Over the last year we have seen the rise of DEFI (Decentralized Finance) take over the world of cryptocurrency. When I first went down the rabbit hole of Bitcoin in 2011 it was about decentralized money. We needed to take back control of money from bankers. Then, with the rise of Ethereum we were able to launch startups during the ICO craze of 2016-2018.
Then in 2019, HEX kicked off the DEFI craze we see today. HEX was the first completed crypto product I had witnessed. There was no roadmap. The code was written and anyone who wanted to participate in the world's first decentralized Certificate of Deposit could simply deposit HEX into the smart contract. Their HEX would become shares which upon completion of the contract would yield HEX in the form of Trustless Interest. Boom, the first truly decentralized DEFI product in crypto was born.
Shortly after the launch of HEX in December of 2019 the community realized that they did not need to use centralized exchanges (CEX) to buy HEX. They could use a little known decentralized exchange (DEX) called Uniswap. There was no KYC, AML or sign up process. All you needed was your Metamask wallet or any other Ethereum wallet, and a computer connection.
Due to some gatekeeping by the Uniswap team the HEX community had to add the HEX contract address into the Uniswap exchange but word travelled fast and everyone was using it. I was witnessing the birth of something I had been dreaming about since I first heard about Bitcoin in 2011. A truly decentralized way for us to buy and sell our crypto assets. Uniswap was a dream come true for believers in decentralization!
<--- Guess who made uniswap popular.— Richard Heart: HEX.com pays 25% APY!🚀M⬣⬣N (@RichardHeartWin) September 2, 2020
Link to the Richard Heart Tweet About Uniswap.
What Happened Next in Crypto Blows My Mind!
Fast forward to mid 2020 and the DEFI craze has hit full speed. It seems everyone on Crypto Twitter is shilling the latest Yield-Farming token. Whether it was AMPL, Yam, Hotdog, or Sushi it seemed we were being bombarded with the latest fad in Crypto. It reminded me of a scene from. “The Wolf of Wallstreet” which I edited to fit this article.
“What we're gonna do is this. First we pitch 'em Bitcoin, Ethereum, Link, top ten coins exclusively. Blockchains these people know. Once we've suckered them in, we unload the dog s**t. The yield-farming, where we make the money. 5000 percent commission, baby.”
I was embarrassed for the community. We saw CZ from Binance and Arthur Hayes of Bitmex both shilling this garbage! I witnessed CZ list Sushi on Binance and within a week the project had its liquidity on Uniswap pulled! Read the whole disgraceful exit scam excuse here from the Sushi chef himself.
My Opinion on What is Happening in DEFI.
- This one seems obvious but Binance and other centralized exchanges are threatened by DEX’s like Uniswap and Mooniswap.
- If CZ of Binance, the proud owner of Coin Market Cap truly supported decentralization he and his organization wouldn’t gate keep HEX.
- The easiest way to discredit DEX’s and keep the trading on CEX’s is to make people fearful to use them. “Be careful, fearful people, bad players with bad intentions use DEX’s”.
- Let’s create or support absolute garbage tokens and watch them exit scam repeatedly and then we will launch our own competing products which will be centralized. CEFI or DEFI it Doesn’t matter according to CZ.
- Why in the hell would the old order support DEFI? The answer, they don’t! Yield-Farming was a ruse and they used Uniswap as their trojan horse to attempt to destroy decentralization.
Look up and remember who did and said what during the last week of SUSHI's rise, and adjust your estimates of their credibility accordingly. https://t.co/vZN6IzLxJq— vitalik.eth (@VitalikButerin) September 6, 2020
What Can Be Done to Undo the Damage Caused By the Recent Events?
The best part of this latest craze is that it did not harm no-coiners so we have seen little media coverage outside of the crypto space. Phew, it could have been much uglier. Start by calling out the influencers who tried to get you spun up in a greed frenzy. Many people lost a large amount of money over the last few months chasing the latest Carrot.
Support truly decentralized projects like HEX. Everyone knows I am a huge supporter. Even Andreas Antonopolous blocked me on Twitter over it. You know I am serious about something when I just don’t care what a person's opinion on the matter is.
You would think a completed product with no need for a CEX or any middle man whatsoever would be applauded by Crypto Twitter but no, they prefer to chase Yield-Farming food tokens.
HEX has a big event coming soon. It is the end of the launch phase. The last day to participate in the adoption phase is November 19th. Click here to participate. If you have any questions I am happy to answer them. You can contact me on Twitter, LBRY or Youtube.
Now I would like to ask a small favor. The HEX community has been gate kept by CZ and CoinMarketCap. HEX is a top 30 Crypto according to the fairest crypto ranking site Nomics.com. CoinMarketCap has HEX ranked 202. HEX fan TheAnnette on Twitter started up a campaign called #AddHEXtoPageOne. Although I took my business to Nomics and CoinGecko a long time ago I still think that we should have transparency in crypto. CZ can do what he wants but I believe he is setting a precedent of control in crypto and if history serves me right most of us OG’s got into crypto because we don’t like to be controlled!