time for a long thread
1/ 17
TL;DR: YOU are eventually becoming the yield.
don’t dream, there is no quick buck here.
Magic 🪄🪄🪄 started happening there, some ppl noticed, some didn't.
/17 Comes May and news begin to warm up the public about the upcoming $COMP giveaways… Discussions start to roll up how that can influence the space, and what narratives could emerge.
coindesk.com/compound-defi-…
Eventually this is what we call now the Yield Farming.
But that was **just the beginning**. It's really unbelievable what has emerged in such a small period of time since then.
It failed, now relaunched...
>>> Fast forward today, and well, it's still history in making, but i will quote here from my beloved @theDefiant by @CamiRusso:
"There’s a new DeFi project called Hotdog...
There’s also Kimchi, Noodle, and Harvest, & they all sprung up in the past day or two.
But what’s more impressive: Some claim to offer yields in the seven figures. That’s 1,000,000% APYs. Yes: Million....
Image: @RougeVert4
read more on how:
- these markets are created;
- prices inflated;
- those platforms work;
- farming begins;
- such yields are "generated" AND...
article here:
thedefiant.substack.com/p/hotdog-and-k…
The rest of the game as you probably guess, is called *Musical Chairs*, but not for all projects of course.
Not an investment advise, but if you do engage in this, be ready to loose all of the money since there are mostly no audits on the code. The only one that I am a bit more optimistic here is the $sushi. Their chef is amazing :))) @NomiChef
@SushiSwap
Stay safe, or as we say SAFU. BUT know:
Hackers and scammers are just waiting for the right moment and moreover, they are already actively trying to ride this wave. Let's hope and pray that we wont see a major disaster.