Kevin Lin: How to be a DeFi Degen (Decentralized Finance Yield Chaser) | Will, Lee, & Andrew Learn Web3: #42

Kevin Lin is a crypto and DeFi enthusiast. We chat about magic internet money, yield farming, "degen" strategies, and the research and mechanics to get onto a protocol. Not investment advice!

Kevin found yield farming in March of 2021 and has been hooked since then. We discuss his first investment, getting rug pulled, base yield farming concepts, researching new protocols, create a check list of how to get on a protocol, and tracking your investments.

In this episode we discuss:

• Magic internet money
• Iron finance (the first rug pull):
• MIT course on crypto
• In yield farming, you are typically earning interest on your collateral because the protocol founder is paying you to:
  • Stake
  • Lend
  • Provide market liquidity
  • Use the protocol
• The mechanics of getting onto a new protocol
  • Read the white paper, evaluate the developers, check for social proof, etc.
  • Understand what protocol and coins are required to get onto the protocol
  • Working backwards from the required protocol and coin to understand how you can obtain said coin on said protocol.
  • Getting on a centralized exchange so you can convert fiat into a crypto currency
  • Setting up a crypto wallet
  • Transferring currency from an exchange to a wallet
  • Finding the appropriate "Off ramp" or "Bridge" or "Swap" to get the coin you need
  • Getting onto the protocol
  • Monitoring your investment(s) via services like:
    • https://zapper.fi
    • https://apeboard.finance
• Different yield protocols (You must do your own research and consider if the risk is worth the reward before investing. Not investment advice).
  • Anchor protocol
  • Aave on Avalanche
  • Wonderland
  • Abracadabra money

If you liked this episode, you can find more episodes at wld.show!