Hey everyone, writing a little review in case it can help someone make a better decision.
The first thing I did when I decided to try out Waves environment was to supply some liquidity to Vires Finance as it looked like a good opportunity.
This was about 2 weeks ago, so I want to share the experience of a new user.
Having provided to many other lending pools in the past it was just a way to diversify a bit and test the transaction here. Dipping my toe is all I did.
There was no obvious warning about not being able to withdraw USDC/T unless you red the whole docs or the forum beforehand.
When I realized something was wrong, I started to read the forum and keep track of the governance proposals.
Here’s my conclusion after these 2 weeks, I don’t know who did what, who’s stealing from who and why, who is considered fudders, etc.
In the end, I can only describe you how I feel, this is what will matter if you want Waves to grow.
This sentence summarizes it very well: “I would trust my bank 100 times over before I would trust anyone related to this project.” PS: I don’t trust banks
This protocol and how it can be voted is as far as I’ve seen from the goal of cryptocurrency and decentralization.
The platform seems to me like it’s made to be deceiving (No warning that you shouldn’t provide USDC/T, APY / APR display, current debts, etc).
Proposal can be forced and are clearly not in the interest of the vast majority of the investor, only of the few.
You prevent people from borrowing and from exiting their position through vTokens “Temporarily until the problem is solved”.
Yet, where is the option to temporarily prevent supply of USDC/T until you find a solution? Is the team just hoping that enough new users supply, so old ones can exit, how bad would that be?
I hope I’m wrong and I guess time will tell. But I’m just warning you that this is how most people will feel and it will destroy your environment. Of course, if the few already made their buck they won’t care and move on. As I said, I just hope I’m wrong.
Even if I never see my money again it really won’t change a thing in my life, I’ll be more than fine. I just hope people who committed too much here will end up winning.
In the hope that this message will help new users.
You can also share you experience here that could help even more!