Read on Twitter
1/X:The way this entire YAM thing unfolded, how it was shilled by many in the #ethereum community, how security was thrown out of the window due to short-term greed has really angered me.
I wrote a post about it and how we need to build sustainable #DeFi: https://blog.rotki.com/2020/08/13/sustainable-defi/
I wrote a post about it and how we need to build sustainable #DeFi: https://blog.rotki.com/2020/08/13/sustainable-defi/
2/Χ: Would love some feedback from @tayvano_ @hudsonjameson @ameensol @evan_van_ness and others in the community about it
Am I too harsh? Is my idea of slow and careful development unrealistic? Do we have to burn through our user's money and trust to build DeFi?
Summary below
Am I too harsh? Is my idea of slow and careful development unrealistic? Do we have to burn through our user's money and trust to build DeFi?
Summary below
3/X: Post starts by explaining what DeFi is, in case some non ethereum people read it.
Then it starts to look at the bad side of DeFi. Compares normal yield farmers with the irresponsible so called "Defi Degen"
Then it starts to look at the bad side of DeFi. Compares normal yield farmers with the irresponsible so called "Defi Degen"
4/X: Gives a quick summary of what happened with the YAM fiasco
5/X: States the obvious that this was very much avoidable from the very beginning and that in fact many people including myself had warned of the danger and of the eventual outcome.
6/X:
Highlights the Ponzi game nature that YAM had and how the early farmers were incentivized to shill an unaudited,untested mashup of code so they can get more people in the game to dump their bags onto
This is what has really pissed me off personally.I find this inexcusable
Highlights the Ponzi game nature that YAM had and how the early farmers were incentivized to shill an unaudited,untested mashup of code so they can get more people in the game to dump their bags onto
This is what has really pissed me off personally.I find this inexcusable
7/X:
Then the post tries to do a quick calculation of what did this failed experiment cost us.
Important to note that the loss is not just monetary. Ethereum people could not use the blockchain for days and outsiders laugh at us and call us a scam. This is fuel for the maxis.
Then the post tries to do a quick calculation of what did this failed experiment cost us.
Important to note that the loss is not just monetary. Ethereum people could not use the blockchain for days and outsiders laugh at us and call us a scam. This is fuel for the maxis.
8/X:
Then the post tries to look towards the future and how we can improve.
How DeFi should be used responsibly by users and how important due dilligence is
Then the post tries to look towards the future and how we can improve.
How DeFi should be used responsibly by users and how important due dilligence is
9/X:
On the same note how DeFi founders also need to be responsible and NEVER TEST IN PRODUCTION.
Or if they do, do it responsibly by setting deposit limits and/or escape hatches.
There is no excused for not protecting your users.
On the same note how DeFi founders also need to be responsible and NEVER TEST IN PRODUCTION.
Or if they do, do it responsibly by setting deposit limits and/or escape hatches.
There is no excused for not protecting your users.
10/X:
Finally thinking on what it will take to create a truly sustainable and permisionless DeFi ecosystem where even "normies" can participate in. What will it take to reach mass adoption.
Finally thinking on what it will take to create a truly sustainable and permisionless DeFi ecosystem where even "normies" can participate in. What will it take to reach mass adoption.
