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I have been observing the De-Fi ecosystem and its growth from the outside. From the very beginning of 2020, the projects become the most popular topic in crypto ecosystem. Even though the starting point was based on a healthy mindset, the way the projects followed a bit strayed from the intended path. Let's dive into it
All these De-Fi hype may be boasted with the ranking of Compound Finance on the top cryptocurrencies. Even though there were many other projects, for example dXdy, Aave and many others, Compound proved itself. Currently it is at 37th place on the market and traded at $178 with a nice volume.
As I told you, once the initial De-Fi projects showed up, they had unique features. They had their own customers/users who were there consciously. However, are things the same know? I do not think so...
I would love to show you some occasions that let me be comfortable in terms of the future of this new personal banking system.
For example, it's not just about this project; the concern is bigger, here we have YAM with a bug in rebasing contracts. There are some reasons of this problem.
The developers accelerated the process to start being funded as early as possible. Even in their beta phases, they started operating. There is no problem in their perspectives. Yet, if you are an enthusiast investing in a platform which is not audited, your risk appetite is a bit dangerous.
When you visit the website, the first thing you see is that "Audits" warning for the users. It means that if you are putting your money into this system, do not blame us for any lose if it takes place. However, is it the right thing ? I do not think so.
As they were having problems with their existing system, they upgraded a new version.
Now, we have another version of YAM project. The former one is a falling knife whereas the other one is a rising star. To be honest, I am a bit scaptical about the operations and I really question why do people put their precious money 🤔🤔
And here is the top gainers of this week. YFII has increased %871 in a week even though it is a hard fork of YFII which is the 4th top gainer of this week. Both of them are top gainers, then there must be a "HUGE" difference between them, right?
Well, the difference is not that huge... There is just an implementation which is making YFII different from YFI. However, both are gaining a lot at the same time.
Personally, I do not preffer putting my money into any system which is not audited or which has not been operating for an adequate time to prove itself. So, please before getting into the De-Fi ecosystem, check the De-Fi section in Coingecko to minimize the risk of losing your money.
De-Fi is one of the best parts of crypto world. It enables you to let your coins work for you. However, it may be a better option to choose the popular and audited projects but for earning %1 more in a year.
Every single coin is precious. We are the pioneers of the digital era. There has always been such over hype occasions in crypto such as ICO/IPO, NFT's etc. It's not the best option to invest in newly growing projects.
Always do your own research, there are lots of opportunities in this era. Invest your time and money wisely. Otherwise, there will be many bad actors who will try to manipulate your actions.