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In our last lesson, we talked about whether or not yield farming is sustainable.

Today, we’ll look at the future of yield farming.

In the volatile, fast-paced DeFi yield farming space, it’s practically impossible to accurately predict the future.

You just never know what new sort of idea is going to pop up and become popular in the cryptocurrency market.

The general consensus, however, is that the lucrative bubble is likely to burst at some point.

The current levels of hype and expectation could potentially place too much strain on the network, causing problems with congestion.

Any resulting price corrections might end up with some yield farmers being unable to liquidate their assets.

This could then have a knock-on effect on the overall confidence in yield farming.

However, Nexus Mutual founder Hugh Karp says we might soon see more prosaic yield farming applications.

For example, forms of profit-sharing that reward certain kinds of behavior.

For example, what if COMP holders (the tokens rewarded on the Compound platform) decided the protocol needed more people to put money in and leave it there longer?

The community could create a proposal that shaved off a little of each token’s yield and paid that portion out only to the tokens that were older than six months.

It probably wouldn’t be much at all, but an investor with the right time horizon and risk profile might take it into consideration before making a withdrawal.

Whatever happens, cryptocurrency’s yield farmers will keep moving fast.

Some fresh fields might open and some may soon bear much less luscious fruit.

For now, yield farming remains a high-risk, high-reward practice that is worth pursuing, so long as you’ve done the necessary research and carried out your risk assessments in advance.

But that’s the nice thing about yield farming in DeFi: it’s very easy to switch fields.

In our next lesson, we’ll look at farming on Compound.

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In our last lesson, we talked about some of the top DeFi yield farming platforms like PancakeSwap.

Today, we’ll look at whether or not yield farming is even sustainable.

According to Decrypt, a number of Ethereum developers have said that certain yield farming projects won’t last and are “simply not sustainable.”

These projects — like DeFi meme tokens, whose prices depend on how humorous the public finds the memes behind them — often raise huge amounts of money in a short period of time, and are then forgotten.

Some of them have even been described as scams (especially the flash farming projects).

Other yield farming projects have involved experimental — and unaudited — code, which has led to unintended consequences.

For example, new protocol Yam, which was developed in only ten days, collected hundreds of millions of dollars in support, although it was unaudited.

Then, in just under 48 hours, their team discovered a bug in the code, which ultimately made governance impossible.

Prices plummeted and the YAM/vCRV Uniswap pool, which holds a little over a million dollars in liquidity, remains unstable.

The general consensus from experts seems to be “Invest at your own risk,” which is good advice for any investor.

Know what you’re getting into before you leap. Learn the lingo and know your markets so you don’t lose your shirt.

Steer clear of anything that sounds too good to be true (it probably is) and watch out for scammers who’ll grab your liquidity and run.

The more you know, the better your chances of making money at yield farming.

In our next lesson, we’ll look at the future of yield farming.

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Knowing which DeFi platform to choose is essential if you’re interested in starting out with yield farming.

Each of the following lending platforms has its own pros and cons, and will give you a different annual percentage yield and different transaction fees.

It’s based on the Binance Smart Chain, so be sure you have a crypto wallet that will handle BNC tokens easily.

PancakeSwap has several yield farms and all of them will require you to stake two tokens in order to obtain the LP tokens corresponding to that farm.

And by earning these LP tokens, you can also gain CAKE tokens, which are the governance tokens for the platform.

This is one of the biggest decentralized cryptocurrency exchanges and DeFi platforms.

It lets users earn interest on their cryptocurrency holdings by using its liquidity pools.

This one’s Ethereum based and allows you to swap ERC-20 tokens.

However, Ethereum also means its going to have higher gas fees, but it doesn’t require any identity verification or sign-ups to use the app.

This is a decentralized exchange built on the Ethereum blockchain, and it’s specifically designed to provide efficient trading between cryptocurrencies of the same value.

It also provides high annual interest returns on any crypto funds deposited by liquidity providers.

There are columns within the platform that will show you different APY you can gain by providing liquidity to each pool — alongside the assets you’ll gain in return (if any).

This is a cryptocurrency-based lending protocol that lets users earn interest on deposits and to borrow assets.

You can deposit stable coins into Aave and collect yield ranging from 4.78% up to 13.49%, which can be added to your current earnings in the form of staked AAVE.

Their DeFi lending pool is open source and allows customization for developers.

This is a decentralized exchange that uses the automated market maker (AMM) model to let users trade cryptocurrency tokens.

You’re given SushiSwap Liquidity Pool Tokens (SLP).

