DeFi - going bankless

Discussion in 'Crypto Assets' started by Sprout, Sep 1, 2020.

  1. Sprout

    Sprout

    In searching for better data driven dashboards, came across this:

    https://app.intotheblock.com/

    intotheblock.PNG

    Pulling on-chain metrics yields some surprising insights. I wish they incorporated micro-caps though.
     
    #41     Sep 24, 2020
    johnarb likes this.
  2. johnarb

    johnarb

    Lots of chatter on Twitter about Kucoin exchange might have been hacked. I'll post the story when it's official. If anyone has any funds in Kucoin, should try to withdraw, but I read withdrawals may be suspended already.

    I don't keep funds in exchanges for longer than a few hours and I don't have any funds at the moment with Kucoin...
     
    #42     Sep 25, 2020
  3. johnarb

    johnarb

  4. johnarb

    johnarb

  5. johnarb

    johnarb

    $core - cvault.finance

    I got into this very late (so I only bought 1 $core at 5.38 Eth) but I think it's an interesting game theory experiment that is worth a gamble.

    The part of the game that intrigued me was the "forever" lock on the LP tokens deposited (Core/Eth) which guarantees a bid (liquidity) for $core hodlers.

    One can argue what if all holders dump their holdings crashing the price and me or anyone else being late to the game will have a huge loss on invested capital? That's where being late wasn't so bad, at the time I bought, I looked at the Uniswap LP and there's already a third of the total supply 10K coins locked in the LP. In trying to figure this game out, I came out with a rationale that there's a tipping point (that's already hit?) when % of the locked tokens becomes too high and becomes a continuous feeding system to keep increasing. A farmer entering the LP will get a very high APY that will keep increasing (more explanation in the medium article). A buyer hodler will keep seeing the price going higher as more tokens are locked. Rinse repeat. That's only the 1 part of it, as they evolve the project, this can test the limits of how far the YFI governance concept can go. I saw a tweet inviting Andre Cronje to comment on the project. (DYOR, there's still a risk of the unaudited smart contract, and who knows, the platform for staking/APY incentives might turn out to be a scam and steal everyone's funds, although they have a github and other Eth devs might have examined the risks and would have commented on Twitter)

    TL;DR, a DeFi project with extreme incentives for all players.

    link to Medium article

    https://cvault.finance/ (Read Me section for more project info)
     
    #45     Sep 27, 2020
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  6. johnarb

    johnarb

    New DeFi project $EMN from the creator of $YFI exploited

    They're talking about covering the losses of the people who degened (bought in) to the unfinished project. The market cap valuation loss to the $yfi alone (and other DeFi) coins is many times magnitude the $16M loss. Only in crypto, these are all DEX trades, lol.



     
    #46     Sep 28, 2020
    Sprout likes this.
  7. Sprout

    Sprout

    It didn’t even have a UI and degens are whining about interacting directly with the contract, smh.
     
    #47     Sep 30, 2020
    johnarb likes this.
  8. mt2rules

    mt2rules

    Is YFI still falling due to the EMN bug or has there been more news released? Down over 60% from the highs now!
     
    #48     Oct 4, 2020
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  9. Sprout

    Sprout

    Probably due to Andre being human, that perhaps there might be an undiscovered exploit, that he is putting attention on something other than YFI, that BTC has been retracing, equities selling off, etc.

    With all the copycat clones claiming that they are some part of yfi doing airdrops, all the food metaphor yield farmable tokens, unsustainably high APR’s, rug pulls, doesn’t help build credibility in the space much either.

    Yet TVL in DeFi continues to increase and there is more BTC on ETH than in the Lightening Network is a long term trend to notice.
     
    #49     Oct 4, 2020
    johnarb likes this.
  10. mt2rules

    mt2rules


    Yeah, those are all good points. I haven’t been watching the copycats or any of the food metaphor yield tokens. It certainly shows a lack of understanding of typical programming procedure that people thought it would be safe to “invest” in an incomplete smart contract without a UI or sufficient testing. Especially when hacks are now a dime a dozen these days on exchanges that have had their code and procedures heavily scrutinized by full teams.

    I appreciate the two of you drawing attention to YFI, I had heard that the Defi tokens were on fire but I didn’t do any of my own research until I found this thread. There’s certainly a bright future ahead for Defi if they can deal with the constant scams and impersonation coins.
     
    #50     Oct 4, 2020
    johnarb likes this.