We Asked Experts: What 3 Things Would You Tell Yourself Before Entering DeFi?
We Asked Experts is an article series wherein we ask Web 3.0 experts and crypto natives their opinions on multiple Web 3.0 topics.
While doing your own research on Web 3.0, there will be a plethora of information that you can find online. Finding the right sources of information to listen to is something you will have to develop over time. We are helping you cut that research time in half by sharing what the people WE listen to have to say on certain topics.
This week, we asked them what advice they would have given themselves, and interested neophytes, before entering the Web 3.0 space.
“You should have basic crypto knowledge. You should [create] accounts on Twitter, Discord, Reddit, Facebook, LinkedIn: so you will be aware of what is happening in the crypto world. Lastly, get a mentor.” Mahalay, Axie Infinity Guild Manager
“Learn staking, liquidity pools, and deep dive into L2 Ethereum.” Kevin, AcadArena Co-CEO
“Be careful. Study hard. Don’t be distracted by unreasonable APRs.” Danilo, Morningstar Ventures CEO
“Pay more attention to stablecoins, web 3.0 connections to offline payments are huge, and always be aware of security.” @chrizhuu, Mirror World CEO and Co-Founder
“Don’t yolo into random projects/shitcoins. Ride the hype wave up, but be sure to exit sometime before it peaks — hype doesn’t last long and is usually never sustainable. Look for actual value and use case.” George, WOO Network/Kronos Research Investment Analyst
“Do your own research. Learn and understand the business model of each protocol and not just look at the Mcap/TVL Avoid investing in ponzi-esque DeFi projects simply because of the high APR.” R1n, YGG SEA Co-Founder & Country Manager for Indonesia
The interviews have been edited and condensed for clarity.