Key facts:
There are Telegram groups, Twitter accounts and YouTube channels specialized in DeFi.
Taking the necessary precautions and security measures, DeFi can be useful tools.
Decentralized finance — also known as “DeFi” — opens the door to a world of financial services outside of the traditional banking system.
Since Bitcoin was launched in 2009, which is considered by some to be the first DeFi, numerous developments have come onto the market. These implementations reached their highest point, so far, with the development of smart contracts on Ethereum and other blockchains.
Usually, learning to interact with these platforms is easy and can be done for free if you know where to get the information.
Unless you want to embark on an aimless journey (and with a high probability that the destination you arrive at is not the paradise you would have liked), it is best to have a map, a plan, a guide that suggests the way. to follow. That is what this article proposes. Are you ready? Go!
To be clear about the basics, read this
First of all, you need to have a clear base. You must understand what decentralized finance is, what to expect from it and what not to expect. For that, we recommend you read an article from our Criptopedia (educational section of CriptoNoticias) that is entitled, precisely, «DeFi: All about decentralized finance and its applications».
In this text, you will learn, among other things, what a decentralized exchange (DEX) is, how lending platforms work, what liquidity pools are, what the benefits of DeFi are, and also what risks exist.
Do not panic! You will see that this is a long article. But its writing is easy to read, its concepts are clearly explained and the encyclopedic style will give you the possibility to quickly find those topics that interest you most (although, if you do not have previous knowledge, we recommend reading it in its entirety).
Telegram, the place where DeFi communities are
Once you have that basic knowledge incorporated, it is very likely that new questions will arise. One good thing about decentralized finance —and, in general, the entire Bitcoin and cryptocurrency ecosystem— is its communities. You will find, for example, several groups on Telegram that bring together DeFi enthusiasts with varying degrees of knowledge.
The Telegram group «Defi for beginners» is one of these free virtual learning environments. Here any doubt is welcome. From basic things, like which wallet to use, or how to configure Metamask for a given blockchain, to more advanced concepts like understanding the impermanent loss (impermanent loss), are frequently treated in this group.
You are also welcome in the Telegram group «DAI & DeFi Latin America». Although it is described as “official Latin channel on the stablecoin DAI”, the topics that are addressed are very varied, and all of them in relation to decentralized finance. Some users will share a new platform they found, others will share their experience with a certain protocol, and still others may engage in a debate where conflicting ideas are exchanged. With the help of the Telegram search engine, you can find what was said about the topic of your interest and have different opinions and answers about your concern.
Do not miss “DeFi LATAM», a channel that describes itself as “a space with the main objective of creating an environment in which its members benefit from shared knowledge.” They add: “Our goal is to raise the level of knowledge in this part of the world and provide all the necessary tools so that every participant can feel part of the ecosystem.”
What’s more, you can take a look at «DeFi Task Force». This is another group in Spanish specialized in decentralized finance where you can participate, give your opinion and —the most important thing for someone who is just starting out— ask questions.
Perhaps you are not interested in reading general concepts about decentralized finance, but rather want to gather information or answer any questions about a particular protocol. If that is your case, your answer is probably also on Telegram. There abound groups dedicated to a certain platform or network. RSK, Money on Chain, PancakeSwap and Tropykus Finance These are just some of the platforms that have groups in Spanish.
Twitter, decentralized finance in 280 characters
If social networks are your thing, it is on Twitter where you should look for information about DeFi. Twitter is possibly the social network with the most content related to Bitcoin and digital assets (in fact, related posts are often referred to as “the cryptoTwitter”).
There are many Twitter accounts in Spanish that can help you. Remember that none of them is managed by a know-it-all guru, but behind the keyboard there is a person who makes hits and misses, so it doesn’t hurt to remember a couple of things. On the one hand, implement the pauline council which reads “examine all and retain the good.” Also, don’t forget one of the bitcoiner commandments: “don’t trust, verify”.
who will be Paul Ironforce (@paul_ironforce)? We do not know. But we do know that under that username is one of the most prolific DeFi twitterers in Spanish. Paul writes from the perspective of a common user, not a developer or crypto expert. In his account he shares personal experiences, his analysis and opinion on various platforms, some advice and also many reflections on the problems that DeFi solves (and those that he has not yet managed to solve).
