Is It Too Late to Start Using DeFi Platforms on the Binance Smart Chain?

in LeoFinance3 years ago (edited)

▶️ Watch on 3Speak


Many in the space feel like they are late to the whole DeFi industry in general and many are already questioning if it's too late to start using DeFi on the Binance Smart Chain.

In the broad crypto industry, there are so many different platforms and new ones are constantly being developed, forked and innovated with. All of these platforms carry a learning curve and some are more steep than others.

Binance Smart Chain offers a familiar experience to anyone who's utilized the Ethereum blockchain. In this clip from our last Roundtable Podcast, we talk about the pros and cons of learning new platforms and if its worth the hurtles you have to jump over to get through the initial learning curve.

Whether the opportunity has come and gone or not is up for debate and whether it's worth our time to continually explore this quickly evolving space is a matter of perspective.


Listen & Subscribe to the LeoFinance Podcast!

 

 

LeoFinance is a blockchain-based social media platform for Crypto & Finance content creators. Our tokenized app allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.

Track Hive DataNew Interface!About Us
HivestatsLeoFinance BetaLearn More
Trade Hive TokensWrapped LEOHive Witness
LeoDexwLEO On UniswapVote

Support LeoInfra's Onboarding Efforts by Delegating HP to @leo.voter (Currently at 2.4M HP). We Use this to Claim Accounts and Delegate RCs to Newly Onboarded Users


▶️ 3Speak

Sort:  

Screenshot_20210221140557_Brave.jpg

Posted Using LeoFinance Beta

My view is that DeFi is at its infancy

Posted Using LeoFinance Beta

That is to put it mildly. Even most of of the crypto is held in custody in banks and exchanges. In a world of true DeFi most of these banks and exchanges wouldn't even exist.

Posted Using LeoFinance Beta

Yeah, Defi is just starting.

Posted Using LeoFinance Beta

I agree

I think the question in the end should be whether that really should and could be this "decentralized future." One would have to go into more detail here, but in the end you have a 50/50 copy-cat of EOS and ETH and a native token called BNB, which in the end belongs to a centralized company. Maybe I'm too critical of this, or maybe I'm too influenced by the fact that I dropped my BNB way too early - but what do you think?

In the end, this "new dencentralized world" is then played out in the clutches of an Asian conglomerate that has more or less full decision-making power with regard to the NBB and thus also with regard to the BSC. There was also some criticism some time ago regarding the formerly published white paper. Here is an older article:
https://cointelegraph.com/news/crypto-community-slams-binance-smart-chain-over-centralization

In this article the following quote can be found:
"Once you bring a developer back into a centralized sandbox, the game plan is to usually bring an existing Web 2.0 app to the chain, promote it as decentralized and fade into irrelevance."

and that ends up being what I see everywhere. Decentralized promises and ideas on a foundation that is more centralized than most think. And that's where I end up wondering, regardless of whether you could currently say - yeah, but Binance has the right idea and wants decentralization or something - that should / could really be a desirable foundation for this big idea.

Sure, may already be very attractive from a financial point of view - especially regarding all these defi catapults. But can it also be more?

Posted Using LeoFinance Beta

I discovered the LeoFinance platform not so long ago, but I was already convinced that there is so much interesting and necessary information here. So this post gave me a theme to look at the applications.

Posted Using LeoFinance Beta

Yeah, this place is really a gold mine (or should I say Bitcoin mine) of information. You basically have a few hundred people scouring the airwaves for information they can share here. Couple that with the fact that many of them are super intelligent and understand the tech, and you can get some really first-rate analysis of what is going on in the world. And it should only get better.

One thing I will say is that I hope defi isn't over since LeoFinance is bringing its own defi platform online here soon. And it will not have nearly the fees associated with it. Could be absolutely life-changing...

Posted Using LeoFinance Beta

The only issue with me is the small security risk or getting hacked.

Besides that I don't see why you wouldn't stake at least a few hundred quid of stable coins on autofarm - NB the fees are not as cheap as Dalz made it sound in your long video the other day - it's about $0.10 to transfer but nearer $2 to stake and then about $0.30 to harvest.

So if you want a minimum of a 5% fee - invest $100 minimum and only hit that harvest button once you've accumulated > $3

NB those fees vary with the BNB price, I think it's set in BNB per transaction type.

The rates go up and down, as do the price of the tokens, but I haven't seen any dips that have made me regret staking via BSC so far.

NB a better option might be BEPSWAP -

You can swap USDT and pool with Rune - given that we're all Rune fans here I don't know why everyone isn't piling in on this - you literally can't lose - if Rune goes up, your USDT gets drained, but we all want more Rune, right?

If it goes down, well it's a hedge into USDT without you having to worry about the price fluctuations.

And it's currently 90% APY.

And it's via BEP2 so it's half the price of BSC for fees.

Posted Using LeoFinance Beta

Still tons of 150%+ returns to be found, certainly not too late.

Posted Using LeoFinance Beta

Interesting what you're point! I think you're right! Good post! Greetings!

jumping on hype trains after they've reached their peak hype is not the best idea, better to catch them when they leave the station:)

Posted Using LeoFinance Beta

I feel ya... with the old .....

Congratulations @khaleelkazi! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You distributed more than 20000 upvotes.
Your next target is to reach 21000 upvotes.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out the last post from @hivebuzz:

Feedback from the March 1st Hive Power Up Day

Never too late. It's just a little more expensive now with the BNB price tag. But the return sounds really great.

Posted Using LeoFinance Beta