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How to get started with DeFi
“DeFi is what happens when you combine the power of crypto with the openness of the internet”
–Nick Szabo
Recorem has conducted another fantastic Masterclass on how to get started with the De-fi with Shalu Panwar, Co-Founder of Trikl, as our guest speaker. From being an IIT Bombay graduate to establishing her own startup, she has come a long way.
The event provided a roadmap for those who want to get into DeFi. The event kickstarted with evolution of internet and what is web3
Web 1.0 :
Read only
Web 2.0:
Participatory
Centralized
Web 3.0:
No intermediaries
Decentralized
USE CASES OF WEB 3.0
Defi: Ecosystem of financial applications based on blockchain that operates without any third party or central administration
NFTs: Non-fungible tokens are new type of digital token where every token is different and holds unique characteristics
Metaverse: Metaverse is a network of 3D virtual worlds focus on social connection
Web2 to Web3: so many use cases in web2 which can be made better in web3 world
DAOs: Entity structure in which tokenholders participate in the management
WHAT IS DEFI?
Decentralized finance is an ecosystem of financial applications based on blockchain technology that operate without any third party or central administration intervention. it uses a P2P network to establish decentralized applications that would enable everyone to connect and manage their asset regardless of their status and location. It aims to provide an open source transparent and permissionless financial Service environment
BENEFITS
Transparency- Since the defi app is open source it is completely auditable to know exactly what the smart contract is doing in terms of functions user permissions and user data
Transactions are in real time- The underlying blockchain is updated the moment a transaction is completed, and interest rates are updated multiple times every minute.
Many DeFi protocols are open source. Ethereum and other projects are built with open-source code, which is available for anyone to view, audit and build on. Developers can easily connect multiple DeFi applications built on open-source technology to create new financial products and services, without having to seek permission.
TRADITIONAL V/S DECENTRALIZED
Decentralized finance continues to gain traction in part because it is more open and transparent than traditional Finance
Anybody with programming skills can take part in building financial services and tools on top of public blockchain
User onboarding and easy access is the main driver of the growth of traditional finance
One must obtain proper license and authorization from regulators has limited information around the traditional financial system
WHAT ARE WALLETS AND ITS TYPES
Custodial Wallet vs Non custodial wallet:
Non custodial crypto wallets give you complete control of your keys and therefore your funds
Most (but not all) web based Crypto wallet are custodial wallet and it’s very likely that the first time you purchase Crypto via custodial wallet.
Hot Wallet vs Cold Wallet
Hot wallets are always connected to the internet.
These are less secure but have more accessibility prone to Cyber attacks risk of losing assets
Cold Wallets are offline wallets. They have a physical hardware present to store the assets.
They are more safe but not at all suitable for regular payments.
ARC OF DECENTRALIZED FINANCE
Lending: Offering cryptocurrency loans in a trustless manner. You or smart contract hold the money instead of banks or centralised party
Collateralized loan- borrowers need to deposit tokens worth more than the loan amount.
Liquidity: Total value locked without liquidity, there is no DeFi.
DeFi protocols provide incentives to the liquidity providers.
Low liquidity leads to slippage.
USE CASES OF DEFI
1. Asset Management:
-Solution for network users to sell, buy and transfer digital asset and manage them -Maintain their sensitive data and the privacy of their account
2.DAOs
3. Synthetic assets:
Assets whose value is derived from a different asset or benchmark
Synthetic assets are tokens that are digital representations of derivatives
4.P2P lending and borrowing
CHALLENGES IN DEFI
Low Liquidity
Bad User experience
Smart contract bugs
Oracle manipulations
Regulations
You have successfully taken your first step into the world of DeFi.
If you are someone looking to work in the DeFi Industry, Log in to Recorem and start applying NOW!
#defi#decentralised finance#finance#blockchain#crypto#web3learning#web3events#web3jobs#career#web3community#web3
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Web3 Event at Recorem | How web3.0 companies market? | Sept 21
➡️ Join Shreya Berry, Partnerships and Business Development Associate at Unifarm
✅ How do web3.0 companies market?
➡️ High Paying Web3.0 Jobs like Blockchain Developer, & Many more Opportunities will be listed at the Live Event!
🕣 11:00 AM EST
🕣 5:00 PM CEST
🕣 8:30 PM IST
💼 This event will feature 200+ Web3 Jobs & Internships!
🏆 Attendees will receive FREE NFT minted Certificates!
