Episode 27 | Maximilian Bruckner from 21e6 Capital on an Intro into DeFi

Blockchain has democratized access to financial services by removing the middleman, and fuelled a new movement with Decentralized Finance, better known as DeFi. DeFi enables anyone in the world to have access to financial services on the internet, and uses smart contracts that replaces the intermediary such as a bank. But no intermediary means 2 things; The onus is now on you to manage your assets diligently and; Recognize that you are now on a new learning journey, and will have to get accustomed to a new DeFi jargon (like what a DEX means, what is staking, is non custodial important) To give you an intro into DeFi, I had the pleasure to have Maximilian Bruckner, the Head of Marketing & Sales at 21E6 Capital. Topics covered; How Maximilian became interested with blockchain (2:24) What is DeFi (6:24) How anyone can start with DeFi (7:53) Compare DEX (Uniswap) with centralized exchange (9:14) Difference between staking and liquidity mining (11:55) Trading pairs on a DEX (14:03) Key considerations before investing in a liquidity pool (14:57) What is an impermanent loss (15:49) Risks with staking (smart contract risks, lock-up risks) (17:50) Yield farming and risks involved (22:05) Alternative blockchain networks to start yield farming other than Ethereum (24:24) Anchor protocol, earn 20% interest on UST deposit (25:42) How Abracadabra.money works (27:27) Start by downloading a metamask wallet, and send funds from centralized exchange to wallet (closing thoughts) (31:40) 👉 Brought to you by Request Finance - an all in one platform to manage and track invoices, salaries & expenses in crypto. Earn $10 in REQ tokens when you sign up using promo link at theaccountantquits.com/request 👀 Review If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. 📍 Website For show notes and past guests, please visit theaccountantquits.com/podcast/ 👋 Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits