning network a DeFi protocol? If so, it would be great to include that in a future overview!

2 Likes

Yes it is included kinda but right now not really advised to use.
Beter use wBTC or tBTC :slight_smile:

1 Like

Jelly Swap is indeed a good project :slight_smile:

1 Like

I will check it out, Thanks :wink:

1 Like

On Decentralized Synthetics ( On the DEFI course) you can put your crypto into pools and get some interest on them.
You can too have a loan in crypto paying a interest on that loan
You do have to have some collateral

2 Likes

Hi Amadeo,

Can you explain to me the risks associated with using compound if there is a flash crash? I saw that there is a risk of losing your collateral and being liquidated ? I believe this was to do with the price of dao???

Thanks

1 Like

Good question @matthurd
The risk in Compound of losing funds in my view are pretty low … Please if disagree come with some code examples or attack factors I’m missing IF you disagree …?
Major risk in my view is just that there will be a 0% interest that’s it mostly … and off-course compound could get hacked but I think those changes are pretty low … you can also insure your self against this using https://nexusmutual.io/

Only major risk and something we will discuss in DeFi 201 is the concentration off wealth … as you see here https://defiwatch.io/top right now the issue in DeFi is that there are just some wales we borrow DAI … this needs to change by onboarding more assets on chain and then people will use these protocols to borrow DAI and hedge risks then we get a more broader and complex market wich will make the overall DeFi market more mature.

So lets all try to be part borrow and lend so the overall ecosystem will grow :slight_smile:

The potentiality of DeFi I understand is unlimited, and it is not easy to suggest a specific project to explore. I would suggest another thing. Since there are so many branches raising from the main tree of DeFi, I suggest to explore all its categories. For example, on defiprime.com I can read so many categories:

  • Alternative savings
  • Analytics
  • Asset management tools
  • DAOs
  • Decentralized Exchanges
  • Derivatives
    and other 12, for a total of 18. Most of these categories are full of projects. By the way many of the full categories are simply unknown for me. Others are known but not understand their role on the DeFi world. For example “KYC & Identity”. I can easily understand what is a KYC and and identity certification, but how this is linked witht he DeFi world? The DeFi world will become so huge, so I think since the beginning would be important to understand how it will develop. Knowing better all these classifications I am sure would help a lot.
1 Like

Hi @amadeobrands , i think the Defi course training has been VERY GOOD. Possibly breaking the last two sessions into two half might help due to the fact that if students as you have suggested should be attempting to replicate what you are doing during the session it actually take much longer to complete the two sections while absorbing the full implications of the topics. That being said REALLY GOOD! I come from a traditional I.T in Finance background from developer to analyst to implementer consulting internationally etc so i really appreciated your breakdown approach. It also made me realise all the more that the time is ticking out for banks & tradtional Fin. firms. Eventually they will need to either Spin Off into buying exchanges or buying these Defi companies inorder for them to remain in the Financial space i.e. in the mid to long term future. Unfortunately i can also see a notable loss of jobs in the traditional finance sector due to inability of banks financially compete with Defi and in turn pay staff cost overhead. There will likely be a domino effect no matter how many attempt to train into the blockchain of Defi space…

2 Likes

I concur with you. It’s like a complete different world and just waking up!

2 Likes

@amadeobrands very eye-opening course! I went through the DeFi ecosystem overview and Bidao whitepaper looks very similar to what MakerDao is doing but will have multiple cryptocurrencies as collateral? Potential MakerDao competition longterm?

Thanks again

2 Likes

Time to wake up :wink:
I hope more people will follow suit.
Thank you for following the DeFi 101 course.

Hi @amadeobrands,

I think https://balancer.finance/ is a very promising project, but it’s not easy to grasp. Therefor it would be great to have some instructions, how to open a smart pool in balancer.

Thanks for the great course.

1 Like

Yes lets see if we can fit this into DeFi 201 :smiley:

1 Like

Great, thank you for considering it.

1 Like