SPONSORED POST*
DeFi or decentralised finance is a technology on the rise that eliminates third parties and centralised institutions from transactions. This system is what is known as a trustless system – in which each party does not have to ‘trust’ another party, ie a centralised financial body to carry out their transactions, the code in the smart contract takes care of it all.
DeFi is so important to pay attention to after the implosion of the centralised exchange FTX. In this article, I will examine Uniswap (UNI), Ethereum (ETH), and a DeFi project on Ethereum that is soon to be launched on Uniswap: Big Eyes (BIG).
Uniswap Up As The Rest Go Under
Uniswap (UNI) is somehow in the green whilst the rest of the crypto market is rolling in the red. How is this possible? Did FTX’s collapse not negatively affect the crypto market globally? Uniswap was not unaffected by this cataclysmic event that eviscerated many people’s investments and savings. This event was a harbinger of doom for centralised cryptocurrency exchanges, bringing much scrutiny to other exchanges like Binance, Coinbase, and especially Crypto.com. When investing in crypto using centralised exchanges, users expose themselves to similar risks one would face when investing with other centralised financial institutions. There is a chance that there could be a collapse, or another black swan event could occur that would prevent the withdrawal of hard-earned funds. DeF is starting to gain momentum in this bloodbath, especially Uniswap, as it is the most popular DeFi token.
Uniswap is likely to continue its path upwards, as more and more crypto enthusiasts who are more wary of centralised exchanges look to DeFi as an alternative means of engaging in the crypto space.
Ethereum Tanks 20%, But Readies For An Explosive Shot Up
Ethereum (ETH) has suffered a swift 20% decline in the past week. As this ship seems to be sinking, what reason would you have to invest now?
Ethereum is a key player in the DeFi space, as Uniswap runs on Ethereum. Uniswap is currently the biggest DeFi token and is on the rise now as many centralised exchanges are coming under scrutiny. Ethereum’s value will only shoot up if Uniswap continues to get more and more popular in this current market.
Ethereum is not a lost cause, not by a long shot. By not investing in Ethereum you could miss out on the price surge for the next bull run. Right now, Ethereum is on a heavily discounted sale – you need to ask yourself whether you want to miss out on a price rebound when the bull market comes around again.
Big Eyes: The Next Dogecoin on DeFi?
Picking up Ether (ETH) and Uniswap (UNI) are two fantastic investment choices in crypto’s current climate, but one kind of coin is cold-shouldered consistently – community tokens.
Big Eyes is a DeFi project, so you will never have to worry about not being able to withdraw your funds. You will be able to liquidate your holdings at any time, should you require it. In the ashes of FTX’s implosion, the DeFi space is likely to continue to grow, and a meme coin like Big Eyes dedicated to the cause of growing the DeFi space will capture the hearts of many people. It is one of Big Eyes’ aims to shift wealth from centralised financial institutions into DeFi.
Use promo code BIGPRIZE30 when purchasing Big Eyes to get extra tokens for free!
Final Thoughts
At present DeFi can seem intimidating to new investors, as there are a few more steps than just opening an account on a centralised crypto exchange before you can start investing. However, DeFi continues to grow in the wake of FTX’s destruction, and communities behind tokens like Big Eyes will be helping more people get into the space. Big Eyes will be launching tutorials online to make the process of getting set up in DeFi as easy as possible. Streamlining the process of getting into the space and reducing friction in entering, will lead to more widespread adoption of DeFi. With more people joining, this will create a more healthy market, in DeFi, and crypto on the whole.
Big Eyes Coin (BIG)
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.
Source: https://en.cryptonomist.ch/2022/11/19/why-defi-important-light-ftx-collapse/