The DeFi wave, my 30 hours of digging sweet potatoes
Editor's Note: This article comes fromEighteen paving (ID: shibapulu), Author: Guang Geng, released with authorization.
Editor's Note: This article comes from
Eighteen paving (ID: shibapulu)
, Author: Guang Geng, released with authorization.
At my age, most of the songs I like Beyond, among which I sing the best, is "Farmer":
"Forget if there is a way out of the distance
.......
Forget the dark moon and high wind at night
Although the feet are getting old after stepping on the snow and crossing the mountain
But everything is achieved with two hands
Spring and autumn are full of hopehttps://yam.finance/Xia and Dong see through life and death"
I am a farmer's child. I didn't expect to work hard for many years, and I became a farmer a while ago. I turned my back to Huangping and watched the sky to eat.
Of course, the current concept of "farmer" mainly comes from farming in Defi, the most cutting-edge hotspot in the blockchain. When I was a child, the old man told me, "Don't study hard, go home and grow sweet potatoes." Sweet potato, as a yield farming, at 3 am yesterday, the YAM project started (
), LOGO is a sweet potato, so everyone digs sweet potatoes.
I woke up at 8:00 yesterday. When I saw this message, I was annoyed for a few seconds. Why didn’t I stay up all night to guard the top mine? Then I immediately turned on the computer, opened MetaMask, transferred eth over, converted it to comp, and then chose the pool to mortgage it in. All kinds of high handling fees, bear with it and pass, because the annualized rate seen...is suffocatingly high...9000%-20000%.
100 million dollars, 200 million dollars, 300 million dollars, 400 million dollars, 500 million dollars...
The entire YAM, eight pools, and the capital pools in it are rising crazily at a speed visible to the naked eye...not to mention outsiders, even people in the currency circle are very surprised: why so many people dare to spend so much money, Put it in a smart contract...
Beat "Zeus" to death, you are your own god.
"Just went all in on $YAM"...Special YOLO, special FOMO, the discussion of YAM on Twitter is extremely intense...Classicists think it is a scam, which sold 120,000 on a website that once sold dice Erik Voorhees of btc is the representative.
However, some people angrily joined yam and became farmers, represented by Arthur Hayes, the owner of bitmex, the world's largest futures website.
Of course, the opinions of these people are not important. My attitude is that blockchain hotspots must catch up, experience, immerse and think. In the afternoon, I calculated the comp mortgaged in the morning, and there was almost a 10% return, that is, if you mortgage 100 eth, you can sell 10 eth with interest, and the comp has risen by 40%. Nima, the interest is higher than plustoken. Plustoken was really born at an untimely time. If the way of defi was used in the first place, ring after ring, Russian dolls, the foundation can be evergreen!
At 3 o'clock yesterday afternoon, YFII set up a mechanism pool, which automatically mines, saves worry and effort, and the most important thing is to save handling fees. Yam cliff is a phenomenon-level DeFi, which directly caused the fee income of eth to be greater than the block reward yesterday. The principle of YFII is that everyone puts coins in their pool, and then they dig, sell yam while digging, and then go to the market to repurchase yfii and send it to everyone. I am a little worried that the price of comp will drop, so I take it from the pool of yam Produced most of the comp, replaced it with weth, and put it in the pool of yfii...
However, at night, I found out that the weth pool is almost 200 million US dollars, while the comp pool is only more than 30 million US dollars, that is...my interest income is only 1/7 of the original, I want to cry No tears, so... I changed it again.....
When I was changing, A Biao (the founder of Biyin) called me and asked how about defi and yam. Let me talk about my personal words. If the company lays out products, it seems that there is nothing to do. This is the case with the blockchain industry. It is very friendly to individuals in many cases, but not to companies. This sentence is also expressed by a Bitcoin veteran who has started his business for eight years after drinking.
After the yam test was effective, I hurried to know about Odaily and told everyone in the circle that it was very effective. I rolled it up and wrote a simple coin rolling tutorial. I didn’t expect an old circlemate to roll it earlier, and the income was higher than mine. , after all, he was staying up all night digging his head.
After putting it in yfii, I don’t care about the price of yam, but I still take a look at it, Nima, it’s still more than 100 US dollars, it’s incredible, why do people like to go to the secondary market to pick up orders so much, the target price of yam is 1 US dollar , high prices will explode in large quantities.
