What does feel like too much work and you wished was simpler in DeFi?

I had been in Decentralized Finance for a little over a year and am sure others would have felt for you. It still feels very clunky and nascent. But the technology itself is tremendous. I still struggle move funds from fiat to crypto and then deploying it at one of the protocols. Exchanges, wallets, bridges, and then some more. Would like to know your views and specific pain points around your DeFi workflows

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18 thoughts on “What does feel like too much work and you wished was simpler in DeFi?”

  1. We need secure DeFi on mobile devices. I don’t know how that would work because I don’t trust anything that’s not secured by ledger/trezor, but that’s seriously the only thing that will drive mass adoption.

    Grandma isn’t gonna DeFi on a laptop

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  2. I can relate to what you are going thru. When you’ve gone thru the process so much, you will find it at no stress at all.

    Just like trying to stake in the DAFI Protocol pool for me. I buy some BNB off Binance, Send it to a wallet, Swap BNB to DAFI, & Stake on the Dafi Protocol. This process, as easy as it might sound looked very daunting at some point.

    Don’t worry, you’ll get used to it.

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  3. Cross-chain wallet management.

    I work across multiple chains, including Ethereum, Cosmos-based chains (all separate), Terra, L2s recently, many more. Here are some pain points:

    * Almost required to use ApeBoard to track values across chains & protocols
    * Using at least 3+ web wallets to manage portfolios (Keplr’s great, but only works for Cosmos-based chains)
    * Cannot transfer contract approvals between wallets (PAIN)
    * Liquidity transfer in non-native tokens (bridges are improving, but eventually cash from A to B will be king)

    More points I’m probably missing, but those are the ones that come to mind.

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  4. Onboarding fiat still #1 issue

    Dharma wallet was close to solving this but then OpenSEA bought them and now I guess they are gone?

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  5. 90%+ of the projects calling themselves DeFi are, in fact, not even close to there. Today, everyone who has seen the news about bitcoin is trying to decorate their new Internet company with the word “DeFi”. From ordinary loan sharks to Ponzi schemes.

    ​

    Private, ethical small businesses need an ecosystem where funding is based on partnerships instead of loan sharking. That’s where the saving innovation is.

    The public wallet of our company is controlled by 3 people together. Therefore, we are not DeFi, although we are related to open finance and blockchain.

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  6. Bridges could definitely be simpler and more straight forward, so the DEX when providing liquidity! Sometimes access to proper information is a pain, but yield aggregators like Trader JOE or Beefy make investor life easy also! Oracles like LINK and DIA have been upping the game with better and more streamed data, and most of defi have been working well for ages… guess the front end needs to be improved for better UX

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  7. Yeah, We need easy onboarding. All too often the user is bombarded with complexity at the beginning of their journey. If we don’t make onboarding easy, the market will continue to turn to centralized services. But there are some like E-money, Utrust, and Cosmos that make life easy for its users.

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  8. >I still struggle move funds from fiat to crypto

    We need MORE partnerships. Much more.

    This happens because the majority of DEXs don’t have any partnership with our local banks.

    I don’t have this problem with Binance, since they have a partnership with a local bank. So I just transfer money from my bank account to this local bank and then I can see it on Binance and convert to any crypto currency and move to my metamask and then join any staking/farming DeFi product.

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  9. It all looks like a tedious process, I got to stake some Sylo LPs recently and I bet the process isn’t that direct cos you got to first get the tokens, provide liquidity on uniswap and then proceed to staking LP tokens on the app, not so easy but gradually you’ll learn more and eventually get used to it.

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