You are right in general. As you could guess from the tone of my comment, I want the ecosystem to be cleaned up and my startup is going to play a role in that. It is essential for crypto/DeFi to go mainstream. There is a big shakeup coming which will weed out all these get-rich-quick products.
Me and my co-founders are committing ourselves into this for the long haul (think ~10 years) so are taking it slow. We hope our deliberate, slow and steady approach will help us tide over the current short term bubble and the imminent burst.
Are you able to speak to how your startup plays a role in cleaning up the ecosystem? It seems like there are a bunch of different types of things that need cleanup, everything from the likes of BlockFi and lending products to outright scams that are trying to steal your wallet credentials or steal your funds. I'd welcome any type of cleanup
We are at idea-validation stage so it's very early days for us. The overarching theme is educating users by making them aware of what they are/have getting/gotten into. Somewhat similar to rating agency in the traditional finance world (e.g., Moody's) but not exactly like them.
One related thing is that there has been a large increase in attempts by scammers to mimic a legitimate product with a fake domain, etc. You could actually detect these pretty well by looking at the TVL and other factors. Was the contract deployed fewer than 30 days ago? Have the amount of funds deposited to it less than the top 50/100 contracts?
A related problem is not even depositing but simply granting token approval to a scam app, and similar techniques may be used to warn users before they give these approvals.
If you told me "I'm like a rating agency" I'd double my scrutiny of you, if I didn't simply walk away.
The agencies played a large role enabling the mortgage bubble that popped in 2008. They were essentially selling ratings to bond issuers without any real attention to the quality of the loans underlying the bonds.
Me and my co-founders are committing ourselves into this for the long haul (think ~10 years) so are taking it slow. We hope our deliberate, slow and steady approach will help us tide over the current short term bubble and the imminent burst.