DeFi: Why it’s necessary & building for the future
In order for DeFi to become the future of finance and the future of the internet, projects must continually build and improve, especially in the current market.
The bears were out in force last year with the FTX, Luna, 3AC, and other events that hurt the market, but the upside is that they highlight how necessary it is for crypto to keep to its foundational goal of being decentralized, as we can see the disastrous effects of what it would be like if it were all centralized, everyone’s assets in the control of just a few people and exchanges.
But you know who else entered the game last year? The birds, or Magpie Protocol, to be more specific. We’re here to show that even though it’s been a bear of a year, caw caw, excuse me, ha ha, there can be some positives to come out of it.
Millions of people were negatively affected by the aforementioned events and those people and future users of crypto are why it’s important to make sure DeFi will be better than and not a copy of traditional finance. This is why it’s so important for DeFi to keep building: to reach a point where joining DeFi is just as user friendly and easy to use, while giving its users peace of mind as they are in control.
People all over the world have seen the ripple of negative effects that such an event caused by a centralized exchange can do to the millions of people involved and the perception both they and others have on crypto as a whole. The birds here at Magpie want to show how easy it is to fly when using DeFi, that we can be better than traditional finance and centralization.
It is easy to see why DeFi is a necessity for crypto to succeed: decentralization, security, technology, and privacy should be at the forefront of importance. DeFi facilitates crypto as a means of exchange and advancement without the need for a central authority or third party.
One of, if not the main reason many are in crypto in the first place is to see through this goal to be a disruptive tech that will change our lives as drastically as the internet has. We know it’s said a lot, but it still needs repeating: the tech is still young, and we’re still early.
Think of crypto now as the internet was back in the 90s, people are still figuring out what it can do and are continually figuring out new ways to use it. Just the same, many people are skeptical of it, but those who know the potential of it, know that it is capable of changing everything.
Gathering sticks, or, development:
During a bull market, everyone is focused on the price of the asset and it’s considered the number one indicator of how well a project is doing, and not the tech itself.
That said, right now we’re in a bear market, and no one really enjoys a bear market; prices are down, sentiment is down, and a lot of projects come to an end.
But one of the upsides of a bear market is the ability to cut through the noise of what is gone: the shills, meme coins, scams & scammers, pump and dump schemes, and to focus on the technology of crypto and what it can do and offer. It’s one of the reasons a popular phrase during bear markets is ‘keep building.’
Those involved in the space at a time like this are usually interested in the tech and future of DeFi, so it’s a perfect time to continue developing, build a community, and show off the tech, so we’ll be ready to show the world what we’ve got to offer at the start of the next bull market.
What Magpie is Building:
Right now is the perfect time to continue to build up the tech behind Magpie and share that with our amazing community. One of the benefits of operating in a bear market is that we know our community is here for what we offer and can do for them, and not our price.
While the bear (market) is hibernating, our birds have been flying around gathering all sorts of sticks to collect and make a nice nest.
We have been and will continue to be incredibly busy developing a product that will make your time in crypto a breeze, and we all know birds love a good breeze, making it easy to get around. Which is exactly what we’re doing, making everything in DeFi easier for you: swapping tokens, moving to other chains, joining yield farms, buying NFTs, staking, and lending, you name it.
What have we been up to?
New to the Magpie flock? Want to know what we’re working on, check out some of our past blog posts linked here to get all caught up.
Hashflow & Magpie: A match made for DeFi | by Magpie Protocol | Dec, 2022 | Medium
The Code Audit. In crypto, being audited is a good… | by Magpie Protocol | Jan, 2023 | Medium
