The DeFi Chronicle- 3 Things I wish I knew earlier about Decentralized Finance

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I’ve been interacting in the Decentralized Finance space for around one year now. Affordable fees on the Binance Smart Chain prompted me to take a step towards what I am certain will be the future of finance. And while there are aspects about DeFi I love: yield, control over my assets, creative applications, thousands of potential investments, a monstrously growing ecosystem, and a giant step towards decentralization, there are also many things I can see improving in the future. Here are important lessons I learned in the past year that may save you from potential losses. The purpose of this article is to enlighten, not to scare, so you can avoid making mistakes I made.

1. Scammers

Scammers are a huge problem in this space. There is an endless supply of individuals looking to separate you from your assets. And, unfortunately, these scammers come in all different places.

• The Rugpuller: There was a period last year when degen yield farms were popping up daily on Polygon and the Binance Smart Chain. Most of them were created by anonymous developers. And most of us who invested in them suffered from rugpulls where the devs removed liquidity from the project leaving investors high and dry. In some instances, the tokenomics were designed in such a way that the devs…