Egggg yolk, what's the scramble with those faithful viewers of the Chico Army & the newbies,
the lowly viewers of the tube.
My name is Tyler, the host of the crypto channel, whose content discharges, when you least expect
it.
Don’t slip, potato chip.
It’s time for Chico Crypto!
So my friends, you gotta know I love DeFi...decentralized finance, and the power it gives to your assets,
it like something we have never seen before.
Try to think back 10 years ago, even 4 for some, shoot even last year for many.
Your dollars, aka the large chunk of manys assets...what did they do??
They sat in your bank account, and did nothing.
Now, what can your “dollars” do in DeFi??
Well a whole lot more...you can easily lend from a hardware wallet from the comfort of
your own home.
You can borrow too...you can pool your assets, in different ways too... pool for charity,
pool for yourself, or pool for lottery.
Now, over the past few months, since DeFi started trending and bubbling like mad...
Many people and teams have taken advantage of the DeFi hype and have built products and
protocols, some with value built in...and some just plain hogwash crap.
To see the ones that have value baked in, you gotta see which ones are actually being
used.
Bitquery, data & blockchain analytics firm, put out this tweet, 2 days ago.
It showed the dapp smart contracts with the top unique users.
Of course Uniswap with over 220k, was number 1.
But 2 is a suspected ponzi forsage, 3 was sushiswap with just over 18k, then 4 wETH
with a similar number, 5 maker dao with just over 10k, then 1 inch, aave, curve and it’s
yCRV vault, and finally last idex with just over 4400 unique users.
You gotta have use to have value, and many, I say many of these defi projects that came
out of nowhere are going to have a rough road ahead....users are already slim, for many
of them, and are held up by DeFi whales, if users stop flowing and the whales exit….they
will crumble.
But regarding use, and this DeFi hype...getting to a peak, we gotta bring up FEW token, which
within 24 hours exposed some of the industries biggest DeFi influencers, for what they wanted
to become.
It all started when a Sam Ratknar, put out this tweet thread.
He said here’s how FEW started “ It started when I invited a few people to join an experiment.
Get some of the industry’s smartest people together, equally distribute tokens and see
what happens.
The telegram chat was called “The Experiment”.
Within a few minutes, we had really cool people like
@defidude @Melt_Dem Meltem Demirors @AlexMasmej @jessewldn @jdkanani CEO of matic & many others,
including Anthony Sassano
Many many big DeFi names and influencers & sam ended the tweet with “This project was created
as an experiment to create value for the ecosystem.
Within a few hours we’ve had the whole industry’s attention and so much mindshare.
I don’t know what’s going to happen next.
What I will do is set up the multi sig and the community will decide how to move forward,
as they have been.
So everything sounded good right, sounded like the next big thing???
Well literally as we can see the same hour of the last tweet, someone tweeted this.
A rarible NFT of a screenshot, Anthony Sassano, saying “yeh we need people to dump on”
a screenshot from the experiment telegram group.
Then a crypto detective at the bottom dropped a telegram chat dump, from the group, with
DeFi dude, Alex Masmej & Sam speaking of shilling, DeFi dude saying they have no idea what they
are doing, a colin platt speaking of exit scam, alex saying this is getting crazy we
all may go to jail...DeFi dude saying we PUMP it..legally LOL…
So this is scary you guys, as within that too, DeFi dude, reposted a message from Anthony
Yoon...which says trying to get $meme listed on FTX, will work on FEW.
Who is Anthony Yoon?
Well he works for FTX, as seen from his twitter, BD @FTX & as we can see Sam BankmanFried joined
the chat saying yo, yo yo!
If these chat’s wouldn’t have been leaked, something terrible could have been conjured,
resulting in a massive P&D. as you can see in the leaked chat they were comparing it
to $MEME...what has happened to MEME since?
DUMP, like a big one, from 2 grand to below 750 as of yesterday.
Some involved have put out their sorry responses, like Anthony Sassanno saying it was just a
joke.
Well bud, ya this may be a joke to you, who is sitting on stacks of crypto, just looking
to increase your wealth more, but for many, they get sucked into these hyped coins, many
at the top, and lose, lose a ton.
It’s not a joke for them.
I’ll tell you right now, it grinds my freaking gears, that many in the space, already wealthy,
are trying to take advantage of what makes Ethereum special.
DeFi is good, NFTs are good, but worthless tokens, and using influence to pump them,
please... that is about as evil as it gets.
So, I wanna try and direct my followers to the good in the space.
I’ve told you Ethereum is good, DeFi is good, and NFTs will be the next wave.
Well that’s true & let me show you exactly why…
So Ethereum, it’s good, and there are many good developers working on advancing the protocol.
Who are these people?
Well a good place to find out is the Ethereum Core Dev meetings, clicking into them you
can see Attendees to the meetings, Vitalik, Hudson Jameson, and other core developers
not tied to a single token or project, but many tied to Conensys.
These are the devs who have been messing around with Ethereum, many of them, since its launch,
while that DeFi influencer crew, many of them, have been only messing with it for under a
year.
Now a majority of the time, it's’ the core devs who are at the meetings, a mixture of
different ones, usually those not involved with a token, but with core infrastructure,
as we can see in meeting 93, a wei tang was invited...who is wei?
Well as we can see, he works for Parity, core ethereum infrastructure...which means he works
for Gavin Wood aka Polkadot.
Going back further, meeting 77 December 2019, wei tang once again in a core meeting...then
meeting 62 May 2019, Zachary Williamson was there of Aztec protocol, once again core infrastructure
with ZKsnarks….
