DeFi became a huge thing in the crypto space these days and I have reading/seen all kinds of stuff about it on the internet... like "Diversify your assets", "Don't time the market", "DeFi is a big scam".
I think they are good advice in a sense that people want you to understand that DeFi and crypto involve risks, huge risks!
But crypto is like life there is no manual to become successful and rich, and also there is no instruction to avoid that risks completely.
One success crypto story won't make you or me successful even if we follow the exact same steps.
So what I normally do is to set a boundary and allow myself to fail so that I have a safe space to play and fail. It is kind of a sandbox idea in programming.
You create a virtual space so that you can build stuff and play with it and see how it works. You can build it, test it, break apart and repeat as many time as you want. Sometimes you can build awesome stuff but most of the time, stuff doesn't work and fail miserably... but that is okay. That is what the sandbox for.
I kind of do the same thing for crypto. I set up a "sandbox boundary" and allow myself to be excited about "fear"(crypto) so that I can chase DeFi, yield farming, time the market, FOMO or whatever.
If I can make some money, that is great, and I have done that couple times. If I lose some money, that is okay too because that is still in my range that I set up. I learn by doing and learn from my mistakes so I won't make the same mistakes.
People are always overhyped about some new projects, but I know the bubble will eventually burst. So my fear of DeFi isn't much about the risks that come with it.
My biggest fear right now is the gas price 😱
Gas price is way too expensive and it is way beyond my boundary. So DeFi and everything is getting out of my reach and I can't even move my assets. That is my fear...
It is not just me, small fish, but also affecting DeFi projects like Argent or Dharma
Argent wallet used to cover transaction fees so you could send assets for free.
Dharma is still doing token swap for free but they have $75 minimum so that any assets less than $75 can't be traded 😩
- If you want to save on token swaps, 1inch have a Chi option that you can use to save on gas.
- If your transaction gets stuck, there is a new cancel transaction app
I wanted to test these dapps and posted here, but right now it is just too expensive to do anything so I couldn't.
source
Fear of DeFi is real...
What is your approach to crypto?
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I will start to look for DeFi products on other blockchains in the coming weeks!
Yes yes!!! I would love to see other options 👍👍👍
Cool :)
Wow... I got lill extra HP to vote more... ha. I actually avoided DEFI completely and only been on large cap coins. Don't have much money to invest, being one reason, also its been quite fast, could not keep pace. I well...accept that I can learn and do what I can in my capacity, so even if I missed out on DEFI, I am following it and studying it now.
I maynot be able to do yield farming, ok or liquidity mining, ok...but still I keep watch on tokens... I do have an interest to invest on COMP, ZRX, AAve but with prices rising, can't do that, no money right now. Anyway
DeFi stuff is too expensive right now because of the gas but I am still learning and want to find a way for small fish to farm or something... 😂
Maybe you can test some dapps that are based on other blockchains? Like EOS or Tron, etc. Or even Hive, there are some cool games built on Hive 🤔🧐
EOS maybe... I used to have high hope for EOS. tron... 🤔 🤔 🤔 not so much
Or Tezos, I wonder of there's anything built on Tezos 🤔
I think tezos have a game or something...
I wanted to ask you something. How do you make your project open source? Is there a rule or something?
You put the code on the internet for people to see. That's open source. If you want to make your project free software, you should also attach a free software license to your project that will allow other people to redistribute, modify and redistribute modified copies of your work.
Such license are:
Hope that explains things a little bit. Don't hesitate to ask more 😄
That sounds a lot lol I put my stuff up in public so it’s open at least. 🤣
Sure it's open but theoretically nobody is allowed to use your code. To attach a license is really simple. I recommend the GPL so this is what I'll guide you through:
LICENSE.md. Most platforms like GitHub or GitLab will pick up on that and even show that your software has a license when people visit your repo.LICENSE.mdfile.If you look at my projects on github you'll see that all of them have this file and all are licensed under the GPL.
That painting of "The Scream", Tomoyan style is EPIC. Yes I have a horrible feeling we're in the middle of a bubble right now. DeFi has some excellent use cases but the over excitement and speed with which folks are jumping in without checking first is a recipe for disaster.
For the gas fees here is what I said to CryptoLemon the other day, this sums up my thoughts
That’s great!!! I think gas price right now is so rude too. It’s almost like eth cult group just pay everything you have for anything😅
Hello @tomoyan, this is a very objective article, surely you must be the voice of many through this post. What is happening with DEFI is crazy, literally, that bubble can burst at any time. Sure, there are some important achievements, but, that gas price takes everything. I don't see the logic in making a simple transaction so expensive. Particularly on those sides, I don't even go near it, because what little I have will be diluted like gas, into gas he he he
It is just sad that I thought DeFi was for everybody, but not it is only for the rich... We just have to wait and see whats next 😩