Defi like yam has no pre-mining, no crowdfunding, and no team rewards, which means that the media announcements are invalid, the capital advantage of the Token fund is invalid, and the exchange’s currency listing advantages are invalid. Everyone is basically on the same starting line, and the way the circle has been played in the past seven years has been overturned.
Of course, there are still two points here. First, cutting-edge and reliable DeFi information has become the strongest productivity. There are too many local dog projects on uniswap, and it will be difficult to select; second, the ratio of self-owned funds to handling fees, eth The high fees directly dissuade many people. If the funds that can be lost are less than 30eth, I do not recommend playing DeFi.
But these two points do not affect the meaning of what I just said. Anyone can achieve these two points with hard work. In the previous ico, institutions took 1/10 of the price and smashed the market, the exchange closed the coin and the media announced it. To smash the market, these are impossible for ordinary investors to achieve, and they can only indirectly bear these smashing markets.
For now, in fact, my point of view is that there is not much need for the three major exchanges to list defi tokens, because investors in the three major exchanges are basically at the last level of the food chain. Ethereum miners harvest farmers’ fees, farmers harvest uniswap leeks, uniswap leeks harvest leeks from small exchanges such as hoo, and hoo leeks harvest leeks from the three major exchanges that are finally listed. Of course, I belong to the more radical ones, and now the exchanges are rushing to get on it for traffic.
But there is also a problem with rushing online. At four o'clock in the morning today, I witnessed the continuous losses of market makers on several major exchanges. The thing is like this, the mechanism of yam is similar to that of ampl, the quantity is not constant, its quantity is related to the price, it says that my goal is 1 dollar, if it is 100 dollars now, I will transform and explode , the number becomes ten times the original, equivalent to the Monkey King.
Last night, the price of yam was exploded, ranging from $150 to $80. So at around 4:00 this morning, the number of yam exploded, and the price of uniswap plummeted. At this time, the price of yam on several major exchanges was still there. For half an hour, it is estimated that it went online in a hurry, and the market makers did not understand this mechanism.
The worst thing is that the investors who didn't understand the truth yesterday went to the exchange to pick up the order and bought yam, and took Liangliang.
At four o'clock this morning, Yam opened a new pool. In the first half an hour, the income was astonishingly several million percent, but... I prefer experts, because its front-end was once down, and it can only use the underlying integration to complete the interaction. , which requires very hard-core players.
Today's article is not very easy to understand, a lot of letters, I also want to write that, it may be confusing for people outside, but for people inside, it is like a peaceful epic...... Oh, the brave new world of foam.
Many friends jokingly call the world of new leeks and the world of old leeks, but this is not always the case. I have observed that most of the people who have made money in this wave of defi are old leeks. Most of the current Defi frontiers are old Dapps two years ago. The information density they face every day is several times that of ordinary coin lovers. The ability to obtain front-line information and the execution of hands-on coins is completely a reaction of muscle memory. . Therefore, there are not many new leeks involved, but old leeks are dividing.
In the dapp world two years ago, from CryptoKitties, to the eos spinach explosion, and then to the bubble receding, it was an unforgettable moment. The current defi is somewhat similar, but different. Leng Yue said, "YAM income depends on YFI, YFI income depends on AAVE, AAVE income depends on COMP, and COMP income depends on MKR. Is this the subprime mortgage bubble of defi?" This is me The Russian Matryoshka Doll is of course not that simple. The free combination and superposition of various agreements, more or less complement each other, weaving this beautiful new world of bubbles.
For the protocol, this gradually becomes the basis of the public chain. We have come along the way, Bitcoin, the public chain, the protocol on the public chain, the tools on the public chain... It is indeed a beautiful new world, unfolding like a picture scroll... But for Defi tokens, I can’t believe their current value, and I am skeptical. The defi tokens I mined are also sold immediately. I suggest that my readers and friends should not easily go to the secondary market to pick up orders . . . In the autumn of two years ago, I bought a dapp token, and it rose sixty times later. . . It took another two years. . . Back to original price...
For the future of DeFi, I still want to sing the song "Farmer" as the end:
Forget whether there is a way out in the distance - don't think about whether DeFi has a future
Forget about the dark moon and high winds at night - you need to pay attention to the risks of rolling coins, and don't be afraid of difficulties
Although the feet are getting old when stepping on the snow and crossing the mountain - you may need to step on the pit
text
