Looking to try DeFi? Let me share my experience.

Hey guys, last month I set out with about 500$ and wanted to try out a bunch of defi options to learn and experience first hand what’s out there. It’s easier for me to feel comfortable putting real buying power behind something I have used and understand. I’m going to outline how it went for me personally.

im not here to hate on your beloved coin or ecosystem just an honest account of my experience

BNB / ETH / Pancake swap I started here. To be honest I have to take in account it was my first and had a large learning curve. I first had to set up a wallet, move crypto around and swap tokens to get into a pool and farm. I managed to do it but the fees felt high to me for a small guy. Returns are still there apy is still very high in financial standards. Wasn’t my favorite but it was my launch point. Fees are difficult to recommend them as a good learning option. This is better for bigger money.

Algo / Yieldly this was my second. Let me be clear, I have a large bag in both algo and yieldly now, that being said wow! If you want to learn DeFi please take this tiny bit of advice and start here even if it’s 2$ worth. The ease of the ecosystem, the speed, the looks and feel everything felt seamless. Not messing with custom nets just easy. Set up a algo wallet, swap some coins on tinyman and set them in yieldly. The no loss lottery, the automatic staking in the wallet plus governance. Lots to do and easy to do it. It’s my morning routine now to compound my yieldly stake. Guys love them or hate them Algo is the place to learn how it all works!

one/bnb / Mochi this was a fun little gamble just to start out the wild apy chasing. Got in with relative ease and learned a good amount doing it. Would I recommend it absolutely not haha. Was it fun and a learning opportunity yes! These kinds of projects taught me to watch the coin closely look for when they started and beware of the start up pump and dumps. Overall decent experience. This did teach me Lp tokens and custom nets.

Sol / raydium I had some sol sitting and thought I would give some one a go. The raydium / phantom looked sleek enough and prices looked stable(ish) overall I found the phantom system easy to use and I’ve been happy with the system. I would say comparable to algo in some ways but lacking the added bonuses algo has. Recommend giving it a look. I also believe they were likely the better option for learning lp tokens.

one / viper again I had some one and also wanted to get a little Roy. I’ve been ok with the viper system but honestly they can be very confusing. It’s difficult to keep track of things and I am weary of a rug pull vibe. Idk if I would recommend the defi options but they are useful in the swap options. I’m still in but not even sure I’m fully understanding everything going on. It’s a “meh” from me.

one / wagmi guys this one is out there. All I can say is 800,000+% apy I threw 20$ in. I’m happy. It was easy. But deff not something I could feasibly “recommend”

one / harmony one staking directly. I would say moderately easy. Platform is wildly just ok. I have some connectivity issues here and there. Is it doing what it says sure. Am I stoked not wildly. It’s there and it works.

Ada / Yoroi I would same very similar to above. It’s there, it works, it does what it says. Nothing to really say other than that. Relatively easy.

VVS ok I have a large bag of CRO. My plan was to take some early yield profits on this guy. Relatively easy. Goofy names and graphics takes a lot of hate for early roller coaster but honestly turned out more stable than I expected. Would I recommend nah I think the risk is massive. Easy to use kinda.

Cro / CDC defi wallet if you have extra CRO I would cautiously use it. 13% isn’t bad! Decently easy, it’s ability to link with cdc account makes ease of use up there with algo. They do however have lots of options. It would be wise to learn how to pick good staking services before getting caught in a Defi scam somehow. Don’t love the unbonding time but accepted it.

Atom / keplr short and sweet very similar to how cdc defi wallet is. I don’t love it I don’t hate it. Does what it says. Fees are there not outrageous. Don’t love the look. Decently easy. Don’t love the unbonding times. Accept them.

TLDR; honest opinion, if your looking to learn how to navigate the DeFi world I highly highly recommend you use algo first. It will set you up with an easy key to success in learning how they work. Know one you can figure out the rest. Do your self a favor, start with the easiest one first. Even if you leave! They are the least overwhelming option I have found!

No I’m not elegant, just wanted to share my experiences.

obligatory safety tips always secure seeds, always use 2fa app. Use crypto specific emails. No sms! Only invest what you are comfortable to loose.

Edit: added platform to underlying token was not specific at first.

Edit2: this is about where I think is a good place to learn and take the first step not who I think you should invest in. We all had to learn the foundation of setting up wallets. Connecting those wallets to dapps. Swaping tokens. Staking. Yieldly does this, best, the least overwhelming. Want to go further check out others learn making lp tokens. Lending and so on. This is about fundamentals past custodial hold.