Projects that are cleaning up the DeFi Space
Alchemist DeFi is a project that is bringing much-needed transparency and accountability to the DeFi space.
Sydney, Australia – July 29, 2021 /MarketersMedia/ —
DeFi (Decentralized Finance) has in recent months become known as the “wild west” of the cryptocurrency world, with well know celebrities falling victim to what is known as “rug pulls”, a type of scam in the industry. In DeFi, you don’t have to look far to find a news article about how some anonymous developer/team hyped up a token, only to have its price come crashing down shortly after launch.
Rug pulls and pump and dump schemes are rife in the DeFi space, which is why you should only enter the space if you fully understand the risks involved and know what to look for. One of the biggest red flags in the industry is anonymous teams.
While it is worth noting that there are some legitimate reasons to want to stay anonymous, depending on where the team is located it is also worth pointing out that most, if not all, scams have had anonymous teams behind the project in the past.
Many more DeFi projects are now being released with public teams because this action alone helps provide the project with credibility and the investors with more comfort, but just months ago this wasn’t the case. In fact, some of the largest projects today still have anonymous teams, with the dangerous “migrator” code in the protocol.
The AlchemistDefi project was one of the first projects to publicly announce their team and break the trend of hiding behind anonymity.
The new leadership team initially saved the project from an anonymous developer who was trying to “rug pull” the community and once the contracts were bought out and transferred to the current team, they publically announced who they were and what they stood for.
The team behind the Alchemist Defi Project has years of experience in the crypto space and was tired of having to deal with the tricks of the “wild west”. Rather than complaining, leaving the industry and walking away from effective interest rates of over 200%, the team decided to do something about it, by creating a transparent project, with a public team.
Since becoming a public team the project saw massive growth until the crypto markets collapsed in April 2021, and unlike many projects in the space, that have just fallen by the wayside since the crash, the Alchemist project is still on track with the team working hard on updates to benefit the investors, in the form of pool updates and design changes.
Currently, banks are offering close to 0% on fixed deposits where the DeFi space offers upwards of 200% on stable coins, with other cryptocurrencies offering higher returns. This means that DeFi provides the opportunity to earn a passive income, but before you chase after high returns you need to ensure that you have assessed all the risks.
The AlchemistDefi project at the moment is currently offering over 200% on stable coins and is backed by a public team, with a track record of transparency, a strong community and a track record of being able to deliver.
*This article is not to be considered financial advice. Defi and Cryptocurrency projects are highly volatile investments and your capital is at risk. Always do your own research before making any investment.
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