Lets Do DeFi - DeFi Guides Grandma Can Follow πŸ‘΅πŸ»
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Lets Do DeFi - DeFi Guides Grandma Can Follow πŸ‘΅πŸ»

DeFi: (🏦) Decentralized Finance is a movement in the crypto industry which aims to disrupt central banks by offering bank-like services such as high interest-earning accounts, lending & borrowing, and currency exchange - all on the Ethereum blockchain through self governing systems.

πŸ‘‰ Updated: 1/07/23

**NEW CONTENT πŸ”₯

DeFi 101 - The Easy To Digest Guide

  1. 🏧 Step 1: Getting Started: Your Crypto Wallet
  2. ⛓️ Navigating Different Networks
  3. πŸ”€Β Sending Crypto Between Networks
  4. 🧠 Step 2: Learn the Basics
  5. πŸ‘¨β€πŸ« Step 3: Understand the 4 pillars of DeFi:
  6. ▢️ Step 4: Tutorials - Start Using DeFi
  7. πŸ“š DeFi Resources & Notable People
  8. πŸ“ DeFi - By The Category
  9. πŸ•ΉοΈΒ Explore The Metaverse: Decentraland
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🏧 Step 1: Getting Started: Your Crypto Wallet

Wallet Info & Set Up!

⛓️ Navigating Different Networks

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Each Blockchain (network) has its own eco-system, explore them all with your crypto wallet!
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Most networks are compatible with the same kind of wallet, meaning you have the same public address across all networks!

Networks

πŸ”€Β Sending Crypto Between Networks

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Bridges exist to send crypto between networks
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Below are websites you can connect to and β€˜bridge’ your crypto!

πŸ‘‰Β Hop Bridge

πŸ‘‰Β Celer bridge

πŸ‘‰Β Multichain Bridge

πŸ‘‰Β Connext Bridge..

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🧠 Step 2: Learn the Basics

DeFi Things You Need-To-Know

πŸ‘¨β€πŸ« Step 3: Understand the 4 pillars of DeFi:

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Understand these 4 high level concepts before diving in.
βš–οΈ Decentralization
  • Spreading out responsibility to many different parties instead of one.
  • Removing single point of power, failure, authority.
  • Letting people govern the systems they use.
⛓️ Blockchain
  • Public, digital database of crypto currency transactions.
  • Constantly updated and backed up across millions of machines.
  • Transactions are permanent, irreversible, and viewable by anyone.
"DeFi is like putting money on digital ice skates, a world where your money is uncaged, fast, and free from banks or 3-5 business days"
🏦 Decentralized Finance
  • Open & borderless financial system that connects the world through the internet.
  • Peer to Peer instead of relying on banks or institutions.
  • Financial service 'apps' that run themselves and are governed by its users via voting. (example: Compound)
πŸ“± Decentralized Apps (Dapps)
  • Any type of app such as games, lending & borrowing platforms, NFT marketplaces etc..
  • An app can only be decentralized (not owned by anyone), if it is built on a decentralized 'app store' (i.e : Ethereum)
  • Examples of Dapps: Compound, Rarible, AAVE.
⚠️
Heads up: If you plan on skipping straight to the 'Start Using DeFi' section, make sure you understand the following:
β€£
WARNINGS:
  • Gas Prices - Every transaction on the Ethereum blockchain (sending coins, depositing into AAVE, etc...) requires a fee, paid in ETH. (Always have some ETH)
  • Gas Prices pt. 2 - Gas fees can be expensive at times when moving lower amounts. Both a $50 transaction & a $500,000 transaction can have a $40 fee.
  • Ethereum is the 'network' and ETH is the token. Gas fees are paid in ETH. Know the difference. πŸ™‚
  • MetaMask is an Ethereum Wallet! - β›” This means you can't send Bitcoin to it! (Unless you wrap it). Metamask = Ethereum tokens only! (Ethereum token list here)
  • While testing the DeFi waters, only experiment with small amounts of $$$. (Until you get the hang)

▢️ Step 4: Tutorials - Start Using DeFi

Get Your Hands Dirty With DeFi

πŸ“š DeFi Resources & Notable People

🎧 DeFi Podcasts & Resources πŸ“Š

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πŸ”΄ YouTube Channels (Educational)
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πŸŽ™οΈ DeFi Podcasts
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πŸ“© Newsletters
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πŸ“Š DeFi Research Dashboards
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πŸ’Ό DeFi Job Boards

🐦 DeFi Twitter Accounts to Follow

πŸ‘‰ Kris Kay (DeFi Education)

πŸ‘‰ DeFi Dad (DeFi Tutorials)

πŸ‘‰Β Token Terminal (DeFi chart analytics)

πŸ‘‰Β Nansen Intern (DeFi insights)

πŸ‘‰Β Crypto Gucci (Ethereum newsletter)

πŸ‘‰Β db (fastest finance news, turn notifs on)

πŸ“ DeFi - By The Category

Ethereum Wallets:

Lending & Borrowing:

Exchanges:

Stable Coins:

  • DAI (decentralized)
  • USDC (centralized)
  • USDT (centralized)
  • TrueUSD (centralized)
  • PAX (centralized)
  • sUSD (decentralized)
  • GUSD (centralied)
  • alUSD

Payments:

Derivatives Platforms:

Smart Contract Insurance

DeFi Widgets

Cool Stuff

Yield Aggregators

Explore The Metaverse: Decentraland

Click the link below to learn about the first Decentralized Virtual World on Ethereum

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πŸ•ΉοΈDecentraland Guide! - Explore the Metaverse

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Made with πŸ’œ - by @thekriskay - share with a friend to help DeFi grow.

Lets Do DeFi β„’ is a free DeFi educational resource and guide aimed to explain complicated crypto stuff to everyday folks.

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