Hi Hivers,
Some things related to De-Fi itches my brain. Even though nearly all of them do the same thing, every single day a new project is pupping up. What makes me frightened is that I remember such days from ICO Mania in the crypto ecosystem...
I can make you sure that the end will not be bright for all this stuff. The reason that pushes me to conclude this result is most probably the abnormal risk appetite of the new Blockchain investors.
De-Fi... it has become the most precious keyword since the beginning of the year. You own your money; you let your money work for you. It sounds absolutely beautiful. However, as time passes, things have changed. I'm not going to criticize the increasing curiosity or the amount of investment made on De-Fi projects, but some issues do not seem nice for many investors.
There are some projects or occasions that forced me to dive deep into all this madness. I'll show you some examples:
"This is not solely about the projects that I'll mention. It is about the ongoing weird actions"
Well, because it's not audited, I'm not surprised to see that. People started to invest these coins so that they can make gains while the latecomers are losing. It's unquestionably risky.
Not sure if it's new era Finance or Gambling itself.
There is a disclaimer when you check the platform. However, as we all know, people do not even read these things. Moreover, they are not interested in the platform itself. What makes me worried is the side effects of this crush if it happens.
Here we are with a nice gain... wait a minute, why do not we gain? Hahh... Because we do not use the old version anymore! we have v2!
~98.5% of YAM migrated to YAMv2! Great news but while the others do not take such actions, why do you do that? Anyway, that's enough for YAM.
To be honest, nothing more than FOMO.
Here are the top gainers of the week. However, I'm not satisfied with what I see. Because I see 2 YFI; 2 NXM2 projects with unbelievable price actions.
We may acknowledge that the project NXM wanted to create their Wrapped version for further adaption. It's fine to me but what about the top gainer with +%871,4 🤔
On the one side, we have a beta project that is warning the users on the main page. The warning is nice but now that it's still kind of under construction, how could it pump +%871,4?
Why do people choose this platform while there is an over-hyped Compound or Aave? Questions...
So, the only difference between these top gainers is an implementation. Why did not you implement it to the existing code system and keep operating on the same platform?
Yes, these are "decentralized" platforms but I guess some people are more privileged to take profit with every coin that is newly created 🙃
$40 M within 60 hours. I just respect...
Once the De-Fi era started blooming, the projects had been operating for some time. However, now it is enough to declare that you are creating a platform so that you get millions of dollars worth investment. I do not think all these things are natural and healthy. People are putting their money into the system that is not even validated. Sometimes I feel like we are witnessing the digital version of balloon loans.
Starting as the personal banking system, De-Fi turned into something bigger.
What do you think about the way the De-Fi projects follow?
Are these things normal?
Please inform us with your experience over De-Fi in the comment section.
Thanks for reading.
Regards,
To check the websites that are mentioned:
Coingecko De-Fi
YAM
YFII
Cover Image: Pixabay