Perhaps like many of you out there, CUB was really my first venture into the world of DeFi. I had played around with a couple of platforms, but I didn't really know what I was doing. CUB was my first opportunity to really go "all-in" and actually understand what I was doing thanks to the amazing documentation and the community surrounding it.
With my feet adequately wet I then started to expand my horizons past the confines of CUB. I participated in a couple of the clones that came and went. I also threw some money into some epic fails along the way. Eventually, my path led me over to the MATIC side of things and I started putting some money into project over there as well.
I mention this because some of you (like me) were watching with amazement yesterday as Iron Finance quickly grew from about $150 million TVL to just under $1.5 billion TVL as of about 6:42 this morning. Yep, you read that right, 1.32 Billion dollars in twenty four hours. Can you believe it?!
What makes this even more unbelievable is the fact that this isn't the first iteration of Iron Finance. This is actually the second go at it because the first one suffered huge losses at the expense of what I believe was a rug pull. Feel free to correct me on that part. All I know is it was something and the price of the tokens dropped to pretty much nothing. Thought to be lost forever in the endless pool of junk tokens that for at least a couple weeks were thriving DeFi platforms.
My mind was immediately drawn to the Poly Vertex platform that I had invested in. The native token was in the $20 range and the pools were thriving. Then they quickly dropped. Not wanting to take a loss I just left my money in there. By some unknown miracle, things pumped back up to the $18 range. Sadly, I was offline the entire weekend this happened and by the time I was back in front of a computer... The token price is $1.04 now. That is all I am going to say about that.
Not surprisingly I found myself asking "why". Why did it suddenly pump, and why did it just as suddenly fall back down? Why couldn't it have held for just a little longer? Why can't it do that for a third time?
So many "why's" that eventually led to "when".
When is DeFi going to be mature enough that people actually care about quality versus quantity?
Let's look back at CUB. Can you think of another DeFi project has a better team behind it. One that you can count on for your funds to be relatively safe? Sure lots of other DeFi projects have been audited, but do you really feel as safe with them as you do with CUB?
Perhaps we should look to human nature and realize that there will likely never be a time when people don't chase the newest and shiniest thing. The thing that is just bound to guarantee them riches and fame.
Is all of this just a side effect of the pull back we are in right now? If BTC were back up around $60k would CUB be at $4 and we wouldn't even be having this conversation?
How about you? When do you think DeFi will settle into a stable investment? Will it ever? What will it take to get there?
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