Another person you should follow on Twitter is Mariano Di Pietrantonio (@Mariandipietra). He is the former head of marketing for MakerDAO (the organization behind the DAI stablecoin) and co-founder of MakerGrowth. With a vast experience in the Ethereum ecosystem, Di Pietrantonio frequently shares, among other things, numerous impressions on the environment of decentralized finance.
CryptoHippie (@Hippie4Crypto), Minister of the Dollar (@MinistroDolar) and Crypto Master of the Universe (@crypto_universe) are the pseudonyms of some of the most active DeFi-twitterers in the Hispanic world. On their Twitter accounts, they share their personal experiences and provide tips on using various platforms.
Romina Sejas (@cryptogirl_arg) is another tweeter that it will be good for you to follow to learn and inform yourself about decentralized finance and other related topics. In addition to writing, she organizes numerous spaces of Twitter where there is dialogue around a certain thematic axis.
Defi for beginners (@Definovato) will help you get into the ecosystem of decentralized money. As this account describes itself, it seeks to be “a help to enter DeFi in Spanish” with “information from the world of the decentralized economy, all for free!”.
Finally, @DeFi_Latam is another account you should follow. It is the Twitter account of the eponymous Telegram community mentioned above. There they announce all the activities they carry out, including face-to-face meetings in different cities in Latin America. They also share some tips on decentralized finance and relevant information for users.
Possibly with this list we fell short, and there are endless good tweeters about DeFi in Spanish. Take these tracking tips as a base. Over time, you will find other role models to help or inspire you to achieve your goals.
3 YouTube channels to learn about DeFi by video
If you like to learn by audiovisual means, you may prefer to watch videos on the topics of your interest. An advantage of this is that you can play YouTube audio on your mobile phone while doing other activities. Here are some channels you have to follow to learn about decentralized finance in Spanish.
The first of them is that of this informative portal. CriptoNoticias has his YouTube channel in which there are tutorials and interviews that can help you learn more about the ecosystem of digital assets. Remember to subscribe and activate notifications so that, every time a new video is published, you will be notified automatically.
As well we recommend that you follow CryptoSheinix. This Argentine and New Zealand resident youtuber publishes several videos per week in which he presents some DeFi platform, evaluates tokens or provides technical explanations on a related topic. The channel host is a computer developer, so he is someone who knows first-hand what he is talking about.
Once again it is present in this list Romina Sejas, but now in her youtuber version. your channel, cryptogirl, has mostly interviews and recordings of Twitter spaces. Some of the most recent videos of him, related to DeFi, at the time of writing this article are about: Crypto pesos; MeanFinance; meta mask; How to start investing; and DAI on the BNB Chain. In this channel you have hours of totally free knowledge.
Some final tips on decentralized finance
Theory is necessary but that is not enough. The best way to learn is by doing. Once you have a solid foundation, you need to get actively involved with DeFi yourself to learn how they work and how to use these protocols.
You do not need to have a large sum of money to do it. You can, for example, start trading tokens on a decentralized blockchain exchange with low commissions. PancakeSwap (which runs on the Binance network, BNB Chain) is a good way to start.
Then, perhaps, you could provide liquidity to the exchange to receive governance tokens as a reward. So you would have your first experience with it. yield farming.
When you are at a more advanced level, you may feel ready to take out loans collateralized by cryptocurrencies. You can do this on a specialized platform like Venus or Aave.
Never forget that hacks in DeFi are frequent, so it is recommended not to put all your capital in this type of smart contracts. In addition, you must maintain adequate security measures regarding the use of wallets and the storage of keywords.
If you take the necessary precautions, over time you will be able to benefit from decentralized finance and perhaps it will become a useful tool for your life.