The state of DeFi | DeFi Ecosystem - Discussion

[mayjer]

The dollar value is certainly simpler, especially as the number of assets for MCD increases, but it’s not the whole story.

• Just because the dollar value went up (or down) does not mean more (or less) people are using DeFi… the total number of tokens could be relatively the same, just the value of existing tokens
  changed
• More users participating in DeFi requires more tokens to be locked, though an increase in tokens locked does not necessarily mean more users (as it could be the same ones)
• Yes, 1 BAT token locked isn’t the same as 1 ETH or wBTC, so just quoting an aggregate number of total coins locked isn’t very useful… you’d need to display a composite chart… or sum together the net % change in tokens locked for each token and chart that… like I said it’s more tricky to visualize.

Perhaps converting all values into ETH would be better, that might be more consistent. The point being that price volatility of the token collateral distorts the real picture of how much the DeFi space is growing. It’s difficult to measure something when the size of your ruler is constantly changing.

Average size and numbers of CDPs may be another useful measure.

I’m sure DeFi is growing like crazy, I’m just curious to compare where we’re at now to before the “Black Thursday” crash in an apples-apples way- something you can’t do in dollar terms.

[Rob.R]

Thank you again for another enjoyable course

[wafflemakr]

Thanks Amadeo! Great job! Really excited to keep watching the full course. By the way, what do you think is the most important feature that DeFi lacks in order to get mainstream adoption? Security? UX? What do you think about the Argent Wallet?

[Baidis]

Hello @amadeobrands amazing job with this course you have linked so many interesting things to explore. Great videos also. I had never heard of this TCR and was able to reach out to 2 project that are not on this list I personally know of.

[marsrvr]

@amadeobrands Sorry I’m late. I was off choking down the new BitCoin Standard and Cryptography and Privacy courses when your DeFi 201 course dropped. The whole time over there I missed THIS. BitCoin is just the gateway drug. DeFi is CRACK!

I see you’ve updated your style. So have I. I am ready. Let’s do this.

[marsrvr]

While I was off in Crypto Privacy Land I came across the Aztec protocol. It’s not really ready for prime time yet as it only obfuscates transaction amounts, not the sender|receiver or IP addresses with its current algorithm. But the infrastructure is live and they’ll be upgrading it with what looks like ZCash-esque algorithms soon to cover sender|receiver addresses.

Thoughts? It seems to me that some transaction obfuscation would go a long way towards widening DeFi’s appeal. This may be a necessary brick in all our De-Fi projects. As the privacy course goes: “would you post your check register on your social media page?” That’s essentially what open crypto does, and it may be holding adoption back, tarnishing DeFi’s public appeal.

Also ran across X-Margin in the DeFi 201 “State of DeFi” reference lists. But while they incorporate ZKP’s they do it internally, not as a modular privacy protocol. In doing so they take on technical risk of brewing it themselves when they’re derivatives experts, not privacy experts. I’d say DeFi bricks need to be specialized, singular services to improve modularity.

[amadeobrands]

@marsrvr

I see you’ve updated your style. So have I. I am ready. Let’s do this.

Thanks man for this great work

[marsrvr]

201 is definitely grad level. I’ve been out in the DeFi weeds for days, half chasing the new stuff, running down all the rabbit holes in the reference material, and half trying to catch up in actually using the 101 stuff live. My wallet is getting to be a big pile of lego blocks. Piecing them together is fascinating. I’m learning way more by running it all through my fingers. You make it look easy.

Even just being a user…is magic. Just knowing how to lego a portfolio together for real gives you more capabilities and more power than any wealth manager ever had with a desk and a phone. That in itself is programming enough for most.

Its also occurring to me: how the yodel is anyone going to track the accounting on this bag of squirrels? You can stun pretty much any accountant on the street into a coma just by mentioning “BitCoin”. Mentioning “DeFi” is going to be lethal.

