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| By Chris Coney |
Navigating the crypto world is not an easy task.
This is exactly why I believe that managing complexity is one of the keys to success in DeFi.
In fact, I covered this topic in a recent article that features two handy tools to simplify the investing complexity in DeFi.
And I practice what I preach.
Just last year, I explained to the members of my Crypto Yield Hunter newsletter that I was intentionally ignoring certain golden opportunities in their best interest.
How does that make sense?
It’s simple: If the level of complexity we are dealing with becomes unmanageable, we tend to lose control of what we are doing.
And even if it does somehow work out, at the very least, good results will not be forthcoming.
In my work, I am for all intents and purposes pragmatic. This is a skill I have honed over 18 years, and it is what makes me one of the most effective DeFi educators in the world.
Like many people who are teaching DeFi today, I started out as a purist.
In other words, I would focus on how to maximize security, how to invest in the best assets and how to use the best tools.
What’s wrong with that, you say? Complexity.
For some background information, I received a university-level education in computer science and information engineering.
Back then, I tried to teach the average investor to carry out complicated technological procedures for which they did not have the prerequisite knowledge.
Ultimately, they wound up unable to act on what they had learned … and were unable to enjoy any benefits.
This led me to change my approach.
Once I started to evaluate where my students were starting from and what their investing goals were, I became less of a teacher and more of a curator.
I have found that hand-selecting the crypto essentials and packaging them up in educational products typically allowed my students to get the results they wanted as quickly and as easily as possible.
So, to ensure my subscribers are maximizing the benefits from my Crypto Yield Hunter service, I have chosen to shield them from certain opportunities.
The MetaMask Ringfence
Specifically, I control complexity for my students by initially keeping them in Ethereum’s (ETH, Tech/Adoption Grade “B”) virtual machine galaxy.
That is, blockchain apps that live on chains running the EVM and thus can all be handled in MetaMask.
While it did bother me that we were missing out on investing opportunities elsewhere in DeFi, increasing the complexity was too big of a risk.
So, I continued to ask myself how we can engage with greater complexity in a manageable way.
Enter XDEFI
One platform I have been looking into is called XDEFI: a multichain crypto wallet that was designed from the ground up to be multidimensional.
The first edge XDEFI has over MetaMask is that it was designed much later.
When MetaMask was originally created, many concepts such as non-fungible tokens and DeFi had not yet emerged.
As such, XDEFI was designed to serve a much more developed crypto ecosystem. It is designed to be a true one-wallet solution that handles all the complexity of interfacing with 17 blockchains simultaneously.
This tool has the potential to increase the number of opportunities we can take advantage of … while at the same time potentially increasing the simplicity of operation.
Safety First
Although I find XDEFI to be a promising prospect, I am by no means advocating for it or prompting anyone to use it.
As always, I encourage you to do your own due diligence and research before moving forward with any investing decision to make sure it is the right choice for you.
Additionally, before I put my name to something and make a formal recommendation, I go through the rigorous process of testing it out myself.
That way, I can personally ensure the safety and utility of anything I suggest and iron out any kinks.
I have now begun this process with the XDEFI Wallet and — subject to its passing with flying colors — I will begin to formally recommend it as my preferred DeFi wallet over MetaMask.
But I am not there yet. For now, MetaMask is working, so it will remain in place.
XDEFI will earn my stamp of approval if — and only if — it passes every single one of my criteria.
If you wish to receive the results of this research process, then please consider subscribing to Crypto Yield Hunter today.
But that’s all I’ve got for you. If you are a current XDEFI user or contemplating using this platform, feel free to share your thoughts on it by tweeting @WeissCrypto.
I’ll catch you here next week with another update.
Until then,
Chris Coney
