The decentralized finance (DeFi) landscape is as exciting as it is complex. With new projects emerging daily and the potential for substantial returns, jumping right in is tempting. However, the mantra "Do Your Own Research" (DYOR) echoes throughout the DeFi community for a good reason.
We sat down with DeFi influencer Tushar (@tusharlog) for an exclusive interview to uncover what doing your own research truly means and how to approach it effectively. Here is what we learned:
Tushar explains that doing your own research means being proactive in understanding a DeFi project before investing in it. It comprehensively analyzes the project's team, technology, community, and potential risks.
Begin with the project's website, delve into the whitepaper, and check out their social media channels. Platforms like CoinGecko, CoinMarketCap, and DeFi Pulse are also great places to begin.
Technology, Use Case, and Team Expertise
Tushar emphasizes the importance of understanding the project's underlying technology, the problem it's solving, and the team's track record.
The token distribution, security audits, and how well the project integrates within the DeFi ecosystem can clearly show its viability and long-term potential.
Also Read: Demystifying DeFi with Crypto Aman
Investing in DeFi comes with risks, but Tushar believes that a systematic approach, diversified portfolio, and investment within one's financial means can mitigate these risks.
Tushar recommends utilizing DEX aggregators like 1inch and Uniswap, engaging with DeFi-focused for communities and following industry experts on social media platforms.
Our engaging conversation with Tushar reaffirms the importance of doing your own research in DeFi. From the basics to the complexities of evaluation, these insights offer a comprehensive guide for anyone looking to explore DeFi responsibly.
As Tushar eloquently put it, research in DeFi is not just about gaining information; it is about empowering yourself to make informed decisions and contribute to the community.
We're not stopping here! The world of DeFi is vast, and there's so much more to uncover. Join us next week as we sit down with another DeFi expert to continue unravelling the mysteries of decentralized finance. Subscribe now so you don't miss out, and share this post if you find it valuable.