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.
👉 Updated: 2/01/22
**new Dapp Wiki 🔥
DeFi 101 - The Easy To Digest Guide
- 🧠 DeFi Need-To-Know Topic Summaries
- 👨🏫 Crypto Terms Explained In 3 Sentences:
- ▶️ Tutorials - Start Using DeFi
- 📚 DeFi Resources & People To Follow
- 📅 DeFi Monthly News / Events - Explained To Monkeys
- 📝 DeFi - By The Category
- 🎮 Explore The Metaverse: Decentraland
🧠 DeFi Need-To-Know Topic Summaries
👨🏫 Crypto Terms Explained In 3 Sentences:
Understand these 5 high level concepts before diving head first into DeFi.
- Spreading out responsibility to many different parties instead of one.
- Removing single point of power, failure, authority.
- Letting people govern the systems they use.
🌐 Ethereum Blockchain
- The 'app store' base layer where DeFi apps are built on.
- This 'app store' is decentralized, meaning no one owns or runs it. (Community owned)
- This allows for decentralized 'apps' to be built on this 'app store', only Ethereum's native currency (ETH) is accepted for transactions.
🏦 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)
- Public, digital database of crypto currency transactions.
- Constantly updated and backed up across millions of machines.
- Transactions are permanent, irreversible, and viewable by anyone.
📱 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.
"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"
Heads up: If you plan on skipping straight to the 'Start Using DeFi' section, make sure you understand the following:
- 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. 🙂
- MetaMask is an Ethereum Wallet! - ⛔ 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 $$$. (Until you get the hang)
▶️ Tutorials - Start Using DeFi
The bellow guides are on ETH mainnet - meaning be prepared to pay some $ETH for gas fees.
Guides are being updated and soon we will have guides for chains like Polygon, Arbitrum, Avalanche, Fantom etc.. (cheap fees!)
📚 DeFi Resources & Notable People
🎧 DeFi Podcasts / Newsletters / Sources
🐦 DeFi Twitter Accounts to Follow
👉 Ryan S. Adams (Bankless host)
👉 David Hoffman (Bankless host)
👉 Stani.eth (Founder of AAVE)
👉 Marc Zeller (AAVE Engineer)
👉 Kris Kay (DeFi Donut)
👉 Anthony Sassano (Daily Gwei Newsletter)
👉 Scoopy (Alchemix co-founder)
👉 Robert Leshner (Founder of Compound)
👉 Scott Lewis (DeFi Pulse)
👉 Mark Cuban (No introduction needed)
👉 DCInvestor (DeFi Investor / NFT collector)
👉 DeFi Dad (DeFi Tutorials)
📅 DeFi Monthly News - Explained To Monkeys
Feb 2022 Highlights:
FUD / Politics / But still crypto show strong
🍌 JP Morgan open metaverse lounge in Decentraland
🍌 Many company & brand join metaverse, wow
🍌 Inflation 7.5% , Notional finance offer 9% , much chad
🍌 Eth layer 2 gain traction, arbitrum much TVL
📝 DeFi - By The Category
- Uniswap (DEX)
- Sushiswap (DEX)
- Loopring (DEX)
- QuickSwap (DEX L2)
- ZKswap (DEX L2)
- Balancer (DEX)
- DyDx ()?
- Coinbase Pro (CEX)
- Binance.com (CEX global)
- Binance.us (CEX USA only)
- Crypto.com (CEX)
- Kraken (CEX)
- DAI (decentralized)
- USDC (centralized)
- USDT (centralized)
- TrueUSD (centralized)
- PAX (centralized)
- sUSD (decentralized)
- GUSD (centralied)
Smart Contract Insurance
- cryptofees.info (Fees collected $$$)
- https://pools.fyi/ (Best Liquidity Pools)
- https://ethgasstation.info/ (Live ETH gas prices)
- https://www.defidonut.com (DeFi Stats)
- https://defipulse.com/ (DeFi Stats)
- NFTX (NFT index funds)
- Niftex (fractional NFT ownership marketplace)
- NFTfi (NFT-Based collateralized loans)
- LarvaLabs - NFT experiments (cryptopunks)
- NFT20 - Tokenize NFT art into exchangable crypto coins
- https://txstreet.com/ - Visualized blockchain transactions
- Showtime - NFT social network
Explore The Metaverse: Decentraland
Click the link below to learn about the first Decentralized Virtual World on Ethereum
Made with 💜 - by @thekriskay - share with a friend to help DeFi grow.
Lets Do DeFi ™ is a free DeFi educational resource and guide aimed to explain complicated crypto stuff to everyday folks.