Loyal Finance Redefined Readers Redefined:
Hello i’m andrew My invaluable colleague Andrey, the previous author of this text, is stepping down from Cointelegraph to construct [REDACTED]I will receive the information in writing. While I’m thrilled that he’s taking good care of the DeFi ecosystem, I’m additionally offended that there will be another gigabrain trade with me.
Likewise: Journalists quit their jobs to do DeFi stuff. Discuss the main warnings. While DeFi tokens, and ETH costs in particular, have largely rebounded from the lows that sparked the dispepsy, I continue to be upset.
Still the highlights of the week:
4/20 Haze It
In Hangover on April 21st, a brand new group of crypto traders discovers some ruthless market realities. Hopefully they learn to laugh at them.
Yesterday, the Dogecoin group took advantage of some of their up-and-coming (albeit undoubtedly short-lived) capitals of culture and attempted a hostile takeover of 4/20 through “unofficial holidays” – a social media push to wrestle the date of the renaming from Stoners and others ” Doge Day “.
It worked to some extent: Elon Musk, the famous meme who ran some tech companies, rated some incredulous boomers and found that traffic superstar candidate Dave Portnoy had bought a bag himself. The value for it rose shortly. DeFi-er shouldn’t care too much about meme forex other than its usefulness in predicting major altcoin runs. However, Dogecoin Tag contained more pump-and-dump absurdities.
Delighted # DogeDay2021 @blockfolio pic.twitter.com/qgpZLTRTSm
– Dave Portnoy (@stoolpresidente) April 20, 2021
Self-proclaimed DeFi tokens like $ SAFEMOON and $ SHIB peaked in multi-week pumping on April 20, along with initiatives like $ ASS that were passed. The moon photos led to some notable stories about guppies turning into whales mainly in a single day with poor upfront investment:
So this man bought $ shib for +/- 10. 180 days in the past
Guess how much it will cost
Four rattling millionhttps: //t.co/aCzfDrORDV
– UniHax0r ~ (@ UniHax0r4000) February 1, 2021
Then, as always, the opposite shoe fell off. At the time of writing, $ SAFEMOON is down a whopping 41.95% that day, $ SHIB is within the pink of 38.48%, and $ ASS looks like ass.
Burj Khalifa charts for all these rip-off manufacturers…. $ ass #safemoon $ doge $ shib pic.twitter.com/hzv7bgqyH3
– ⓗathor.chuck (@BloodyChuck) April 21, 2021
These pump-and-dumps differ for two reasons: how little effort has been put into them and how much curiosity they have piqued. SAFEMOON presents the burning and redistribution of tokens with every sale. traditional pump anomic with little novelty. However, the advantages of SHIB are in the improvement part. A DEX and an “artist incubator” are in the works (although they … donate something? One way or another? To animal rescue organizations) and include a companion coin, LEASH, an artificial rebasing DOGE that nobody wants or demands. I don’t know what ASS does and I refuse to look for it.
SAFEMOON, in particular, bears superficial similarities to Invoice Drummond’s cash trials like $ XAMP and Ponzis with binding curves like $ TRIB, which dominated late last year. I think of it to have fun. Everyone knew these were musical chairs performed for real money but still immersed in video games with the zeal of kindergarten faculty (in the case of XAMP, the mission came here from a pseudonymous developer whose namesake is actually thought to be a ton Burning money – no one tried to idiot anyone else). It was a series of absurd methods performed in a room that usually looks like a basically absurd room.
In contrast, Safemoon is working on a nifty advertising marketing campaign that requires significant PR efforts (a journalist can spot natural narratives; Google Safemoon protection and I say what you see). Likewise, the sums of money made and misplaced by Drummond over the past six months compared to the ocean of money those bastards raised on April 20th is anodyne. It’s still fun, and video games – it’s all a huge joke, really – but traders don’t seem to get it fair.
Ideally, I envision that mass adoption of DeFi could be as helpful to the development of the human species as mass proficiency. However, on days like April 20th, I believe this is an unusually green mechanism for separating fools from their money.
Pumps Cheat Hardest Lesson 1:
The rip-off is pumping so hard that you query your topicality and wonder if it’s really a rip-off.
– Fontase, 2013
Cheat Pumps Hardest Lesson 2:
– Newton, 1687
– ∞ CO ฿ IE (@CryptoCobain) April 20, 2021
From Chapter 49 of Moby-Dick, “The Hyena”:
“There are special, unusual occasions and events in this unusual mixed enterprise we call life when one person thinks this entire universe is a big, sane joke […] And as for small difficulties and worries, the prospect of a sudden catastrophe, the danger to life and limb; All this and the downfall itself seem to him to be simply intelligent, good-natured hits and humorous puns on the facet of the invisible and inexplicable outdated joker. “
I’ve endured pump-and-dumps. I realized that the market, like Ishmael’s god, usually cackles as a predator when it tenderizes your ribs. The perfect – and maybe easy – To stay, it is a must to cluck one more time, smile throughout the Pink Sea in your portfolio, and move on.
I would like to say hello to the brand new group of traders who have taken their first euthanasia hair curler roller coaster ride (or still do so while SAFEMOON recovers). For you, my suggestion, consider funding, tik tokking staff! You are confused, you probably did, and I hope you keep it up. Stay away from video games and remember that boring, stale 10% APY stablecoin farming is always a choice.
DeFi is best when you can giggle at it.
What’s wrong with Aave?
Perhaps the most important story of the week went largely unnoticed in some ways: The large cash market and Aave’s high credit are considering switching to social media.
The strange shift was spiced up for the first time on Saturday by Aave’s official Twitter account:
What if a social media log was created based on a DeFi log?
– Aave (@AaveAave) April 17, 2021
I immediately got in touch with Aave co-founder Stani Kulechov to explain that the tweet isn’t the job of a cumbersome intern celebrating early April 20th. He gave me a quick rationalization, the visionary weight of which raises additional questions as solutions:
“At Aave, we have a thesis that interactions within the Web3 area ultimately turn out to be money, regardless of whether it is about likes, exchanging photos or moments or not. All parts become a user-related value that can be amplified using the Aave protocol. ”
I think of this tortured act in The workplace For social media options, visit the Dunder-Mifflin paper company gross sales website. How would it not work, what synergies does it have, if any, with decentralized lending and actually? Why?
Aave’s head of integration, Bily Zeller, provided some additional background that urged that there might be a pay-per-mail mannequin.
What if the price for this TX is just a few seconds of curiosity about a double digit deposit?
– Marc Billy Zeller (@lemiscate) April 17, 2021
However, this does not essentially mean that it is the “Posts-as-Value” mannequin designed by Stani. Right, now I’m skeptical: if Stani ever reacts to my DMs, I’ll interview him for additional background data. I stay up to be satisfied.
Apart from completely new branches, the wood is burned on all cylinders.
Yesterday, Stani teased a picture of the cash market with higher yields from Aave token distributions that is part of the reviews for a liquidity rebate program currently working on the Kovan. Check out the community:
– stani.eth = (⬤_⬤) = (@StaniKulechov) April 20, 2021
Aave is already a core layer in many retail growing methods and log termination. Including AAVE token rewards for borrowing and borrowing would improve TVL metrics. I’m only a little involved in terms of token value (see what Governance Token Rewards did to CRV last year), but I believe this system could make the ecosystem a little bit stronger.
Lively, if generally enigmatic days for the report.
Various big headlines:
Pancakeswap on the rise
Uniswap v3 meets takes a look at networks
The rise in CRV could mean shock fruit for high-yielding farmers