First Dive into the World of DeFi!

avatar

I've been around on Steem and now Hive for three years.

Ever since I was introduced to Steem by a family member in 2017. So, I've had some familiarity with crypto and private keys etc. But I've never thought of myself as a techie.

I can't (and haven't yet learnt how to) code for nuts; also, the complicated jargon of the financial world flew above my head. The basic principles I understand, but beyond that? Nah.

In the past two months, however, the DeFi craze has exploded. After reading a little bit, I had the feeling that DeFi was revolutionary, that it would turn the entire financial world on its head.

Just an excerpt from this article "What is Decentralized Finance...":

If [DeFi] works you are the bank. You don’t need legacy banking services if crypto assets are able to function as currencies. You get to decide if you want to make loans (letting people borrow) and you can even decide on the interest rate.

»»-------------¤-------------««

Despite that gut feel, I was hesitant to join in. Those limitations popped up, self-imposed barriers that read, "Non-techies allowed here".

Due to that barrier I erected in my head, I missed the Uniswap boat (and did not provide liquidity before 1st September 2020, hence I was ineligible to claim the tokens).

I actually had loads of time in August to learn this, but I stopped myself from doing so out of fear of the unknown (and fear of losing money blah blah).

Guess what?

It hurt more to see such opportunities slip past when you know you could have done something earlier. It's the familiar sting of regret.

»»-------------¤-------------««

There was no point dwelling in regret - in fact, it was a very valuable lesson for me to never get in my own way.

»»-------------¤-------------««

So, I decided (fears notwithstanding) to dip my wriggling toes into the deep Olympian pool of DeFi.

I began to actually read and try to understand what in the world #wLEO was. What seemed so bizarre to me at first started to actually make a lot of sense.

It wasn't so difficult as my mind made it out to be.

In preparation of the launch of Wrapped Leo by the @leofinance team TODAY,

(1) I bought a bit of ETH.

(2) I created an account on Metamask.

metamask pic.PNG

(3) I explored Uniswap.

uniswap pic.PNG

»»-------------¤-------------««

I'm eagerly anticipating the launch approximately 10 hours from now!

But beyond that, I am glad I finally took the plunge.

It's not about the potential financial gains that I will reap, but the expansion of my perspective, of what's possible.

May my sharing inspire you! Onwards to growth!

EJ Lo.png

PHCrocks.gif

Posted Using LeoFinance



0
0
0.000
4 comments