Discussion in 'Cryptocurrencies' started by Sprout, Sep 1, 2020.
Some stats to start off
A glossary as well
$YFI going to $100K
$YFII has strong Crypto Chinese community support and has better % returns for the past 7 days
DeFi yield-farming is a craze, right now, there's lots of YouTube videos on the subject.
Starting on Monday, Cream is allowing Binance Smart Chain to participate in the yield farming, bringing BCH, XRP, LTC (finally gets a use-case, lol), etc, to DeFi.
Impermanent Loss is one of the risks in addition to scams (rug pull), smart contract bugs, hacks/exploits of the smart contract. I Degen'ed with irresponsible amount of $ is how I learned to yield farm, not financial advice but I only experienced IL once on a highly volatile crypto $based, and if I only hang on, there were many times the coin pumped and the IL would not have occurred.
Yield farm on good projects, dyor, high-risk/high-returns. There's lots of opportunitie$ right now in DeFi.... I'll say DeFi has only started, but others will say it's at the end.
Yeah, so was BTC, so was Ethereum, so was...
Shit, maybe it is.
YFI only has 30K coins in existence and they are getting locked as part of the DeFi stuff it's doing, lol
[edit: $100K is only the first target price, could happen in the next 2 weeks, the real target is $1M dollars, *pinky on the mouth*]
yeah, yfi is a monster atm, many average folks have a difficult time understanding it. The UX is still quite clumsy. I wish I discovered it when one could still farm it as well as bought more when it was below BTC. Now just shoveling stablecoins into it.
another DeFi resource:
Came across this interesting tool with lot's of potential:
It allows for the easy creation of DeFi combo's and demonstrates the composable nature of smart contracts deployed on the blockchain.
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