DeFi project beginning to sounds ridiculous

[imstillthebest]

i was pretty excited about Defi when news started popping off all over this forum and others, i thought it's going to bring something
fresh that could make a huge success, but i feel like most of the projects failed, and boy there are lots of Defi projects
most of them turned up to be a failure sadly.

who wouldnt be ? i am too because i was thinking at first that defi can be the replacement for the ieo , ieo was not a total failure but it lacks some shine and only few ieo were only produced  .  first early days of defi supply that shine that im looking for and defi continous to produce many projects  but its later run are not going well because recent projects are now performing bad . i guess thats how it goes to all source of crowd funding   , ico and ieo have gone thru this but atleast we had the chance to experience something new and if we got lucky we can earn at short period of time

[rodskee]

i was pretty excited about Defi when news started popping off all over this forum and others, i thought it's going to bring something
fresh that could make a huge success,

But it does already mate,Look at the top 10 cryptocurrencies now?some of those are from DeFi project that comes from lower rank goes up
 faster to take the position from the Old coins.

but i feel like most of the projects failed, and boy there are lots of Defi projects
most of them turned up to be a failure sadly.

What do you expect from this kind of market that People are tying to scam people while the news is fresh?
imagine how fast the news spread the crypto world so the scammers gills comes alive again and go with the flow.
the problem is people here in market of crypto still don't learn lesson from the past and still becomes the victim.

[Sam-Os]

People invest their money into something named after food with emojis as logos and get surprised when they get scammed, it's amazing really.

[Reatim]

People invest their money into something named after food with emojis as logos and get surprised when they get scammed, it's amazing really.

You made me laugh mate hahaha,You are perfectly correct in this one and same as my observation,Hotdog project becomes popular as what i have seen in some threads though i don't literally check this.
And according to coin telegraph now

The co-founder of crypto data aggregator Markets Science, Twitter-user ‘Bitdealer,’ has shared a chart  indicating negative correlations between 11 top DeFi tokens and BTC over the past 45 days to Nov.1, with AAVE showing neutral correlation and UNI showing confluence if less than 0.1.

Seven of 13 DeFi tokens were also found to have negative correlations with Ethereum (ETH), despite Ethereum powering much of the DeFi ecosystem.

With many decentralized finance (DeFi) tokens struggling while Bitcoin (BTC) surged in price this week, analysts have identified a longer negative correlation between DeFi tokens and BTC.

You can read the full details here

https://cointelegraph.com/news/zero-sum-game-defi-declines-while-bitcoin-booms

[farrellronald]

this is happening because people love money and they will do anything for it including trusting the people they don't know. People should be informed of what they are dealing with

[nykka]

DeFi hype started to go down and now we see more and more really good DeFi projects, not those, who wanted just to earn money and had thousands percents up and down per day. The same situation happens like it was with ICOs. Bad ones dies and good projects appears and start development

[mexite]

With projects like Hotdog coin and the likes doing the rounds, the whole DeFi craze is beginning to look and smell a lot like the ICO bubble a few years ago. Although, i feel that their own acceptance of how ridiculous and scammy it all is is ironically adding to their appeal.
Why do you think this is happening?

It amazes me to see many projects hide under the DeFi cloak but without any tangible innovation or contribution to the DeFi ecosystem. What fuela interest in such projects is investor's greed and fear of missing out of the next big thing. Nevertheless, we still have lot of ground to cover in DeFi and only innovative blockchain solutions can take DeFi to the next level of mainstream adoption.

[Teraboy]

this is happening because people love money and they will do anything for it including trusting the people they don't know. People should be informed of what they are dealing with

that means you didn't aware about where you are right now. We are in the speculative market and everything is about how tp speculate the coins to grab more and more money from the market as much as we can.
This is happening not only with the small traders but the whales were also doing it.
In cryptocurrency, the trend will become a money machine that can be used to generate a lot of money instantly.

[mace15]

DeFi hype started to go down and now we see more and more really good DeFi projects, not those, who wanted just to earn money and had thousands percents up and down per day. The same situation happens like it was with ICOs. Bad ones dies and good projects appears and start development

Yes this happens lately in defi projects when we observe it in the market price movement were down. Though not all defi projects will be going to zero some of it will pump once they had a development in their project. So, it is best if we could truly check prior to invest.

[wack slacker]

I don't get surprised by names like shushi, kimchi, hotdog or berger in the DEFI market. The problem is that they give too high a return to entice people to invest in them. Few projects have successfully survived until now because their source code is so messy, most are copied from other projects and have problems themselves. One should consult with developers about the source code before investing in any DEFI project.

[shinratensei_]

this is happening because people love money and they will do anything for it including trusting the people they don't know. People should be informed of what they are dealing with

That's the point when they have a small opportunity to generate more money from the defi market even if that's only a small chance and they didn't care about the risk and keep investing their money on such project that can turn into the scam project anytime.
Defi is about a place to be used as a betting like when people were playing the casino. That's not a new thing because people have known what they have done.
Just hope they were doing complete DYOR before try to invest in any defi platforms but it looks like it's not so crowded as it before.
People started to get a sense of thing again by investing in bitcoin.