There are also other sushi-based incentives, such as swapping, liquidity pools, staking, and more.

Some of these platforms will offer the best yield farming if you provide liquidity, and you can use all of them in turn.

Remember to go over the total value locked on each platform so you can analyze how best to earn interest and be assured that the DeFi platforms you’re about to invest in are safe.

In our next lesson, we’ll look at whether or not yield farming is sustainable.

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In our last lesson, we talked about yield farming and what it actually was.

Today, we’ll look at whether or not it’s really worth it.

Of course, the ultimate answer depends on your specific goals and needs.

We’ll go over some of the pros and cons of yield farming, plus possible gains and losses, and let you make your own decisions.

Whether you’re just curious or are looking for the best yield farming strategy, you’ll need to know about these risks.

The pros of yield farming include a guarantee that decentralized finance (DeFi) will keep trading open to everyone, no matter what their background or country or origin may be.

And all activities are public ones.

Also, there are many applications and exchanges out there that will let you participate in the yield farming process because it’s currently so very popular.

Finally, it’s totally straightforward to get started with yield farming.

You just need some cryptocurrencies and a supporting cryptocurrency wallet.

Some disadvantages include the possibility of inconsistent returns because of the various risks associated with yield farming.

Profitable strategies can also be challenging to figure out.

And if the process is based on a blockchain network like Ethereum, which has higher gas fees associated with each transaction, farmers will see lesser returns because the fees will take part of each transaction.

APR or Annual Percentage Rate is that percentage of your initial deposit you’ll be getting back within a year, and this can be quite a range depending on the token and the platform you choose.

In some cases, you can earn 8%, 15%, or even more.

But you may just as easily incur a loss due to the volatility of cryptocurrency tokens — unless, of course, you’re farming with stable coins.

Another possible loss is called impermanent loss, and that can happen whenever you provide liquidity to the liquidity pool.

The price of your deposited asset might change compared to when it was deposited.

Note, however, that this is an impermanent loss: it’s only a true loss when you withdraw your liquidity from the pool at a lower price.

Yield farming is usually thought of as a safer option when compared to cryptocurrency staking, but it’s still a high-risk and high-reward venture.

If you’re interested in investing, do your homework and learn as much about the market as you can so you can avoid most of the risks.

In our next lesson, we’ll look at some of the top DeFi yield farming platforms.

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Yield farming is a lot like a bank loan.

It takes some know-how and there’s a learning curve, but once you figure it out, you can sit back and earn some sweet passive income.

You’ll be using your cryptocurrencies to do this, and, of course, the more you invest, the more you have a chance to collect in the end.

Yield farming operates mostly on the Ethereum and Binance networks, so it’s pretty stable and protected by blockchain technology.

However, you can pretty much trade any tokens or stable coins you wish.

Let’s look at how it works.

In a brick-and-mortar bank, you walk in and ask for a loan.

You put down your collateral and the banker loans you the money for a certain amount of time, at a certain rate of interest.

With cryptocurrency, you add your crypto to what’s called a liquidity pool, which is then handled by a smart contract.

This loans out your crypto to someone in the same way as the bank would, for a certain amount of time with a certain amount of interest.

Then, you get the returns in the form of the crypto plus the interest.

Some platforms also reward you with governance tokens, which can be traded on the marketplace.

There are risks to yield farming, of course, as with all investing.

You need to be familiar with the markets and with blockchain technology.

And you also need to be savvy enough not to fall for scams or crooked “get rich quick” schemes that will leave you holding an empty bag where your crypto used to be.

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Hi!

In our last lesson, we talked about the steps you need to take to register your company in various ways.

In this lesson, we’ll look at the remaining steps to get your business off the ground.

Once you’ve registered your domain and company, you need to think about how to create the perfect team.

Here are some recommendations:

Your team will need to have people who can operate a website, as well as experts in finance, financial law, marketing, or advertising.

You’ll also need people with experience in the banking sector, who understand how to build a credit business and assess credit risks.

Hire people with a long-term focus—offering long-term contracts and social packages with accumulating bonuses.

Look out for employees from other successful companies, who’ll have the experience, the necessary skills, and the understanding of your task.

Once you have your team in place, you’ll need to raise money for your start-up capital.

As well as your site’s content and other operating expenses at the start, you’ll also need some funds to issue your first loans.

Don’t expect investors to immediately flock to your site.

There are other ways you can collect money.

Primary Coin Offer (ICO/STO). You can create tokens that will bring dividend profits or reduce commissions.

