Opinion: Crypto Conundrums and How to Solve Them
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Cryptocurrency and decentralized finance are rapidly growing, revolutionizing the financial sector by creating a system that does not rely on or depend on centralized intermediaries like banks. DeFi introduces a more open and transparent financial ecosystem while giving individuals the power to control their finances. However, it does not mean that it is a perfect system. Many issues can range from technical to legal and are challenging to solve without the proper knowledge. Even though DeFi is intended to be decentralized, it is essential to note that the DeFi sector is still largely unregulated, and several risks are associated with participating in this space. That’s why to ensure your funds are secure, it’s essential to do your research and ensure you’re dealing with a reputable team or project.
While there has been a lot of excitement and speculation around the potential of these technologies, mass adoption has yet to occur. For crypto to reach the point of mass global adoption, we must address where we have fallen short.
Unsurprisingly, crypto initially started off as a movement for only the most extremely technical. Satoshi himself would likely agree most people don’t consider using cryptography to create trustless anonymous transactions a fun use of one’s time. Slowly but surely, however, more people started to see the world-changing possibilities that crypto holds. They are the pioneers that got us to where we are today.
Even past its initial startup, understanding crypto, which now contains thousands of tokens, still takes time and dedication. Centralized Exchanges like OKX have done a great job of breaking down the barriers to entry and allowing people to dip their feet slowly into the crypto ocean. Giving people a safe and effective way to learn and trade has gotten us to where we are now. Many people are content to stop at this point, but how do we introduce the more intrepid among us into the DeFi deep end?
Defi is so full of options that even thinking of where to start can be quite an undertaking. Many people have never heard of an RPC, much less how to set one up. Even before that point, there are various wallets one can set up and use once they read through guides on how to do it. What do users do after setting up a wallet? How will they buy tokens, use charts, or move between networks?
This is the first way Sphynx Labs is solving one of the problems of DeFi. We saw the issues faced by would be DeFi adventures and first set off to solve them. We introduced the Sphynx DeFi App as a first-of-kind All-In-One system to accompany our dApp. Within the app, users are empowered to begin their journey by having a complete nexus of everything needed for DeFi in one place. Users are guided to create a wallet, and all networks we support are pre-set up from the very start. The app lets you go further at your own pace with a fiat on-ramp and off-ramp, swap, and charts to begin learning the ins and outs of trading. Once they are ready to explore further, the app has a built-in bridge to make moving assets between networks as easy as possible. More importantly, all of this can be done from one secure connection with 24/7 support backing you up always. No longer is it necessary to have five decentralized protocols, each giving you one aspect of the information you need daily.
Once users find their footing in DeFi, Sphynx Labs offers a wealth of information in our Gitbook and Learning Hub to learn about concepts such as staking, farming, and how all Sphynx assets play a role in how they can choose to earn.
Unfortunately, the freedom that comes with the world of DeFi means it comes with some bad actors. For example, rug pull projects in DeFi have become an increasing problem in cryptocurrency, as they can easily prey on unsuspecting retail users. To protect yourself, it is important to do your research and ensure that you are participating in legitimate projects.That’s not to say it is all doom and gloom, far from it actually. Tokens available only on decentralized exchanges offer a wealth of potential; it only requires a bit of caution.
Sphynx Labs offers users a window into projects with potential through projects that launch with us on the dApp and within the Sphynx DeFi App. These projects are put into different tiers based on what we know about who they are and their plans. While not a perfect system, it is a good place to start your research and not go blind.
Sphynx Labs itself is also built with sustainability in mind.Retail users can trade tokens, but the system is built to feed itself through services offered to other projects. In that regard, Sphynx is built much like a traditional company.Holders of NFTs and Sphynx Tokens can earn chain native tokens and fees from the Sphynx Labs bridge. For DeFi to provide liquidity, traditional means of income are also available, including single-asset staking for the Sphynx Bridge.
No one can solve all of the problems of crypto and DeFi alone. It will take all of us working together to make the best tomorrow, centralized and decentralized. When we inevitably usher in waves of mass adoption, it will be because builders on the right side of the industry amplify the right way to do things. The crypto industry will go through many changes as it grows, and that growth requires being able to adapt to change constantly. We are ready for it and welcome the chance to be a part of history.
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