But once in a while, core devs need a little help from the outside, and this research led
me down a little rabbit hold.
August of 2018, core dev meeting #45 went down, and this one had the longest list of
attendees, including a long list of guests.
From the Ethereum foundation, consensys, and beyond.
Look who is #1 listed.
Igor Barinov (POA/Mana Clinet).
We know Igor, he is the founder of xdai.
Now what is Mana? because as we can see igor updated status on it in client updates.
Well it was an Ethereum client, launched months later, November of 2018 in collaboration with
POA aka xdai, compound, and consensys.
Now Consensys, put out a developer tool guide, and they list the tools for those looking
to dive into the world of Ethereum, as we can see in Clients, Mana ended up being the
Ethereum full node implementation written in Elixir, and as we can see above exthereum,
ended up being the Elixir client.
As we can see Exthereum, was of course built in collaboration with POA aka xdai, as they
give thanks for the community effort and support.
Now I wanna scroll down to the Developer Guides for 2nd Layer Infrastructure...they of course
have payment channels, plasma, which of course we know is Omisego.
What’s funny is they are using exthereum too...Mason Fischer, an exthereum dev put
out this blog post in March of 2018, explaining how Compound, POA came together and started
building this.
He then says this “Around that same time, the managing director of OmiseGo reached out
to us and said they were exploring the idea of using Exthereum in their Plasma implementation.
When we got on the call they told us that Exthereum was also being considered for the
Ethereum Foundation Grants Program.
They’d been in contact with Vitalik, and said he supported funding us as well”
Hmmmm..well the layer 2 they have in the dev tool quide, is Sidechains.
And look at what’s listed.
POA Network: Consensys says: POA products are for people who believe that the Ethereum
protocol must be cheap, fast, and scalable.
POA, xDai, BlockScout, TokenBridge, POSDAO, NiftyWallet.
Then they list the bridges and Loom Network.
So, I’m just calling it like I see it.
POA and xdai is everywhere in the Ethereum ecosystem.Stuff they have worked on & built
is within Plasma, exthereum is obviously used by compound, and Consensys has partnered with
them.
Now all you have to do is look at Coingecko...compound and OMG Network with Plasma, they are right
next to eachother, #39 and 40 and both over 430 million dollars in market cap.
Now how about xdai??
#134 and just over a 64 million dollar market cap.
Something seems out of wack to me.
Now what didConsensys say about POA: their products are for people who believe the ethereum
protocol must be cheap fast, and scalable.
Well that is what it is, and I’m going to show you today….just how fast, cheap, and
scalable it is.
Honeyswap, is a uniswap fork built on top of xdai.
As we can see both liquidity and volume on it has been surging lately.
Well let’s go trade.
So first you should probably get your hands on some xdai, as it’s the main currency
of the exchange, which can be done by using the token bridge, turning dia from ethereum
to xdai on its chain.
Now that we have some xdai in the wallet, let’s go trade on honeyswap.
A small trade, 10 bucks, 10xdai for stake.
Usually on Ethereum, the gas fees would make a trade like this unfeasible, unrealistic.
Not on xdai...easy, and simple just like Uniswap, the gas fees are literally nothing, .000143
of and xdai, aka a buck...fast and swift, and it literally confirms the transaction
in metamask before you can pull up the transaction explorer to check & then just refresh to see
your balance.
That could have taken 5 mins on Uniswap, or more & cost me 10 bucks, just in gas fees.
So you could even be like ahhh I didn’t wanna make that trade, and switch back in
the blink of any eye, without paying ridiculous fees.
Now when I see opportunity, I see opportunity and Honeyswap, UI, speed and fees are hard
to beat.
Going back to the liquidity of Honeyswap, we can see it’s three.
Honey currency for the HoneyDAO, xdai, and stake, the rest not much.
Why is this?
Well, it’s been limited unless you were a developer, knowing how to code, or wanted
to use some of their experimental bridges.
But xdai is coming out soon with the Omni bridge, and the friendly UI, which as we can
see will allow users to Bridge any ERC20s between Ethereum and xDai.
Now there is an actual UI, digging in further to that section they have a warning about
it “OmniBridge and OmniBridge UI is experimental software in Beta, use at your own risk.
Unofficial OmniBridge UI can be accessed here with a link...
Going to that, ohhh nice looking sweet, easy and simple.
How about we use it and swap xdai back to ethereum.
Lets swap 1 stake from xdai to the ethereum mainnet, bridge fee takes .001...i’m ok
with that, and whoooo look at the fee, nada zilch .00023 of an xdai and confirmation of
it, quick.
When this is fully launched ready, out of experimental and into full production, much
liquidity IMO will flow to xdai.
Low fees, and a similar experience people are used to.
Now a lot of people are looking to make the scalable, low fee Uniswap clone...I’m sure
you know Andre Cronje...he tweeted, the Uniswap unicorn all in black and white, with vampire
teeth and he said “(for context; busy setting up @UniswapProtocol on another chain that
needs base layer liquidity, this is nothing related to ETH uniswap, but thought the logo
they made was cool) And zooming in on the eye, its Fantom’s logo, who Andre is a technical
advisor for.
So is Fantom going to be releasing a Uniswap clone here soon too?
Well Andre tweeted about cross chain DeFi recently saying Layer 2 is coming together,
then a ZhaoJun said “Anyswap can deploy the cross-chain bridge for Fantom.
We can run the DCRM nodes together.
Andre replied “Spoke to DJ, integrating Opera mainnet is on the roadmap, but not ready
yet ;)
So they aren’t ready, yet...while xdai & honey are about to move full steam ahead!
Cheers viewers I’ll see you next time!