Early this year, I shared about how I earned interest on USD stablecoins on BlockFi. Unfortunately, BlockFi subsequently experienced a minor hack in May thanks to “social engineering”. While assets and passwords were not stolen, customer personal data was. This event got me thinking and researching about viable alternatives for my stablecoins. This brought me into the land of Decentralised Finance (DeFi), an ever growing group of cryptoassets that hopes to disrupt the traditional financial system by cutting out the middleman.
As with anything that I invest in, I jumped in head first with some money to learn as I go while slowly committing more as I understand about it more. It’s been 2 months and its been an incredible learning experience. As I imagine most of my readers to be traditional investors, I hope to share some of the lessons I’ve learnt, implications of DeFi and hopefully raise awareness in the process....