Post by @stani • Hey
Really hope people will learn more about DeFi and why its important. Centralized exchanges require trust where yesterday that trust was lost. Share the bes
Comments
- Kinda related... I once put together a self-study roadmap for a tech team that were crypto newbies and were willing to invest their time. It's rough-ish but gives some structure to ramping up from zero. (You can tell this was done more than a few months ago!)
**Blockchain Economics Introduction: Bitcoin ("digital gold", s2f)**
- BTC Market overview: marketcap $ & %, who uses Bitcoin and for what purpose, transaction times, historical security of assets (self-custody vs CEX (Mt Gox!))
- BTC System design: developers vs PoW miners vs users, fixed token supply, block size debate and miner fees, BTC halvenings, BIP history and momentum
**Layer 1 Economics: Ethereum ("ultrasound money")**
- ETH Market overview: marketcap $ & %, who uses Ethereum and for what purpose, transaction times, historical security of assets (the hack and ETC fork)
- ETH System design: PoW history, "merge" transition to PoS, validators and slashing, gas fees, deflationary token supply, EIP history and momentum, use of economic game theoretic solutions to maintain equilibrium (eg MEV Flashbots)
**DApp Layer Economics**
- Stablecoins history: Importance of stablecoins to blockchain ecconomy. DAI -> Tether (incl. controversy) -> USDC -> Terra (ecosystem approach) -> algorithmic protocols to remove centralisation of fiat-backed coins (Fei, other)
- DeFi protocols historical survey:
[1] Aave (ETHLend migration from p2p to liquidity pools)
[2] Uniswap (AMM)
[3] Yearn (yield optimiser)
[4] Rebase!! (Ampleforth/Yam/Ohm/MIM/TIME).
For each of the above protocols answer:
* what was the token distribution scheme (ICO, IEO, VC led vs fair launch, vesting schedules)?
* how does protocol team (founders, investors, advisors) make money?
* how are users incentivised (eg Compound liquidity mining, Sushi vampire attack)
* how do users make money?
* why do they exit (voluntarily or liquidated)?
* how is protocol governed (DAO's, voting on fees, backdoors)?
- NFTs: Ownership of digital assets, customisable royalty flows
**Intersects with TradFi**
- Central Banks: CBDCs
- Corporates: Microstrategy, Tesla... putting crypto on books, BlockFi' BTC vs Grayscale BTC Trust price arbitrage (now closed!)
- Countries: El Salvador, China history of banning crypto and associated price reaction
- Some (non-inflammatory) comments around sustainability
- Regulatory trends (crypto maturing to be now recognized as a high-risk asset class)
- cool
- Very true
- unpopular opinion (!) (learned from @davidev.lens today :-)):
people who aren’t on defi yet, after all what happened until today, won’t change their mind based on defi #tutorials.
What will onboard them to #DeFi is social recovery and other account abstraction based solutions to get rid of private keys and seed phrases.
#UXisQueen
- @banklesshq.lens , start from episode 3 where they explained makerdao collateralized dai
- Euler Tools is doing something like this
- I hope too man
- Learn by DOING (testing out DeFi) instead of just READING is the best strategy for most.
To begin testing out DeFi, I suggest starting on an L2 (Arbritum or Optimism) to have lower fees and access to the most trusted DeFi apps like AAVE or Sushi.com
For reading, check out:
DeFiLama.com
@defidad.lens
The DeFi Education Fund
@banklessacademy.lens
- What has worked for me is the hands on experience, which was quite expensive on ETH but these days there are a lot of options.
For eg,
1. Ramp $$ directly on Argent Wallet on zkSync.
2. Connect it to zigzag- Trade some token.
3. Bridge to other layer 2s, buy some NFTs.
Same could be done with Polygon but the Metamask learning curve could take longer.
Argent have a lot of resources to newbies to get started with self custody.
https://www.argent.xyz/blog/self-custody-mass-adoption/
*Not shilling them, just been an active user and have onboarded a few from my network via Argent.
- Before I go to bed, I thank God for blessing me with all the things he blessed me with, and for my family to be safe.