Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => DeFi tokens => Topic started by: Smilez on May 20, 2024, 07:44:21 PM
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May 22nd is a special day for Bitcoin, it's the Bitcoin Pizza Day. It's a reminder of the first time someone used Bitcoin to buy something (two pizzas!) back in 2010. Since then, cryptocurrency has come a long way, with new technologies and innovations emerging all the time.
One exciting development is DeFi which allows people to lend, borrow, and invest without traditional banks. DeFi lending platforms, in particular, have caught my attention. I'm really interested in how they work and their potential to disrupt traditional finance. The best way to learn is by trying them out, so I'm testing various lending platforms to see how they compare. What do you think about these platforms? Are they the future of lending, or are there still too many risks involved?
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They are not new and some went bankrupt already. One project that I know of decided to run away just a few months ago so I can say I'm still a bit bitter about these DeFi lending projects. What projects are you testing right now? I can say that most are still far off from disrupting traditional platforms. Too soon to say whether they are the future or not. For all I know banks can simply copy the process and place KYC if they want to. CMIIW.
That being said, it currently offers something new compared to traditional lending. It is easier to use since most of the time you can simply connect and lend/borrow easily. Just remember that some platforms might require KYC, especially if they don't want to deal with US scrutiny.