DeFi

Good sources

TL;DR

Best way to start understanging DeFi is by using it, learning new things on the way.
You will make mistakes and lose money in the process, so just start with a small sum.

Probably the most confusing new concept is liquidity pools. Make sure you understand it, as most DeFi relies on Uniswap and its forks.

Go to 📊 Fundamentals, DYOR and click through the popular tools.

To-Do list to get familiar with DeFi:

1. Get some crypto on your Metamask wallet.

2. Use a dex.

3. Try lending tokens for a yield.

Try lending your tokens for a yield:

Go to https://debank.com/profile/{your_address} and check out your token balances and deposited assets.

4. Try LP farming for a yield.

Try LP farming for a yield:

Check your https://debank.com/profile/{your_address}.

5. Use an autocompounder.

You may notice that regularly claiming and compounding dQUICK wastes a lot of your time as well as money to pay for transactions. There are autocompounders like Beefy.finance that can do it for you for a small fee.

Check your https://debank.com/profile/{your_address}.

6. Explore other dapps.

DefiLlama is a great service to check TVL (Total Value Locked) of dapps on different chains. Scroll through the list, Polygon has a lot to offer.

Also check out dapps on other chains. The hottest EVM chains right now with tons of dapps are BSC, Fantom, and Avalanche. Also check out dapps on Ethereum mainnet, even if you can't afford to use it. Most innovation happens on Ethereum first.

I recommend checking out all dapps with the biggest TVLs.

Remember to read their docs to understand how they work and what risks they have.

Ask questions in chats and forums associated with those dapps if you feel confused about anything.

7. Try bridging ot another chain.

There are decentralized bridges that let you move funds from chain to chain, even to non-EVM chains.

One of the most popular bridges to move funds across EVM-chains is Multichain (formerly known as Anyswap).

Multichain bridge doesn't cover all existing chains and tokens. To find the best path for moving from chain to chain, you can use Fund Movr.

After you bridge your ETH, you can find yourself unable to sell it on the receiving chain. Because you don't have any native toten for gas (AVAX, BNB, or FTM).

8. Learn about risks of using DeFi

Remember:

Protocols can have audits done by external teams to check if they're safe to use.

Protocol having an audit still doesn't mean it's safe. Auditors could have missed something.

One team that does audits is rugdoc. They check new farming platforms for the most obvious hack and rug possibilities. They also have a cool wiki and articles that can help you avoid getting rugged.

If a dapp has huge TVL, it means that a lot of people trust it, and it can probably be considered most safe.

9. Try trading risky tokens

Farming with stablecoins or big coins like BTC and ETH is cool and safe, but you probably read news about people making millions in days.

Where do people find out about these new projects? Check links to news sources in other sections of this page, as well as on 📚 Other crypto sources. Most talk is on Twitter, Telegram chats, and Discord servers.

Hundreds of new projects pop up every day, most of them scams.
The most popular scam mechanics are:

Try finding a trading community that focuses on finding new risky projects.
Some examples:

You may have heard about the Information Age and how information is the new gold. You can feel it in crypto the best. If you obtain specific information before everyone else, you can become rich overnight.

If you were already using Telegram or Twitter, I suggest making alt accounts for crypto stuff. There's too much information to be mixed with other stuff.

10. Try digging deeper into the ecosystem

With time you'll get more experienced, and see through scams and good opportunities very fast.

You can start noticing how some projects are undervalued, maybe even think about starting your own project for an unexlored niche in the ecosystem.

Maybe other pages on this website can help you.