DeFi Facades

13 comments-0 reblogs
avatar of @penderis
LeoFinance Badge
2 years ago - 3 minutes read

Just like many, I jumped on the Binance Smart Chain bandwagon. A new blockchain is similar to the Tardis, it always seems rather pointless and stupid from the outside but so spacious once you step in.

Unfortunately, the Tardis is not real but illusions are. With the "rise" of DeFi many blockchains are now able to easily replicate that illusion and since we all like a good time, why not step right in.

There is money to be made after all. Although seems to me I could be milking Hive, Leo and POB a lot harder but I will leave that to people with personalities and shit to say.

Anyway... I am currently deep into the Bsc DeFi facade and recently their scaling issues have become more and more apparent. With today having been the worst I have yet experienced.

Like Hive, Bsc relies on nodes and "witnesses" now they have not really made it worthwhile to be a "witness" so I am going to assume they also do not make it worthwhile to be a node.

If you intend on delivering faster output, and with that handle more traffic than the supposed thing you wish to surpass. Then you should probably not have a single point of failure such as a few nodes and highly paid but limited amount of validators.

That is basically what government is, and I don't see them doing any work worthwhile.

Well, I might just be wrong but that is my off-the-cuff reasoning for Bsc basically shitting the bed.

It makes you wonder what are the other options, and how nice is their ecosystem. Bsc is convenient, purely because of metamask integration and no other reason.

From a dev perspective I can see how they also like the fact that the code is easily ported over from Ethereum. I think there are a few chains with "Eth" compatibility but they did not have Binance backing them so that makes it a bit harder to get people on board.

I have been looking at Fantom for a while now, but not really jumped in. One farm I used on Bsc, HyperJump (Alloy) has now integrated with Bsc and Fantom. That would be a good entry point to start playing on Fantom, which seems to also have "native" DeFi - staking mechanics on their chain.

Tezos is another which although they don't seem to have any proper or recognizable DeFi options do have a pretty big NFT market making it one of the most viable alternatives to any other chains NFT markets including ETH and Bsc.

With more bridges and simpler ways of moving from say a BEP20 token to another chains Native token without either being on any centralized exchanges it is also a lot more viable if not necessary to take advantage of the diversity offered and further push competition in the respective arenas'.

Although DeFi and NFT are merely facades to the chains, they can serve as a stress test. Not to mention they can make many people a ton of money, I would hope so because we are doing the effort to test their shitty software :)

So I don't think any of these chains are Killers, and that is why I think I should jump in and start growing along with their ecosystems. Although none are killer, not Avalanche, or Solana. They can still outpace each other and instead of arbitraging between the same token maybe a person needs to look at arbitraging ecosystems.

Posted Using LeoFinance Beta