Ethereum whales undoubtedly drive the decentralized finance (DeFi) movement, but many people making money on DeFi trends are just regular Joes, so to speak.
One such trader, who asked to go only by Joe, is a math student at a Canadian university. Just by playing with Ethereum software and his own calculations, he managed to make hundreds of thousands of dollars in 2020. This wasn’t his first rodeo, however, he’s been trading on decentralized exchanges (DEXs) for more than a year.
“I’m not a whale in the crypto world but I’m one of the top users of the DeFi protocol I use,” he said. “Before, when DeFi was smaller, there was a lot less competition.”
Since Weird DeFi’s food craze began, Joe said “high yields” are now available to newcomers “without a lot of technical knowledge.”
It’s impossible to say just how many rookie traders raked in unusually high profits during the YAM debacle in August, when an unaudited crypto experiment garnered $465 million in crypto then imploded within 72 hours.
One such anonymous YAM user, who said he rarely trades on exchanges, said he found the YAM trading game fun and relatively easy. He participated in the community vote to “save” YAM, then said he promptly “dumped” his tokens when he realized the software experiment was not sustainable. All things considered, he said he earned $15,000 from participating in YAM, having spent up to $800 on transaction fees.
For both of the above-mentioned DeFi fans, this is a life-changing amount of money. These users often rely on service providers to access the DeFi ecosystem. As such, traders weren’t the only winners of the Yam gambling game. Companies that run the Ethereum network also accrued traffic and transaction fees during the rise of Yam and Sushi, CREAM and now Pickle.
“I access farming and do most one-time things with MetaMask,” Joe said. “The only other…