Threadcast link:
@khaleelkazi/re-leothreads-3qien8jp
Link to recording:
https://twitter.com/i/spaces/1ynJOyqgZbwKR
Speakers
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Diving Deep into THORchain and Cross-chain Decentralized finance
In this episode of Chain Chatter, the hosts welcomed longtime ThorChain community member and educator, Baloney Bones, to discuss aLL things ThorChain and the broader cross-chain decentralized finance (DeFi) landscape.
From Teacher to Crypto Educator
Baloney Bones shared his journey into the crypto space, explaining how his brother initially tried to get him involved in 2017, but it wasn't until 2020 that he truly dove in. As a former high school teacher struggling with student loan debt, Baloney was intrigued by ThorChain's potential to provide yield opportunities. He quickly realized the protocol was quite complex, with new terminology and mechanics to learn. Rather than be deterred, Baloney took it upon himself to start educating others, launching a small Discord server that quickly grew to over 20,000 members in just four months.
Navigating ThorChain's Evolution
Baloney discussed how the rapid pace of ThorChain's development and new feature releases has required him and his team to stay vigilant in keeping the community informed. He emphasized the importance of having a dedicated team monitoring updates and quickly relaying that information to users. Baloney noted that teaching about ThorChain has been a constant learning process for him as well, as he's had to unlearn preconceptions and dive deep into the protocol's mechanics.
The Mission of ThorChain University
Baloney explained that the primary goal of ThorChain University is to provide comprehensive education about the protocol, its features, and how users can leverage them based on their individual risk profiles and financial goals. The team curates detailed written content, video tutorials, and a Discord community to support ThorChain users at all levels of expertise.
Lending and the ThorChain ecosystem
When asked about the risks and benefits of ThorChain's lending feature, Baloney acknowledged that he has been firmly in support of it, citing the protocol's robust safeguards. He pointed to ThorChain's ability to withstand significant market volatility without the lending feature causing issues. Baloney expressed confidence in the transparency and verifiability of ThorChain's mechanics, in contrast to the opaque nature of some other lending platforms that have faced issues.
The Synergy Between ThorChain and Maya Protocol
Baloney discussed the strong synergy between ThorChain and Maya Protocol, another cross-chain DeFi project. He praised Maya's team and their aligned mission of promoting decentralized exchange (DEX) competition. Baloney shared that ThorChain University has been actively involved in supporting Maya's educational efforts, with plans to continue collaborating to onboard new users to the broader cross-chain DeFi ecosystem.
The Future of Decentralized Finance
Looking ahead, Baloney expressed optimism about the growth trajectory of DEXs versus centralized exchanges (CEXs), citing the recent high-profile issues faced by platforms like Celsius and Terra. He believes the transparency and verifiability of ThorChain and similar protocols will continue to drive adoption, especially as more users become disillusioned with the risks of centralized finance.
Baloney also shared details about the upcoming Bifrost school, a comprehensive educational program from ThorChain University that will offer learn-to-earn opportunities for users to dive deep into ThorChain's features and the broader ecosystem. With a focus on accessibility and hands-on learning, the Bifrost School aims to onboard the next generation of cross-chain DeFi users.
Overall, this episode provided valuable insights into the evolution of ThorChain, the importance of education in the space, and the synergies emerging between cross-chain DeFi protocols. Baloney Bones' passion for teaching and his deep understanding of ThorChain's mechanics make him a valuable resource for anyone looking to navigate the complexities of this innovative blockchain ecosystem.