[Renampun]

I see DeFi has started to leave...
People may have started to become aware of the fantasy that DeFi has to offer and have started switching to Bitcoin and Altcoins as well.

People invest their money into something named after food with emojis as logos and get surprised when they get scammed, it's amazing really.

'lol' as if they had run out of names so they used food names to fill in the blanks of ideas.

[quarkfx]

DEFI's are more like small masternode coins. At peak mid last year , there was above 500 of them. All promising 200% APR and more, and some of them even looking solid.

But at the end, after many users get scammed or burned, just few of those masternodes survive...

I see same future in DEFI. Yes , few could earn 500% APY yearly, but only at start, and then hundreds or thousands will lose.

It cannot be legit and sustainable if it is above 20% yearly, even that is to much.

That is why more and more users use celsius.network, crypto.com, apyharvest.com, blockfi.com and nexo.io

AAVE is defined as completely legit, and as full DEFI, it should be more safe than any of CEFI's mentioned above...BUT...why would anyone hold USDT there @ 4.36% APY when they can hold @ 10.51% APY on celsius? Or why would anyone hold ETH there on AAVI @ tiny 0.13% APY, when they can hold and get 7.82% @ apyharves

Without institutional crypto borrowing, there is no DEFI that can survive, and it is close to impossible to get legal institution to provide liquidity to something decentralized and non-AML(KYC).

CEFI on other hand is booming, and IMHO it is a way to do. And they do favor to crypto, by switching more and more fiat bank holders to crypto, because we all know how much fiat banks do not give.

[ven7net]

With projects like Hotdog coin and the likes doing the rounds, the whole DeFi craze is beginning to look and smell a lot like the ICO bubble a few years ago. Although, i feel that their own acceptance of how ridiculous and scammy it all is is ironically adding to their appeal.
Why do you think this is happening?

I believe the answer is obvious. DeFi is a continuation of the development of the crypto industry. We were all waiting for a new direction and now DeFi is just that. The fact that a lot of crypto projects have been released for DeFi lately and, as you noted with ridiculous names, suggests that DeFi really managed to attract a lot of attention from the crypto community and, accordingly, money. Of course, all this is done mainly for the sake of profit and there is no getting away from it. In any case, this makes it possible to develop the crypto industry, even if not as quickly as you want.

[Drahzar]

defi is a new market concept. as for me, it's more credible and transparent concept than IEO/ICO.  it shows that cryptomarket is becoming more sustainable and healthy than 3 years ago. besides, if you research a market you can really see that a lot of nice dex projects are rising and they have profitable defi tokens 

[bitterguy28]

With projects like Hotdog coin and the likes doing the rounds, the whole DeFi craze is beginning to look and smell a lot like the ICO bubble a few years ago. Although, i feel that their own acceptance of how ridiculous and scammy it all is is ironically adding to their appeal.
Why do you think this is happening?

Just because of that one project ? why not mentioned Half of the project connected to DeFi so we will have more enough room to detract ?

These So Called Decentralized is not a total decentralized instead  a True Meaning on how risky Crypto investment is.

and with So many scam that happens in this platform ?i'm not sure if they are still reliable or total devastation .

[slaman29]

Just because of that one project ? why not mentioned Half of the project connected to DeFi so we will have more enough room to detract ?

These So Called Decentralized is not a total decentralized instead  a True Meaning on how risky Crypto investment is.

Crypto projects in general were never decentralized to begin with, in fact especially so for the ones that DID insist they were decentralized.

And people just kept buying into them, in fact trusting more the projects who had people and figures around them and pledging their undying loyalty to these people any sane person otherwise would not have trusted. This is crypto for you though!

[bustabitsboy]

Defi is also starting to get scammed like an ICO.  This happens because seeing a project with high opportunities, people appear who want to get more and the plan according to which the project should move crashes or moves slowly

[Reatim]

Crypto projects in general were never decentralized to begin with, in fact especially so for the ones that DID insist they were decentralized.

This is what others don't understand , Decentralization will Hinder the fast development that's why you are correct on here mate.

And people just kept buying into them, in fact trusting more the projects who had people and figures around them and pledging their undying loyalty to these people any sane person otherwise would not have trusted. This is crypto for you though!

This crypto is for all of us , and we are buying coins/tokens in new project means we are ready to risk and ready to Lose at the same time , that's why this called New project because there is no assurance that it will gain investors and trust that soon. unless the team has tons of Budget for advertising and popularization .

[Bethekingdom]

defi is a new market concept. as for me, it's more credible and transparent concept than IEO/ICO.  it shows that cryptomarket is becoming more sustainable and healthy than 3 years ago. besides, if you research a market you can really see that a lot of nice dex projects are rising and they have profitable defi tokens 

by the way i see most of valued dex-es are developed basically with eth blockchain. and i see nice projects based on Curve exchange also.