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That guy must be a wizard, he had a crystal ball! Joking aside, I am so glad I am staking this mofo, I hope that Conje takes us to the Mars, he is definitely capable of doing it. I have a bag of Hedera as a hedge, but I see big things for Fantom in the future.
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YFI is indeed a legit project, but Conje has consequentially created a completely new "sub-genre" of DeFi, an army of YFI clones, most of them blatant scams from their inception. So yes, stick to already established yield farming projects and avoid garbage that is primarily named after food haha.
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They are, but so are other in the crypto space. Even if you are a crypto veteran who has been on the crypto scene for 5+ years, you will always be "safer" holding (for example) ETH than some sub-top 100 altcoin, so the seniority of the individual is not playing a big role here, even if the veterans tend to do their due diligence more often and more thoroughly.
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This has been happening in the crypto space for years, not sure why people are still surprised by it. Those tokens that lists on low tier exchanges are lacking the capital to pay for listing fees on high tier exchanges, so they have to make a compromise, not listing anywhere or list on some low-liquidity exchange that will list their tokes for free or for a small fee, its really a no brainer, at least they can say their token is trading, regardless the non-existing liquidity of it.
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The DeFi craze started as a genuine interest and excitement about the wast potentials and opportunities of decentralized finance, but it quickly turned into a microcosm of insane speculations and gambling, especially with the latest trend of yield farming. I am holding some strong DeFi projects that I believe in, but I really try to avoid those ridiculously risky investments aka YFI clones.
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In my opinion, the Polkadot and its ecosystem is so hyped right now that even in the short term there is not much of a risk in investing in it at those relatively high prices. Its ecosystem is expanding rapidly and this will effect its positive price action as well I suppose. But then again, how high can it go, definitely into the top 5 per MC, but can it reach #3 position? In the mid/long term, probably.
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I think its a very bright one tbh, they have as well secured additional funding recently from some big investing groups, so they will probably use those funds on optimizing the platform and providing a better user experience. But that being said, more and more projects are popping up that claim they are UniSwap competitors, so if they provide a vastly superior product, UniSwap may loose a big chunk of its traffic.
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For sure, it is probably the only reason for those insane ETH transaction fees, especially the yield farming ones, people are locking insane amounts of their funds into them and clogging the network. I just saw that the "fast" transaction on ETH is 500+ gwei now (in MEW), its the highest I have seen so far this season.
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I cannot really say that I am missing the DeFi pump as I am invested in bunch of the upcoming DeFi project, but I am definitely missing the "farming" pump as I dont have my stake in any of the yield farming projects that are currently skyrocketing on the market, such as yearn.finance and its clones. I am ok with it tho, that scene tends to be much riskier than holding already established DeFi tokens.
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I as well thing that the current consolidation is a completely normal occurrence and was expected. 99% of the experts are on the same page in believing we are in a proper bull market and not a trap, but imagine if the current market would be just a dead cat bounce, what a cold shower that would be for everyone in the crypto space.
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As others already mentioned, those tokens were probably a part of some pump and dump scheme or are coins with extremely low liquidity, so even a small buy can rocket their price to the sky. Avoid those projects at all cost or you will be basically throwing your money away. Those price spikes are created mostly to lure in naive investors.
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It seems that the 2019/20 bounty hunting season was on ice, but I was just an occasional observer of it, so maybe some lucky folks were able to stumble upon solid projects even in a bear market. But it seems that now its getting a bit better, there were some very profitable campaigns recently, like the DIA one, so the current state of the scene is definitely looking brighter.
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At the moment I am looking at Ramp Defi, strong team and backers, OTC is selling at 6x+ already, so this one could be a big hit with its initial low market cap. I have also seen some big crypto influences jumping on the Ramp train already, so everything is ready for a moon mission.
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I completely agree that the DeFi market as a whole is an irrational one right now, but at the same time, some of its projects will definitely pass the test of time and flourish in the long run, so I would definitely give DeFi a chance and devote a small portion of your portfolio to established DeFi projects.
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This is definitely a good thing, but even as a big ETH supporter, receiving payments in ETH would be quite a pain in the ass for now, for both, the seller and the tourist. Transaction speeds and costs are quite a sizable obstacle for broader adoption, but maybe those issues will vanish when the 2.0 is ready to roll out.
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My attention right now is almost solely on the DeFi space, especially for the quick flips, but recently I became quite a fan of Geeq. They will introduce their own consensus mechanism called PoH (Proof of Honesty), but their mainnet is still far away, so that could play a major role on its price action. Nonetheless, give it a peek if that tickles your fanny.
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I am not yet decided to be honest. I expected more high quality projects opening their bounty campaign right now when the market sentiment is broadly positive, but there is still like 1 campaign worth joining per month. Maybe this will improve in the near future when we are in the stage of full blown bull market and new projects will be popping up left and right.
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The Polkadot ecosystem is getting bigger and bigger by day and it seems that creating a DeFi project on it is the new way to basically ensure your funding. Anonymous team, no working product, sub-par whitepaper? No worries, its build on Polkadot, lets go "all in"!  |
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I am amazed that people that have been in the crypto space for a while are still not familiar with the price/supply concept. The price itself is not an indicator of overvaluation or undervaluation, its the combination of its price and supply, its not a hard concept to grasp. That being said, I agree that Yearn's price action has been insane, but hey, if people think that its worth is a correct reflection of its price, then it is, the question is for how long.
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