1/ I want to share my DeFi experience and how I ended up finding the "Apple" of blockchain network and why it will be important for mass adoption of web 3.0.
A thread 𧡠to read π
I first ventured into DeFi just after the May crash.
A thread 𧡠to read π
I first ventured into DeFi just after the May crash.
2/ A friend recommended me to try from the BSC ecosystem and get a hang of it. From swaps, lending, farming and dodgy projects (aka sh*tcoin), yeap tried them all. After exhausting the DeFi in BSC, I tried Polygon to similar effect but with much cheaper gas fee.
3/ I found the ecosystem not dissimilar with BSC, with a lot of farming project tokens whose value will converge to earth over time.
The experience was more jarring as different projects are built by different teams with different aesthetics.
The experience was more jarring as different projects are built by different teams with different aesthetics.
4/ There's no unifying element other than the native token that binds all the DeFi into one coherent ecosystem. This reminded me of web 1.0 days or pre-iPhone smartphone.
Where techies built sites and side-loaded apps and they exist with complete disregard to each other.
Where techies built sites and side-loaded apps and they exist with complete disregard to each other.
5/ How was I surprised when I first stumbled on @terra_money. While the dapps and DeFi count paled compared to the prior two, but the experience and quality are superior bar none.
First, the Terra Station is the most straightforward to use and optimized for usability.
First, the Terra Station is the most straightforward to use and optimized for usability.
6/ Next are the DeFi that are built with composability and integrability. I'm talking none other than @anchor_protocol and @mirror_protocol: Simple UST borrowing and lending (though I have to differ a bit on the LUNA bonding process) and synthetic stock assets.
7/ What better way to get a layman to understand swap and yield farming than introducing it with a familiar concept like stock trading!
As @arringtonXRPcap wrote that this is "DeFiβs most obvious Trojan Horses into legacy markets.β
As @arringtonXRPcap wrote that this is "DeFiβs most obvious Trojan Horses into legacy markets.β
8/ And with readily-available SDK, any company like @kash and @alice are able to build on top of these protocols to both wider or niche audience.
8/ Another DeFi that was brilliantly built on top of Anchor was @pylon_protocol: acting both as lossless investment for users and launchpad for high quality Terra projects.
There's also @NexusProtocol who seeks to optimize yield and automatically protect you from liquidation.
There's also @NexusProtocol who seeks to optimize yield and automatically protect you from liquidation.
9/ The deeper you go into Terra ecosystem, you can't help to notice how MORE PLEASANT it gets to use it though not simpler. But the design components and the aesthetics just screams Terra all over. And this effect breeds familiarity and SECURITY when actually using them.
10/ I don't have to worry about dubious dev teams who are looking to rug pull with ridiculous yield or get-rich-quick scheme. Terra's ecosystem has the added advantage of Terraform Labs who is actively developing the blockchain while vetting and incubating select projects.
11/ If this all doesn't sound familiar to you yet, there will be parallel between Terra and Apple and how it paved the way to bring smartphone to mass adoption with intuitive interface and more managed ecosystem.
13/ And I believe some sacrifice in decentralization to ensure progress for adoption is necessary. While the protocol and blockchain themselves can be decentralized, the act and process of building a complex ecosystem need more centralized parties and coordination.
14/ There's still obviously risk around compliance and increased scrutiny around stablecoin in general and how that might development of DeFi in general. But I'm bullish on the Terra ecosystem in general and they definitely have a head start in truly building a DeFi ecosystem.
15/ One last thing to note is how active the members of the #LUNAtics community and how helpful they are. Despite the small numbers, they make it up in quality content. Which is harder to find in more crowded blockchain with too much project shilling and price speculation.
16/ With that big thanks to these contributors whose content have always enlightened me:
@larry0x
@Speicherx
@GabrielGFoo
@danku_r
@TheMoonMidas
@terranaut3
@Kevintrouble1
@SmartStake
@larry0x
@Speicherx
@GabrielGFoo
@danku_r
@TheMoonMidas
@terranaut3
@Kevintrouble1
@SmartStake
17/ And what's your idea for #BringingDeFiToTheFirstBillion?
NFA just trying to educate more people on the potential for web 3.0
NFA just trying to educate more people on the potential for web 3.0
β’ β’ β’
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