Attracting Venture Capital. You’ll need to make a detailed business plan and reach out to people who tend to invest a lot of money in exchange for a share in the business (“angels”).

Team size, marketing strategy, and the cost of developing the platform will determine the amount of start-up capital you’ll need.

Creating a P2P lending platform will run around $10-200 thousand and it’ll take about the same for marketing promotion (a little less if you use bounty campaigns).

The next step is to develop your P2P platform.

You can hire a blockchain programming team or outsource the development to make your platform from scratch.

It’ll take between four to twelve months to develop your P2P from scratch.

You can also use customizable, ready-to-use solutions like a White Label program.

These are sample solutions not suitable for unique credit products.

It’s better to use an open source White Label because their products contain fewer errors and are more trusted by users.

Using a White Label product, your start-up time can be cut in three—and your costs will be decreased.

Next, you’ll need to create a web portal.

You need to include:

The maximum number of payment gateways incorporated into the portal.

An intuitive site interface that supports several major languages.

Some White Labels include basic website design, but use them only as a draft: your site design must be unique and recognizable.

Testing the site and platform comes next in the process.

Pay attention to the following:

Security: the connection with the user and payment gateways must be encrypted.

Personal data should be hidden behind seven seals and financial gateways are closed for 1000 and 1 lock.

Usability: when the user first accesses your site, they should understand how to register and apply for a loan or invest money.

Performance: you can find out the speed of loading a site on different devices using the PageSpeed Insights service, which includes tools to improve portal performance.

Before you actually launch your platform, conduct a marketing campaign, offering first users (borrowers and investors) discounts.

Thanks for listening!

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In our last lesson, we looked at starting a DeFi payment business.

Today, let’s discuss starting an open lending platform.

Now is the time to discover the world of peer-to-peer (P3P) lending.

The platform is secured with blockchain technology so you can invest in the open lending platform and engage customers.

How can you make use of this rapidly growing market?

The term “peer-to-peer” means issuing and receiving loans by individuals directly without going through the conventional financial institutions or intermediaries.

You could even view it as a loan app. The P2P software is developed by companies and intermediaries, and they’ll take their share of the income from both the borrower and creditor.

That could come in the form of fixed payments or a small percentage out of the sum of the borrower/creditor’s loan.

Here are some ideas you could use when thinking of an open lending platform for your business:

student loans, start-up loans, personal loans, business loans, car loans, mortgages, commercial lending loans, bad credit loans, medical loans, and micro loans.

Your capital requirement will depend on your objectives and goals for your P2P lending business. It’s important to make sure you’ve met the following requirements before launching your P2P business:

First, you need to decide on a business registration form.

When choosing this form, take into account the following:

Your second step is to register your company name.

Take into account the following:

Next, register the platform domain.

That’s your website address and it shouldn’t be very long.

It should also be easy to read. Abbreviations are fine if they’re the abbreviated form of your brand. Keep in mind the following important points:

We’ll continue this discussion in our next lesson.

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Hi!

In our last lesson, we looked at decentralized insurance companies.

Today we’ll talk about starting a DeFi payment business.

Starting a decentralized payment business is one of the hot emerging business opportunities in today’s market.

DeFi payments occur at the speed of light.

There’s no admin involvement until there’s a dispute regarding the payment transactions.

You don’t need any kind of technical expertise to handle the DeFi payment app or website.

All you need to do is create a platform that will be appealing to your customers.

Whichever type of DeFi project you’re working with, you will follow a specific development scenario.

This is slightly different from regular software development.

It’s all about decentralization.

DeFi isn’t run by any traditional financial organization or central authorities.

The blockchain enforces all the logic of an application or service.

To make this happen, you need to build smart contracts containing all the rules of the operation.

The DeFi development process includes:

1. Business Analysis

This is part of defining the project functionality and requirements, which will help choose the optimal tech stock and build the product architecture.

You should probably involve a business analysis at this stage.

2. UX/UI Design

This is an integral part of any application.

You’ll need the help of good designers to provide a unique user experience.

Whatever interesting and functional features you come up with, you need to correctly implement them into design.

3. Smart Contract Protocol Development

The correctness and security of your DeFi app depend on the quality of your smart contracts.

Keep in mind that smart contracts can both increase the security of your system and also make it more vulnerable to hackers if your architecture is incorrect or the quality of the code if poor.

Choosing an experienced development team is crucial at this step.

4. DeFi Integrations

This is one of the key features of decentralized finance.

One way or another, your product will be connected with other DeFi protocols.

