How decentralized finance is being built

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How decentralized finance is being built

Crypto has seen a meltdown of centralized financial institutions, with Exhibit A - this month's multi-billion dollar collapse of FTX - on full display.

The disaster of digital asset exchange FTX, combined with the fall of other centralized institutions, Celsius and Terra, earlier this year, has served as a masterclass on how not to build and operate crypto solutions. The industry must learn how to put this annus horribilis behind it and discover the real benefits of decentralized finance.

Real value has nothing to do with money.

The real value of the blockchain industry is being built should not be measured in something as volatile as crypto money. The value lies in the positive contribution to the world, prioritizing the right values. What is being built and how can it help people?

In keeping with the decentralized ethos of DeFi, it's crucial to build with the community.

When working as an entrepreneur, you need to be ready to deal with the unexpected.

I have learned that the best way to be prepared for the challenges and ups and downs of your entrepreneurial journey is to have all of your bases covered, and the best way to do that is to choose partners who have a diverse set of strengths. No one can do everything alone. Especially when you're building something substantial, you need a team who you can trust to see where you may have blind spots.

When it comes to choosing whom to work with, find people who have diverse skills sets that complement your own. If you have the right teammates, you'll never be unprepared. When you're building something important, people are going to notice. If your vision is inspiring enough, you may eventually be able to sell your property.

Typically, it's a choice between money and creative control. Go ahead and take the offer if money is the only goal you want. But if you care about experience, innovation and knowledge, it's crucial to think twice before giving up creative control over what you have built.

Any startup journey has its harrowing moments, especially in DeFi. Even if things suddenly start to look dire, they can turn positive just as quickly. Why time is such a significant measure of value. The same asset can be overvalued and undervalued at different times, and it can be overvalued in a bull market and undervalued in a bear market. Three months can be the difference between failure and becoming a blue chip token.

When you realize you have potential opportunities, disaster is the time when you really know what you're going to do. When bear markets strike, there's nothing that distracts you from determining the real value of what you're building. When creating or investing in a product that you believe offers real value to the world, avoid being affected by market performance. To your own judgments, trust your own judgments on what is and isn't valuable.

I was very conscious of making'safe' choices at the beginning of my career - I only placed bets when I knew I would win. I didn't take any action on my boldest ideas. Now, as an established entrepreneur, I have learned to make decisions based on whether something is interesting enough to give my all to it.

I have learnt that being an innovator is not just about what you create, but also about what you learn in the process. The more passionate you are about something, the more likely it is that you'll gain valuable knowledge and experience while working on it, and therefore, the more likely it is that you'll work harder. If you have chosen something you're truly passionate about, you'll want to devote yourself to it. This creates a 'virtuous circle' of dedicated work and better results.

As you are in your early stages of a career or venture, you will often find that your passion for and interest in what you're creating are your most crucial sources of inspiration. However, your sense of responsibility will have a larger impact on what you're doing, as your creations begin to blossom. While responsibility can seem daunting from the outset, I have found that it's the natural evolution of the initial passion required to make your dreams a reality.