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DeFi Economist: People in the industry know that it is worthless and just speculation.



In recent weeks, the cryptocurrency market has seen some strange shifts, from what started as a trend of sustainability proxied by burgeoning DeFi projects to a weird world of worthlessness.

One economist pointed out that rather than new money coming in, it’s more like cryptocurrency insiders buying these worthless tokens, ready to gamble and speculate. Is decentralized finance (DeFi) turning into a micro-bubble ready to pop, or is this free market experimentation at its best?

Polygon partners with Orbs and to launch an accelerator program: On May 18, Polygon partnered with Orbs to launch a program to support DeFi builders through the DeFi accelerator platform

Polygon and noted that the program will provide funding opportunities, mentorship and market exposure to selected projects. Accelerator Program participants must create projects on Polygon. The accelerator program will focus on developing projects that combine Polygon's layer 2 solutions with Orbs' layer 3 infrastructure. (Cointelegraph)[2022/5/19 3:26:25]

The fact that the crypto market is still highly unregulated is both good and bad and the ugliest, but the positive side is that it offers a lot of room for developers and other innovators to operate in the freest place in the world. New experimental projects are launched on the market.

Wan Hui: YFII "Second Uncle" saved DeFi farmers: Primitive Ventures founding partner Wan Hui (Dovey Wan) stated on Weibo that a new liquidity mining project chick was found to have a backdoor by the contract audit team of @证圆二妹夫 . And it is very malicious to disguise the contract definition "public" as "public1ic" so that others can look at it as a public function (but it is not), so you can transfer the money in the contract at any time... Various liquidity mining The stakes are simply too high, especially for an anonymous team.

I forgot to mention in the live broadcast yesterday that the composition and division of labor of Second Uncle’s community members, there are already 20 scientists for the contract audit alone. The selection of all candidate mining projects, auditing and mining strategies are the greatest competitiveness of the second uncle. This is a talent strength that a team that suddenly claims to be fully transformed into DeFi cannot accumulate. Even Sun Ge went online and overturned, right?

According to previous reports, the core developers of the YFII community said that the contract of the liquidity mining project has fatal risks, please avoid participating. The YFII community reminds the majority of "farmers" to pay attention to risks when participating in liquidity mining projects, and the safety of the principal comes first. [2020/8/24]

On the downside, this means that some experiments can go wrong, leading investors astray. The ugly thing is that manipulation and bad actors still exist, but at this point crypto insiders should know better how to avoid it.

DeFi loan protocol bZx has open sourced the v2.0 contract code: On June 13, the DeFi loan protocol bZx officially announced that it has open sourced the v2.0 contract code, and the code is running normally, and is currently being tested by all parties. After the review is over, the official version of Bug Bounty v2.0 will be released. [2020/6/14]

Oddly, however, crypto insiders have been the most involved lately, adding fuel to a blazing fire that could burn some.

More recently, decentralized finance has become an industry in its own right, in its own micro-bubble reminiscent of the ICO boom just as DeFi broke away from the rest of the crypto market.

Just like back then, the value of Ethereum skyrocketed thanks to projects built and launched on smart contract platforms with ERC20 tokens, resulting in many projects popping up and making some investors rich overnight.

Uniswap is a decentralized exchange and "automated liquidity pool" where developers can issue new tokens of any kind, giving birth to a portion of cryptocurrencies designed to be worthless. Certain descriptions of these projects claim to have no use case at all, yet liquidity is being injected into these assets.

Some have made thousands of percent in a matter of days, thus driving even more money into these cryptocurrencies.

The main difference between DeFi now and the ICO boom is that this isn’t new money being scammed into buying the next big project. According to economist and cryptocurrency market watcher Alex Kruger, this is the operation of cryptocurrency insiders who are still willing to gamble on these purely speculative assets.

These same crypto insiders have also seen ICOs rise and fall, bubbles pop, and assets plummet, but the allure of making a quick buck is often worth the risk for many. Further highlighting the issue, some cryptocurrency investors have profited from Bitcoin's 60%+ year-to-date gains, while many altcoins have risen multiples.

The DeFi boom has revived interest in cryptocurrencies, and a bubble may already be forming. However, this bubble seems to be contained only in DeFi, although it has positive effects on all cryptocurrencies, the biggest downside is that it is worthless coins that are involved in gambling, and this is what crypto insiders are doing .

The fear and greed index for the cryptocurrency market has reached its highest level since 2019, further suggesting that a bubble is forming, and this marks one of the highest readings in the history of the index.

The original text comes from newsbtc, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.


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