The End of my DeFi Journey - a sad summary

How it all started

A few years back DeFi (Decentralized Finance) was the latest sh#t when it came to Crypto Technology and there was already major criticism that it is actually no technology at all, but just people FOMOing into high APR/ROI promises.

The best thing I read regarding the purpose of DeFi was on the Cake DFI page, a token made by Julian Hosp. I'm heavily paraphrasing, but it was something like 'Imagine Horst wants to buy a house and he needs a down payment of $30,000, but he only has $20,000. He can stake his $20,000 for 5 years in DFI Token and then sell them for $30,000. Normally a bank would give you interest, but now that it is on blockchain it is decentralized, ergo Decentralized Finance'.

This should have been a major red flag, but I was in the mood to gamble so I invested a few hundred bucks into the Cake DeFi project as well as into others like Biswap/BSW. I am not even sure I should consider our 'DeFi Project' @hiq.shares a real DeFi Project since our Token was always meant to mainly support the @hiq.magazine and the fact that some people made some money along the way by buying and selling the Token would be more of a lucky byproduct.

Then we also had the whole @nectar-queen game by @thegrandestine. Again I cant really say Grand wanted to make a DeFi project, he always insisted on his project being a game or even sth more/else and warned people to not invest their last shirt. I have tried to understand the game, but honestly apart from having convos with Grand which were actually quite pleasant and trying to get people from his ChessEvolved Discord to join Hive, I have not tried much to figure the game out. Well, I almost forgot to mention the initial deep dive I did with the whole HiQ Team, but back then we did not even know who Grand was.
After not having much positive feedback, nobody engaging in your game other then 'Buy Token and put into Diesel Pool' and starting major beef with some of the watchmen of hive, you know the guy who thinks he is an underwear model, I can totally understand Grand abandoning the game more or less. I still hope he comes back to hive. Maybe not as the crazy puppet master but as the downtoearth guy with interesting ideas and topics I got to know him as aswell. Anyways I have no hard feelings towards him and I hope nobody I promoted his game to was heavily financially impacted by the loss.

Liquidity Pools

Liquidity Mining and Pools seem to be some sort of byproduct of DeFi and I think they are actually a great tool to support a stable price and allow people to trade Tokens for a good price especially to those who are not that much into playing with the market.

I am currently using the BTC:Swap.Hive Diesel Pool so I can swap back the Hive I bought for 880 Sats at the Bittrex market for a reliable 920 Sats. So there surely is a use case for Liquidity Pools in general, but only if the Tokens in that pool also have an actual use case and are not only meant to be pooled or sold. Which brings me neatly to

How it all ended

When I bought into Cake DFI was around $2, while going up and sideways for a year the Token crashed the year after and is now at 25 cents. I dont know what happened + I am too lazy to research and sit through all the lame ass apologies Hosp most likely made. Best thing is that I can't even transfer it to Bittrex since the Token is under maintenance there, Bittrex closes shop on the 4th of decembre and the only other option is to transfer it via Metamask and pay gas fees since it is an effing ERC-20 Token. Clownsfaceemoji

In Biswap BSW was between 50 cents and $1 when I started and is now at 8 cents. The amount of staking and pool rewards made not even a real dent in the losses that I had due to the prices tanking.

There was also a project jade protocol promising 3.000.000% APR that @manniman recommended me. I lost about 300 bucks in three weeks. I just checked and I can claim 32 USDC for my Jade. So it is the usual big -90% deal we hustlers are looking for. ;)

I dont know at all what happened to CubFinance here on hive, if anyone knows if they did well in the end or had similar results please share in the comments or link me your post.

I could have acted smarter, it seems with many of the 'newer Crypto Projects' you have to know when you should exit and not just hodl the Token. But if you don't want to build something that lasts why build something at all?