However, all these protocols have different features and interfaces.

Therefore, you need to conduct a detailed preliminary analysis to make sure that integration is secure and efficient.

This is also one of the most difficult parts of developing your DeFi project because your development team needs to examine the code and architecture of other DeFi before starting the integration.

5. Front-End Development

At this stage, the development team brings the UX/UI design to life.

By choosing the best front-end frameworks and libraries, front-end developers build your product’s user interface with smooth navigation and fast-loading pages.

6. Testing

Before putting your DeFi product on the market, check to be sure it’s reliable and safe in all aspects.

It’s not enough just to make sure the system works as intended.

You also need to test for vulnerabilities and loads.

A security audit is one of your main tasks because bugs in your code could lead to loss of funds.

In our next lesson, we’ll talk about open lending platforms.

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Hi!

In our last lesson, we talked about financial platforms your business could utilize.

Today, we’ll take a look at how decentralized insurance works.

The insurance industry is one of the more profitable DeFi business areas you can focus on.

Currently, the insurance industry is a slow-moving entity.

For example, if you want to insure your car, it can take anywhere from seven to ten days to obtain that insurance.

This is because they’re using manual checking and managing options.

DeFi, along with artificial intelligence, can solve this delay problem for the insurance industry.

With faster and more secure approvals, the insurance industry can gain an acceptable level of trust that can lead to even more insurers signing on.

Let’s take a look at some of the insurance options available for today’s small to medium business owner.

This is a decentralized insurance fund that uses smart contracts to pool funds and distribute insurance claims.

Once an insurance claim is verified, the Nexus Mutual smart contract will pay out the insured party from the insurance fund automatically.

Investors in the fund get to vote on which smart contracts and crypto wallets they insure proportional to the amount of Nexus tokens in the fund.

This is the first insurance company that totally underwrites insurance for blockchain and cryptocurrency users.

Not only do they insure your crypto from online hacks, but they also insure against the loss of your private keys, which give you access to your cryptocurrency wallet.

Evertas also covers losses due to technology errors and omissions, which include smart contract failures, exchange outages, and hardware malfunctions.

This is a traditional insurance company that provides professional risk solutions for businesses.

It’s a publicly traded company on the New York Stock Exchange and offers commercial risk solutions in several blockchain-related ventures like crypto brokerages, cryptocurrency miners, and blockchain protocols.

This is a centralized insurance option for crypto wallets, smart contracts, and exchanges.

They don’t directly sell insurance to retail companies, as their focus is insuring cryptocurrency companies from online hackers.

They also let companies sell additional insurance coverage to their clients.

For example, exchanges can sell you private key coverage so you can be insured in case you lose your private keys.

The most unique thing about Coincover is that they offer users an insured crypto wallet where 100% of your cryptocurrency can be replaced in the event of a security breach.

It’s also amazingly secure, as its private keys are locked in an offline vault, so an online hack is virtually impossible.

In the next lesson, we’ll look at starting a DeFi payment business.

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Hi!

This time we’re talking DeFi or decentralized finance.

This is one of the hottest new areas of today’s marketplace and a smart area for small to medium business owners to focus.

In our last lesson, we talked about creating a crypto trading platform and asset tokenization, both of which can generate capital for your business in a short amount of time.

Today we’ll look at financial transactions.

As the name suggests, decentralized finance or DeFi should be most profitable and efficient for the financial sector of the market.

Decentralization and digitalization can manage financial transactions more effectively than human beings can.

This is, in fact, the reason behind the evolution of blockchain technology.

It’s more secure and more transparent than the traditional third-party financial system.

DeFi also allows you to reach people who otherwise cannot make use of the traditional banking and trading systems due to lack of a physical identification card.

These customers can trade physical assets like cash for safer digital cryptocurrency and do business with you in the digital world.

You can offer financial benefits like loans, trading, and even savings.

Here are some of the top small business crypto lending platforms you can research:

Just deposit your crypto assets into a Hodlnaut Interest Account and earn favorable interest rates.

“Digital currency should be accessible to all, with meaningful rewards and real flexibility—to secure a loan, send to friends, and build wealth.”

They offer daily interest and military-grade encryption to store private keys.

Cold storage holds the user’s funds and you can confirm operations through 2FA protection.

You can buy crypto at true cost and buy 55+ cryptocurrencies, such as Bitcoin, Ethereum, Ripple, and Litecoin with a credit card through their mobile app.

They even offer a Visa card.

In our next lesson, we’ll take a look at decentralized insurance.

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