[BlockRationale]

Hi Amadeo

Many Thanks for your inputs, in the course

I was working with DeFI 201 course and made the transaction

with below HASH

0xb13f29dff5a201f70fbad2acbf2abbd29d31b3fd4d22fae8c5add737c23da0cf

I am not able to see the funds reflected on my compound app

May I know the reason for the same, Is there a way to redeem the amount I transferred
Thanks and regards

with regards

[amadeobrands]

@marsrvr

Its also occurring to me: how the yodel is anyone going to track the accounting on this bag of squirrels? You can stun pretty much any accountant on the street into a coma just by mentioning “BitCoin”. Mentioning “DeFi” is going to be lethal.

Nice thank you for your feedback and I also need to keep diving deep everyday just to keep up with all the developments. Check: https://www.zapper.fi/dashboard I think if you build an API around that you could account for these assets. Also I have build this crypto asset management software http://www.cipherassets.tech/ if interested.

[amadeobrands]

@BlockRationale

0xb13f29dff5a201f70fbad2acbf2abbd29d31b3fd4d22fae8c5add737c23da0cf

Nice that should work just check: https://www.zapper.fi/dashboard
weird I do see lot of other assets but not any more USDT?

[snape]

Hi @amadeobrands, apologies if this is a silly question but what do you mean when you say: ‘contribute to the ecosystem by contributing to this TCR with your input.’ ? Do you mean submit a project?
Thanks Spencer

[snape]

Having read the TCR paper (I’m responding fairly quickly and instinctively here) it doesn’t sit right with me the notion of incentivised curators. They feel like unnecessary centralised middle men who would prevent the natural formation of a ranked ledger using free and open market economics. The curators seem to open up a can of worms that is bound to be riddled with loopholes and workarounds just like in current mainstream industries.

Perhaps an alternative approach to creating trusted popularity lists would be to structure like this:

Users of the list (a list of projects, products or services) purchase shares (tokens) of listed items they favour
to which they become shareholders of future funding. At the time of purchasing tokens they also stake for any length of time.

Shares are paid out (funded by new token holders) during the staking period and when the staking period is up the stakers tokens are burned.

The clear metric to new users is how many long stakes are in existence.

It’s anti whale since a whale would not effectively be able to pump and dump, they would need to lock up their stake for a long time which is much higher risk.

Each project/listed item is ranked by staking score. As the projects/listing item becomes less relevant stakes start to expire and they naturally decrease in the ranking system.

Each project needs to provide evidence of progress along their roadmap, or in the case of a popular music track list their work would speak for itself…

[BlockRationale]

Sometimes Zapper shows as assestsas 0.0 while metamask shows correct balance any idea why ?

[BlockRationale]

[amadeobrands]

@snape

‘contribute to the ecosystem by contributing to this TCR with your input.’ ? Do you mean submit a project?
Thanks, Spencer

Hi Snape,
Yes, that is correct TCR’s are super important to get a good understanding of how Token Economics works wich is also the cornerstone for better DeFi understanding.
See here the article I would recommend reading to understand TCR’s: https://transform.eoi.digital/token-curated-registries/

Gas costs are a bit high but if you really feel positive about a project interact with https://everest.link/

[amadeobrands]

@snape

Users of the list (a list of projects, products or services) purchase shares (tokens) of listed items they favour
to which they become shareholders of future funding. At the time of purchasing tokens they also stake for any length of time.

Yeaaa that is exactly what TCR’s can do if implemented correctly. Not a lot of people implement it correctly I think Everest indeed should have a token in its model. I do not understand why they do not have a token model on top of the TCR model …
Great point +1

[amadeobrands]

@BlockRationale

Sometimes Zapper shows as assestsas 0.0 while metamask shows correct balance any idea why ?

Yea it has to do with the API calls that are not 100% optimized just jet
Best to refresh or check your console for any blocking issues.

[BlockRationale]

thanks a lot for feed back

[Web2Hotel]

After this course I think I understand something about DeFi but at the moment I just collect governance tokens: Feeded the Compound pool to earn COMP and got DMG (DMM dao governance tokens) thru Uniswap.
And I it worth holding…