Mapping my Crypto Ecosystem : moving around between FIAT/CEX and DEFI
Hey everyone,
I was working on a draft of a sketch in order to explain to friends how my crypto ecosystem is working, from FIAT transfers, to stablecoin farms, LP pools, gaming, NFT, social blogging and so on. It also show the DAPP I use the most, how the blockchains are connected, bridges, intra-blockchain transfers, connections between CEX and DEFI, etc.
Working on this drawing made me realize that generalizing crypto adoption may not be that easy. But anyway, it also made me realize that sharing it could teach some tricks to some people. But the reverse is also true!
I bet I am doing complicated stuff sometimes, so maybe some people could help me improve and simplify my crypto ecosystem.
Without further ado, here is the sketch ! Below it, a list of bullet points explaining everything.
- First things you may notice is that some arrows are one-sided only. It doesn't mean you can't go the other way around, it just means I never do it. They are also a lot of bridges that exist, and that I tried, but since I don't use them on a daily basis, I didn't included them in the sketch.
- Second thing you may notice, I use TRON. I am a newcomer to HIVE, arrived with the splinterlands wave, and I quickly noticed how a lot of people hate TRON on HIVE. So, I DYOR and I read the whole story, with the STEEM fork. Oh my, this story was quite a ride, and I can definitly understand why a lot of people do not use TRON here. Truth is, I don't use TRON that much, except for moving USDT between CEX-DEFI and between blockchains. Quite cheap compared to the other things I found.
- I move FIAT in my ecosystem using the CEX Kraken, I was originally using BINANCE, but they forbiden the SEPA transfers 2 months ago (I am located in Europe) and they are now taxing 3.5% on credit cards.
- My ecosystem is really dependant upon BINANCE and the BSC. If there is an issue with BINANCE/BSC at some point, my ecosystem will be cut in half.
- Gas fee on ETH are too expensive for me, so when I need to snipe an ERC20 token on uniswap, I just move founds from binance instead of using one of the many ETH bridges that are already available.
- I use Splinterlands as a Bridge between BSC/TRON/BINANCE through DEC. Splinterlands is amazing for that. That's crazy to think that a blockchain game managed to build such a good system while other a struggling just making their own token available on their own blockchains.
- TERRA and POLYGON and totally dependant on BSC. I am waiting for the wormhole to connect TERRA and SOLANA, but at the time of writing, it's still not the case.
- I haven't found a single good bridge connecting SOLANA to the BSC, POLYGON, HIVE, TRON and TERRA. SOLANA is thus dependant upon Binance (or alternatively upon other CEX, such as FTX and Kraken).
- I didn't put everything on the sketch. For example, I am on the CEX crypto.com And OMG, this CEX is like hell to get out. They don't provide any solutions except paying around 25$ to go out of their CEX, without even saying it's on ETH. The solution I found was to use the NANO network, and send the NANO to another CEX where I could then swap to USDT and go to any blockchain I want. Avoid this CEX at all costs !
Thank you for reading me, please let's discuss and help me improve my crypto ecosystem !
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STOPTo support your work, I also upvoted your post!
Check out the last post from @hivebuzz:
That is quite the impressive diagram! Good luck explaining the intricacies of the crypto world to everyone! 😃
I only teach those interested in the first place. But adoption is definitly increasing, mostly through gamefi these days, maybe social blogging next? Hive potential is huge, but no one is talking about it except us. Even with splinterlands TOP 1 gamefi game, coin bureau in its last video (just out today) didn't talk about it. I don't get it.
This is so nice. I might do a vector design version of this...
But if I go by the exchanges and road maps I use I'll have a very little diagram.
I didn't know Europe Taxed Binance...I'm planning on relocating there in 2023.
Then that splinter land bridge you talked of was a huge eye opener.
Thanks for this post...its a nice sip of coffee to start the day
Binance didn't taxed at first, then I think regulation bothered them, so they removed the SEPA option. During a couple of months then, buying crypto with card was free. But now it's quite expansive. You still have the P2P option, but individual usually sell crypto above market prices...
This was fascinating ... I don't have your visual skills, but it did make me think about what my usage would look like, and suggested means of improvement to me! When you can communicate visually to people to whom that's not their first mind, you are REALLY communicating!
It was WISE for you to put that explanation about why you use TRON ... that is hated around here and folks still do get excited, BUT, you have a right to handle your crypto how you want. You don't owe anyone an explanation ... but you were still wise to read the room and accommodate your environment!
Thank you, I think I will post a new one in a couple of weeks/months. My ecosystem is constantly evolving, with new methods/bridges/cex, etc.
Very interesting post.
That is an innovative use. You can also turn PayPal balances into crypto via credits and cards.
Interesting that you find it difficult to get funds out of Crypto.com.
I have an Australian account with them and I can transfer out into my A$ fiat account with no fees and 1 day turn around. I can transfer A$ in with no fees and 30 sec turn around.
I used LTC to get funds out into Hive Engine and the fees were quite reasonable.
I have heard that people with UK and EU accounts have much higher fees on Crypto.com.
My bad, I wasn't clear in my post. I meant it's hell to move to DEFI from crypto.com, but indeed FIAT IN/OUT is not an issue there.
I will have a look at Paypal and LTC, thanks !
You know that Crypto.com has its own DeFi platform.
SPS is even listed (although it is not on any swap pool yet so you can't actually do anything with it.)
I didn't know. Is there a bridge on the Crypto.com DeFi then to move to other blockchains?
I am actually looking at the COSMOS blockchain, just started setting up the wallet. It's often referred as the hub for blockchain interoperability. I have high hopes that it could improve my own ecosystem. I will write a post with my findings in a couple of days.
I, too, was in desperate need of high-quality business cards. Fortunately, I was able to complete it quickly enough and received excellent maps. For this, I found professionals in mapping solutions for business chores, for example, on https://mappitall.com/ . I believe this will be really beneficial to a large number of individuals.
Posted Using LeoFinance Beta
I, too, was in desperate need of high-quality business cards. Fortunately, I was able to complete it quickly enough and received excellent maps. For this, I found professionals in mapping solutions for business chores, for example, on https://mappitall.com/ . I believe this will be really beneficial to a large number of individuals.
Posted Using LeoFinance Beta