LP DeFi thread

place for lpers to talk/discuss/learn about DeFi space which I'm sure some of you are learning/have heard about or have been in for awhile. I'm just learning about it myself and making progress but have alot to learn.

Maybe it's a sign of the top that I am making this thread LOL. Maybe I will mess around with BNB just to learn stuff.

Maybe SOL?

I googled it and couldn't understand what this is. Would you give it a try? thanks

Decentralized finance crypto projects, ICOs scammed too many people so they rebranded and go again

On April 06 2021 01:02 tapatapaz wrote: I googled it and couldn't understand what this is. Would you give it a try? thanks

yeah im still learning i could explain what i know but its very much basic knowledge of stuff.

there are multiple ways to make money in DeFi space if you think it has value, easiest way would just be to long ethereum and ethereum based cryptos and hodl. granted, we are at all time highs in price tho haha.

best approach is to just gradually keep learning about it if you are interested and regardless of what happens with price action or not, it may be a knowledge set that might be useful in the future.

I'm deep in defi. This shit is gonna change the while world. Let me know if you got any questions

Going to learn little by little but currently hold some btc, eth, SOL, and some uni. You think thats a good portfolio? Iirc you are a bch guy.

Not sure if I have enough SOL to do anything else but hold. Also I heard most projects aren't worth staking and I don't really understand this liquidity provisioning too well.

Any particular protocol / project that you don't have to be a whale to get into that you think is cool?

On April 09 2021 04:46 spets1 wrote: I'm deep in defi. This shit is gonna change the while world. Let me know if you got any questions

Well, lets start with how it will change the whole world...?

On April 09 2021 18:27 hiems wrote: Going to learn little by little but currently hold some btc, eth, SOL, and some uni. You think thats a good portfolio? Iirc you are a bch guy. Not sure if I have enough SOL to do anything else but hold. Also I heard most projects aren't worth staking and I don't really understand this liquidity provisioning too well. Any particular protocol / project that you don't have to be a whale to get into that you think is cool?

thats good protfolio i reckon. I dont have SOl and UNI, but i wish i had.


Most of the capital i have is in ETh and BTC, so eventho im BCH guy, i still have WAY less capital insvested into BCH. I still love BTC.

If youre not from USA, then the easiest and cheapest and simplest is to just do it thru binance.com. They have inhouse staking, liquidity providing etc. Which you can provide by just having some capital on their site. Just explore the Finance tab up on the top middle.

If youre from USA then you cant access binance. So the next way i would do it is by using BSC ot provide liquidty mining to decentralized exchanges running on binance chain (using binance chain instead of ETh because ETh has crazy high fees right now).

Its not that xomplex, but i would recommend to youtubing quides. A quick youtube gave me this result:



follow the steps and honestly dont be afraid, its pretty simple once you do it a few times. Experiemnt with a couple bucks first so you dont get burned with more than that. And once you got 5 bucks staked, and feel comfortable you can get more money on it.


also be careful with impermanent loss when you provide liquidity to decentralized exchanges like CAKE SWAP. To avoid impermanent loss i provide liquidity for USDT/USDC pair, that way my capital is in dollars and will not go down.
(impermanent loss is when you provide liquidity say for ETH/SOL and price of SOL goes to zero, then you will lose everything, so be careful providing liquidity to some shit coins)
Also be careful of scams, there are TONS of them. Unless you can read code and understand programming, then you cannot know how safe one protocol is. in tihs case go by reputation, and history. if it has been around for a long time with billions of vlaue locked in, then its somewhat safe. Altho you can never be 100% sure. So dont risk your whole life savings on it.

On April 09 2021 21:13 Jamie217 wrote: Show nested quote + On April 09 2021 04:46 spets1 wrote: I'm deep in defi. This shit is gonna change the while world. Let me know if you got any questions Well, lets start with how it will change the whole world...?

its goign to change the whole world, well its already doing it. The legacy finance system is basically being remade on crypto right now. I am my own bank. i can get loans, i can lend money out, i earn interest (way higher than if i had the money in the bank, ive been earning 5-20% per year interest on my cash for months now and if youre degen you can get up to 100%) Of course there are risks. But the services I use have not been hacked for a long time and hold billions of dollars, so the bounty is huge for any hacker.

There are decentralized exchanges, there are middlemen removed.

Honestly this is so HUGE you can talk for hours about it.

For me it has changed my life because right now im pretty much my own bank. The only time i access legacy banking system is to get the cash out so i can buy things for cash

spets do you think it's worth to buy ETH at current all time high prices?

its too hard to know, anything can happen.
The advice i would give is to invest and forget about it. Assume its gone to zero, pretend its goes to zero and then invest the amount you are willing to lose.
That said i believe long term ETH is going to 10k at least, but whether that happens this year or in 5 years time, i dont know.
If anybody tells you they are 100% sure of any direction, they are full of crap

Even US customers can access Binance Smart Chain. Download TrustWallet, buy BNB. There’s a work around needed to get the dAPP browser to function, but you can Google that easily, then you can access Dapps like Pancakeswap.

Right now I yield farm on BSC, but am excited for Kusama and Polkadot to launch their DeFi platforms, I believe they will be huge.

I agree DeFi is world changing, I see it happening infront of my eyes but it’s crazy how no one knows about this yet. I found out about everything maybe 2-3 months ago, been telling all my friends and not a single person I know has heard of it all. These DeFi sites have billions of dollars of crypto locked.

luthos you're right. Thats what i was saying above. You can use Binance Smart Chain if you cant access binance.com

The reason I mentioned that US customers can access, is it’s difficult process to figure out what to do first. When you download TrustWallet from the App Store as a US citizen it comes WITHOUT the dapp browser. In order to connect your wallet to any of these dapp sites you must go through the dapp browser or it won’t work. Difficult for newbies to figure out, and could cause people to give up before even trying.

In order to enable dapp browser for US citizen in TrustWallet type: trust://browser_enable In safari URL and the dapp browser will appear in your app after that. Took me a week or longer to figure it out.

good points. Or you can use web browser and metamask extension
https://docs.binance.org/smart-chain/wallet/metamask.html

btw I have small amount of BTC, ETH, BCH. LTC. Half on eToro and half on Revolut. These platforms are very easy to use and I don't care about the ~few% fees taken after withdrawal. Would you advise against this?

what you have there is IOU's as in you cant withdraw the actual crypto into your own wallet. I mean its fine if you dont care about it, it makes it easy and convenient so all is good. Myself id never do it as i actually want to own my own crypto and keep it in my own wallets but i got nothing against it if you dont mind Etoro owning your crypto

why is there such a huge hype for Polkadot's platform?