How Normies Are Getting Crypto-Rich With DeFi

How Normies Are Getting Crypto-Rich With DeFi


Ethereum whales undoubtedly drive the decentralized finance (DeFi) movement, but many people making money on DeFi trends are just regular Joes, so to speak. 

One such trader, who asked to go only by Joe, is a math student at a Canadian university. Just by playing with Ethereum software and his own calculations, he managed to make hundreds of thousands of dollars in 2020. This wasn’t his first rodeo, however, he’s been trading on decentralized exchanges (DEXs) for more than a year.

“I’m not a whale in the crypto world but I’m one of the top users of the DeFi protocol I use,” he said. “Before, when DeFi was smaller, there was a lot less competition.” 

Since Weird DeFi’s food craze began, Joe said “high yields” are now available to newcomers “without a lot of technical knowledge.” 

It’s impossible to say just how many rookie traders raked in unusually high profits during the YAM debacle in August, when an unaudited crypto experiment garnered $465 million in crypto then imploded within 72 hours. 

Read more: Yearn, YAM and the Rise of Crypto’s ‘Weird DeFi’ Moment

One such anonymous YAM user, who said he rarely trades on exchanges, said he

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