Throughout the history of cryptocurrencies, conditions have been mostly speculative, and so, during the last bear market, many blamed the lack of useability. However, there have been applications, early on NFTs were very promising. NFTs are a digital manifestation of an item, yet, even with apps like cryptokitties, which were a huge success within the industry, its reach did not extend outside the cryptosphere. It was not until DeFi, did a full on mania emerge.
Decentralized Finance, empowers users to fulfill services that had previously been exclusive to traditional financial institutions. Assets are now collateralized, leveraged, and more, all in order to incentivize holders to make use of idle tokens. And so, fortunes were made over the summer of 2020, platforms even airdropped welcome tokens to their community for using their network, which was certainly worth the transaction fee. The glamour was felt by everyone. But was it a false sense of security? Many are calling this week’s volatility the macro top, and it would be hard to disagree.
Meanwhile, the DeFi battle has just begun. Although several DeFi blue-chip protocols lost market cap and confidence since underperforming during the last run against BTC and ETH, their services have continued to grow, and they will continue until traditional institutions are forced to participate in order to compete. The future of blockchain is promising, even NFTs have regained the spotlight, selling at extraordinary prices.
If the current risk is too great to speculate, there are options. The ability to gain interest, at a rate higher than what a traditional bank would offer, is easy to find, and users can participate with stable tokens to help mitigate further risk. The time to get your wealth on-chain and participate in an emerging market to preserve your wealth against the coming inflation with minimal risk is available now, and ChainMyne is the best entry point into DeFi, offering the cheapest and most secure ramp for fiat currencies to engage with the most popular dApps, and the many dApps that will come in the future.