Binance Smart Chain liquidity pools versus LeoFi: A shifting viewpoint that may change again.

I have been reading up on Decentralized finance or DeFi as it is popularly called since reading posts by @revisesociology's post on using Binance smart chain (Bsc) instead of Eth as a route into DeFi. I understood some of what he wrote about and some went right over my head.

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In doing my brief research, i discovered several things;

• DeFi is still a new thing in the blockchain space. What this means is that many are yet to notice the potential of decentralised finance. This is means that this is the best time to get involved, to learn and be a part of the grand possibilities it offers.
• The DeFi innovation is a deliberate stab at centralised financial institutions. It is now more apparent to me why the Central Bank of Nigeria made the move to hamstring crypto operations in the country. It is the power behind the Nigerian currency and DeFi stands in direct opposition to its mandate, moreso than crypto did in its earlier iteration.
• The introduction of Binance Smart Chain has enabled anyone who can afford the Binance token (BNB) gas fee access to liquidity pools, yield farming, stake rewards that will ensure a passive income. It is especially awesome considering the bullrun presently ongoing in the crypto space.
• Any person who has accumulated tokens from Hive, Leo or any of the other projects that survive on the Hive blockchain can invest their tokens in the smart chain economy thus increasing their returns. It is far better than leaving it in your wallet.

The purchase of bitcoin by Elon Musk signifies a new era in the use case for blockchain and crypto tech. This is not a mom and pop store purchase. Tesla is a big company with a large capital base. Its presence in the crypto universe is definitely going to cause a ripple effect. This means a lot for those who are invested here.

Today, i connected my metamask wallet to my leo wallet. I do not know what i will use it for yet but i understand that there are a lot of awesome plans underway to turn the leo ecosystem into a business with large social capital that no one can refuse. I have some alt coins that are rewarding me for staking and though it is slow because i do not have much with regards to crypto, it is wonderful to know that i can have this access to such things at a time like this.

I wrote the above several days ago and due to power failure, i have not been able to access my laptop in order to complete and post this. Since that time, several things have happened.

My trust wallet account was hacked due to my naiviette and it has dampened my ecstasy for DeFi projects somewhat. Any crypto transaction that demands account being linked can be manipulated by bad actors so be careful what you link to your trust wallet.

ProjectBlank and the airdrop to users who have staked leo and/or have Wleo in their wallets is around the corner. This is going to be a gamechanger as far as i am concerned. For those of us who have been on this since the days of Steemit, this is the culmination of belief. A lot of persons have come and gone over the years. A lot of projects have been started and abandoned over the years as well. I think the structure was not ready for it at the time. Now everything is working together to our good.

It is with this thought process that i reject the number four on the italicized part of my post. Why go to Binance smart chain when LeoFi is around the corner and in this case there will be no BNB gas fees. You already know that transactions on the Hive chain is feeless or very cheap which would you rather invest in?

Understand that Etherum began the DeFi race then the popularity moved to Binance smart chain. What shifted most projects to BSC is the gas fees which is far cheaper than Eth gas fees. LeoFi will be cheaper and we already have the market and the wallets already set to welcome innovative projects. Instead of selling off my coins from the hive chain in order to invest in the Binance Smart Chain, i think i will hodl until LeoFi comes out and put them there.

There are loads of projects already in the works that would explode as soon as Leofinance launches the projects set for this coming weeks and months. The wisest decision is to leverage on our wallets to not only build our wallet worth but also build this chain that has been a home to us for so many years. In time, the hive chain will not look anything like it is now or how it used to be when it was steemit. So look around you now, say hi and hello to everyone and everything you know because a delicious storm is coming and when it hits, this chain will not be the same again.

I am learning that while some people celebrate their pain with you (by this i mean, they share with you, cry with you, enjoy your sympathy and kind words) they find it difficult to share their pleasure. I understand this. I have finally bought a new phone from my foray into Julswap, a project on Binance smart chain. That is the highlight of my pleasure. I say this so that you enjoy with me this pleasure as much as you have shared my pain through my poetry.

On the day i was to buy the phone, i did a transfer of funds to my brother's account because my account has no debit card. Lo and behold the transfer did not reflect in my brother's account though it read as successful on my bank app. I called, i texted, i emailed to no avail. it took me going to the bank for the situation to be treated and my money reverted back into my account.

That being said, a feeless, P2P is a brilliant idea. I wonder why anyone would want to ban or restrict such a cheap means of financial transactions from operating in their country? If you do not see the benefit of the blockchain industry when it comes to finance, then it is a pity. Instead of restrictions and bans, why not incorporate what has been learnt from dabbling with blockchain tech into how banks are run, ensuring that customers get quality services and spend less to get it?

My post is random and often rambling. If this takes too much trouble reading, i apologise. I am not much of a tech or financial writer as you will soon see. Please do not take my words as financial advice. I am just having fun with the upcoming events on this beloved chain.

Always,
Osahon (warpedpoetic)

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