➡️ Register Now: https://www.recorem.com/spectator-mode/171/how-web3.0-companies-market-
✅ Join our Discord for more updates: https://discord.gg/F9AFMbuJ9x
#web3#web3jobs#web3events#web3learning#web3community#event#blockchain#nft#defi#dapps#decentralized#jobs#career#networking#internship#marketing
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📢 Join our 11th event on Sept 14th with Shalu Panwar from Trikl to Learn:
✅ How to get started with DeFi?
🕣 11:00 AM EST
🕣 5:00 PM CEST
🕣 8:30 PM IST
💼 This event will feature 200+ Web3 Jobs & Internships!
🏆 Attendees will receive FREE NFT Certificates!
➡️ Register Now: https://www.recorem.com/spectator-mode/170/how-to-get-started-with-defi
✅ Join our Discord for more updates: https://discord.gg/F9AFMbuJ9x
#web3#web3jobs#web3events#web3learning#web3community#event#blockchain#nft#defi#dapps#decentralized#jobs#career#networking#internship
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📢 Join our 10th event on Sept 7th with Prajwal More from QuillAudits to Learn:
✅ The importance of smart contracts security
✅ Know the attack (reenterancy, front running, block, timestamp)
✅ Ways to secure the attack.
✅ Best practices for solidity
🕣 11:00 AM EST
🕣 5:00 PM CEST
🕣 8:30 PM IST
💼 This event will feature 200+ Web3 Jobs & Internships!
🏆 Attendees will receive FREE NFT Certificates!
➡️ Register Now: https://www.recorem.com/spectator-mode/169/introduction-and-importance-of-smart-contract-security
✅ Join our Discord for more updates: https://discord.gg/F9AFMbuJ9x
#web3#web3jobs#web3events#web3learning#web3community#event#blockchain#defi#dapps#solidity#smartcontracts#reentry#decentralized#jobs#career#networking#internship
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Learn Applications of Governance and DAO in Web3 with Recorem | July 29, 8:30PM IST
📢 Join our 5th masterclass of "Transitioning into Web3.0" with Raj Karia Founder of Truts and Learn:
✅ Learn the Applications of Governance and DAO in Web3
✅ Know why do DAO matters?
✅ The Promise, Implications and Challenges ahead
📆 July 29
🕣 8:30 PM IST
✨ Learn, Network & find opportunities in Web3!
💼 100+ High Paying Web3 Jobs like Blockchain Developer & Internships, from 50+ Web3 companies worldwide for you!
Join our Discord for more updates: https://lnkd.in/d9KAGUTZ
Register FREE Now:
#web3#web3jobs#web3events#web3learning#web3community#event#dao#daocommunity#blockchain#nft#nfts#nftcommunity#defi#dapps#cryptolearning#decentralized#metaverse#metaversenft#metaverseevents#jobs#career#networking#internship
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Would You Like to Know How is Web3.0 revolutionizing gaming? Join Us SOON!
🚀 Join us for our 4th Master class with Zachary Pelkey CTO of Valist, Inc. and Learn:
✅ How Web3.0 is revolutionizing gaming
✅ How Valist, Inc. can be the steam of blockchain gaming distribution
✅ High Paying Web3.0 Jobs like Blockchain Developer & More!
📆July 27
🕣8:30 PM IST
✨ Learn, Network & find opportunities in Web3!
💼 100+ Jobs & Internships, from 50+ Web3 companies for YOU!
➡️ Register Now: https://lnkd.in/gp6cyitC
Join our Discord channel for more updates: https://lnkd.in/d9KAGUTZ
#web3 jobs#web3#web3events#web3learning#web3community#event#blockchain#defi#dapps#decentralized#jobs#career#networking#internship#crypto
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Problems with software distribution in Web 3.0
📢 Join our 3rd masterclass on July 20th with Alec M. Wantoch
CEO of Valist, Inc. to learn:
✅ Problems with software distribution in Web3.0
✅ How the Git-Hub of Blockchain helps you monetize your software products, & Games
✅ High Paying Web3.0 Jobs
💼 100+ Web3 Jobs & Internships, from 50+ Web3 companies worldwide for you!
🚀 Learn, Network & Find Opportunities in Web 3.0
➡️ Register Now: https://lnkd.in/gvn9e3jz
Join our Discord channel for more updates: https://discord.gg/F9AFMbuJ9x
#web3#web3jobs#web3events#web3learning#web3community#event#blockchain#nft#defi#dapps#decentralized#jobs#career#networking#internship
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