Same for me, I'm only on Ethereum for the NFT's, had a nice surprise recently when mfers mooned, I wish I bought more especially when it dipped to 0.06 I don't even know what happened since I avoid Ethereum blockchain like a plague, my Metamask is always set to Fantom, lol Spell/MIM are actually on Avalanche from what I understand but the MIM stablecoins exist on other blockchains I have some MIM on Fantom. Mai is a similar stablecoin they are trying to grow on Fantom network
The algo stablecoins work with 3 tokens. One is the peg token. The other is the rewards token that emits rewards when peg token is over peg inflating supply. Folks claim rewards which causes selling pressure to bring peg token closer to peg. When under peg, protocol makes bonds available to purchase at a discount, one needs the rewards token to purchase the bond, thereby adding buying pressure and diminishing supply of rewards token thereby bringing peg token back to peg. The innovation edge is creating more usecases for buying pressure of the protocol when under peg. I might be missing something in there, I haven't the opportunity to buy and redeem bonds yet. That's the general jist.
I get how pegs work. My question is why do I care about the thing that is being pegged? Why do I care that I can lock up ETH and get MIM?
lol, good for you. I don't know the collectibles market nor have a pulse on them. The constant remixes is a bit dulling. The mfers are funny though, a little squibble drawing really captures something - like a teen out-trading pros and making fu money. I am waiting for the dontbuymeme drop. Silversurfer is making some moves with MEME with the recent migration to Meme Inu and bringing it to FTM. Their pineapple themed pfp might have some legs.
I understand them decently, but the way the yields occur are ponzi-like as they require more people to lock their ETH/BTC to mint TOK in order to pay those yields. I'm not sure why they are not. By the way, in my search, I found this: https://havenprotocol.org/app/uploads/2020/12/Haven-Protocol-White-Paper-v3-English.pdf
ok, my misunderstanding, I thought you liked making money. Maybe this aspect of DeFi is just not your thing, nbd. For me, I didn't care until I got further immersed in FTM, then the low transaction fees, speed of finality as well as the pace of building and TVL flowing into the ecosystem stimulated my curiosity.
I like making money when it is associated with the creation or destruction of value. I can't see that in the DeFi system as described by "yield farmers".
The simple metric of TVL would disagree with you. DeFi facilitates trading. Trading produces fees. Fees are revenue. Whether it's a CEX or DEX, revenue generates value, users perceive value, non-users do not. Right-click savers don't perceive any value in the current NFT space. However major brands are jumping into the space. I don't play video games, I think it's a waste of time. Gaming market is ~175billion. Clearly my opinion doesn't have as much weight as actual players of the games. This reminds me of a quote when first learning about BTC and the history of sound money - "you don't change bitcoin, bitcoin changes you"
You say you understand defi but then you continue to post things without a basic understanding of the fundamentals Yield farming is the way to bootstrap a defi project. It is to ensure fair distribution of tokens I tell you to study defi but you come back and tell us you already understand it, but then make comments that show you are clueless. No offense but I'm just stating the obvious Study how YFI got started and how in the beginning, it went on a massive price discovery going to from $30 to over thousands of $ overnight. How do you price something that was given for free for simply providing liquidity? How do you price bitcoin in the beginning when it was so easy to acquire it by running a program? Ok, maybe 10,000 bitcoins is a fair trade for 2 pizzas, right? Fair distribution of newly created crypto assets through some efforts. Incentives drive innovation and progress Study the incentives mechanism Sushi and Uniswap and Pancakeswap tokens and how as you say how do these yield farmers create value? You do realize these Dexes have billions of $ worth of trading volume per day, correct? And the stock ownership for these platforms are their tokens which are given to yield farmers There were days when Uniswap exceeded the $ trading volume at Coinbase I urge again, to study defi ecosystems and don't tell us you understand it since you do not I'm the first one to admit I only understand certain parts that i'm involved with