Lessons Learned in BSC DeFi
To start off I’m not trying to shit on the BSC as a whole. There’s some good quality projects on it. There is about 10x as many scam or total shit projects that come out every day as opposed to legit projects with a long term future.
The most important lesson I’ve learned is that having a crypto project do something like $GME or $AMC is super rare. It’s even rarer for a brand new project with a super low market cap to do something like WallStreetBets does to stocks. There’s so many projects launching with no real use case and a small community of 50–500 people on telegram.There is an unrealistic expectation in the lowcap moonshot community that projects are going to 10–100x overnight.
Lesson Two. Don’t invest in a project because you read a hype post on Reddit or Twitter and see some excitement. Visit the website and the telegram. Look for a roadmap and description of what the project’s use case is. I have Tweeted about projects that have ended up being rug pulls and I really thought they would be safe long term with dedicated and honest dev teams.
Lesson Three. Be prepared to lose everything if you are going to invest in BSC DeFi tokens. There has been quite a few hacks and thefts on projects big and small. Projects with really great dev teams behind them get hacked. PancakeBunny, Bogged Finance, THORChain are a few that come to mind right away. Be aware that any project involving liquidity or pooled tokens can end instantly.
I have basically moved all the funds I had in my BSC wallet to other projects except for one project that is legit. SeaToken has a team of real people behind it and are doing so much more than a typical BSC chairity coin like building dApps. The team all truly care about the oceans and will be around long term. In the bull market earlier this year I had some 10x to 15x realizied gains and could have a 100x if I didn’t sell. The market has become even more saturated with rug pulls, uniswap clones and tokens that have no use case other than large tx fees.
