How ordinary people are becoming crypto rich thanks to DeFi

How ordinary people are becoming crypto-rich thanks to DeFi - mot ca voi khong lo bat dau tich luy ethereum ho da du cam duoc dieu gi 1024x538Ethereum whales undoubtedly lead the decentralized finance (DeFi) movement, but many people who make money on DeFi trends are just ordinary “Joes,” if you can say so.

The opportunities to accumulate wealth for new traders

A skilled trader, who has only asked to be called Joe, is a math student at a Canadian university. Playing with the Ethereum software - here there quotation in real time - and with his calculations, he managed to earn hundreds of thousands of dollars in 2020.

But that wasn't his only way of making money. He has been trading on decentralized exchanges (DEXs) for over a year. “I'm not a whale in the cryptocurrency world, but I'm a major user of the DeFi protocol I use,” he said.

"Before, when DeFi was smaller, there was a lot less competition." Since the Weird DeFi craze began, Joe has argued that "high yields" are accessible even to newcomers "without much technical knowledge."

It's impossible to say how many inexperienced traders reaped extraordinarily high profits during the YAM debacle in August, when an uncertified crypto experiment raised $ 465 million in cryptocurrencies and then imploded in 72 hours.

An anonymous YAM user who says he rarely trades, said he found YAM trading fun and relatively easy. He participated in the community vote to "save" YAM, then said he promptly "dumped" his tokens when he realized the software experiment was unsustainable.

All in all, he said he made $ 15.000 from participating in YAM, having spent up to $ 800 in transaction fees. For both DeFi fans, this is a life-changing sum of money. “I log into the investment and do most of the one-off stuff with MetaMask,” said Joe. "The only other [service] I use is the Infura Web3 provider."

DeFi infrastructure

The DeFi mindset emphasizes open source access to tools, services with low barriers to entry, and distributed teams. Sometimes, this includes low barriers to entry for high-risk games. As Uniswap founder Hayden Adams stated in June 2020, most of the Uniswap ecosystem relied on ConsenSys infrastructure services, such as Infura.

This has also proven to be the common model for imitation DeFi projects like SushiSwap. ConsenSys spokesperson James Beck said the Ethereum network has been restructured to make infrastructure and portfolio services, such as Infura and MetaMask, pillars of the company's core business software.

ConsenSys product manager for Infura, Michael Godsey, said in reference to the DEX tools people use to access these trading games, that “Uniswap and MetaMask are two of our fantastic customers and many farmers use their platform. to participate in this new activity ".

As for Joe, he said he intends to continue accumulating tokens: "As long as the risk-adjusted return is higher than that of other investments, I will continue to use them."