It’s Possible to Earn Tens of Thousands of Dollars with DeFi

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While we often see big investors crowing in the cryptocurrency world, decentralized finance (DeFi) platforms are rapidly moving towards changing this perception. More and more inexperienced investors are getting rich in cryptocurrencies and dollars thanks to DeFi. Meanwhile, the scalability problem that comes with popularity continues to overshadow DeFi’s orientation.

Unlike many other cryptocurrency platforms, DeFi applications aim to provide inexperienced users with a user-friendly, more accessible and simple experience. In addition, DeFi projects such as SUSHI, YAM, CREAM and many more popular “food meme” tokens find the opportunity to appeal to a wider audience when structured around an entertainment and marketing element. In this way, tokens that follow popular culture attract more novice cryptocurrency investors.

Hundreds of Thousand Dollars in Less than 1 Year with Ethereum and DeFi

According to Coindesk’s interview, one of the ordinary investors who made a fortune from DeFi is a Canadian university student. This young man, who has been trading on decentralized exchanges for more than a year and studying mathematics in Canada, earned hundreds of thousands of dollars in 2020 with only Ethereum software and his own calculations.

“Maybe I’m not a whale, but I am one of the best users of the DeFi protocol I use,” said the young man, saying that the competition was much less before DeFi became so popular. Mathematics student trader told Coindesk that as the DeFi craze grew like an avalanche, applications such as the yield farming model began to be offered to new users with less technical knowledge.

YAM, one of the unregulated DeFi projects launched one after the other, glowed and faded in just 72 hours. New and inexperienced users who flocked to this project quickly made abnormally high profits from the YAM project, which was valued at $ 465 million. Another unnamed user that Coindesk has reached, realizing that YAM is not sustainable, declared the earnings of $ 15,000 after selling YAM tokens.

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Applications That Provide Extreme Returns Have Forgotten DeFi’s Main Purpose

As people hear about the incredible gains made with DeFi, they quickly forget what blockchain technology and cryptocurrencies are basically promising. Blockchain and the cryptocurrency industry aimed to make fast transactions with low fees in the simplest way. It was escaping the centralized and slow traditional banking system and offering secure, anonymous and transparent applications on the blockchain base.

Ethereum transaction fees, which have increased with the great impact of DeFi applications, are falling like a black shadow on these goals. High transaction fees are forcing the retail user to opt out and hamper the wider acceptance of the cryptocurrency world.


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