Why Everyone on Your Web3 Team Should Know DeFi Basics?

Remember learning the order of operations in math? Well, just like BODMAS was crucial for math, knowing the basics of DeFi is key for Web3 projects. But surprisingly, many folks working on these projects don’t understand the simple things like swapping, staking, and bridging.

Even the big shots in Web3 often have team members who are a bit lost when it comes to DeFi basics. This leads to complaints about confusing user experiences, missing steps, and the whole DeFi thing being too hard.

Imagine a designer trying to make things look good and easy to use, but they’ve never actually done the basic DeFi stuff. It’s like designing a car without knowing how to drive. Designers need to understand what they’re working on to make it user-friendly.

In the transition from Web2 to Web3, a skilled engineer may bring impressive coding abilities but struggle to grasp the intricacies of the underlying technology. This knowledge gap hinders the development process and compromises the quality of the end product. It’s like building a fancy house without knowing how the plumbing works. To make great Web3 products, everyone needs to know the ropes of DeFi.

While buzzwords like “Account Abstraction,” “Zero Knowledge,” and “Intents” may sound impressive, they fall flat when users are left in the dark about the basic functionalities of a DeFi product. Throwing around fancy words might sound cool, but users just want things that work well. Marketing should explain how the product solves problems, not just use impressive words. Users care more about results than technical jargon.

Here’s the solution: Teach your team about DeFi. Start with the basics like swapping coins, staking, and bridging. Once they get the hang of it, move on to more complicated stuff like lending, borrowing, pools, and leverage. Give your team the knowledge they need to talk about the project in a way everyone can understand.

A team that understands the simple stuff can handle the challenges of DeFi way better. It’s time for Web3 fans to realize the power of knowing the ABCs of DeFi.

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I will be writing more about the “Basics of DeFi”. Subscribe to stay tuned.