Community post
Some experiences with DeFi
I started using DeFi during February. I had disconnected from crypto world for about 2 years and came back to a lot of new exciting projects and concepts. Found out about BSC and PancakeSwap and decided to move my funds from Ethereum to BSC to avoid the absurd fees, which was one of the reasons I had not used any Ethereum apps since a year ago. I can't remember how I ended up in a copycat DeFi app called Dynoswap which had a farm with extremely high APR (about 10,000%). I couldn't believe it so I gave it a try and bought some "DYNO" and deposited some liquidity and in a couple of days I got some money. It was like magic, and not in a good sense. I wondered how would this be sustainable. So I continued collecting the yield for a week or so and then took some profit from DYNO going up a little bit. I participated in the telegram chat group and perceived the admin was not very responsive. At some point I decided I would stop my farming there and go test somewhere else and a couple of days after that the developers sold lots of DYNO dumping the price. I was lucky I had already sold my DYNO shitcoin bags :). I learned what a rug pull is, fortunately without losing much.
Next time I tried pancake swap, panda yield, goose finance and slime finance. I got some revenue on all of these and also lost money to these tokens prices falling dramatically. In the end what I won was balanced with what I lost. Learned some lessons in the way and adapted my game. Now I am farming at pancake swap and slime finance. Things like leopedia are great for beginners. Defi has great potential if you know how to play and are patient. It surprises me how impatient I became with these crazy interest rates. I would just want more and risk more. I think it is great when people share their strategies and also their winning and specially their losing experiences. The most difficult part is looking at your own behavior and adapt it to these opportunities.
During this crazy volatility I've found out I kind of suck at trading and also at farming and most of my profit has come from some luck and a few times from actual good decisions. I really need to put more time into making better decisions.
I also come from a math background and I expect to put some time doing some analysis on this. There is more data and opportunities to do some basic and advances economic valuations with all these financial instruments than time to explore them or actually use them. The math is there but I've found myself more busy speculating than doing the actual math. Hopefully I'll take it easy from now on and I'll find time to share some analyses in this network :)
Posted Using LeoFinance Beta
Replies (3)
If you are looking for young projects within the HIVE ecosystem to grow with you should also check out $PIZZA token on Hive-Engine. Very young and active project with real use-case and functionality (ontop of passive rewards and gamification)! Definitely looking people great at math to lend some suggestions
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