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DeFi (or “decentralized finance”) is an umbrella term for financial services on public blockchains, primarily Ethereum. With DeFi, you can do most of the things that banks support — earn interest, borrow, lend, buy insurance, trade derivatives, trade assets, and more — but it’s faster and doesn’t require paperwork or a third party. As with crypto generally, DeFi is global, peer-to-peer (meaning directly between two people, not routed through a centralized system), pseudonymous, and open to all.  Why is DeFi important? DeFi takes the basic premise of Bitcoin — digital money — and expands on it, creating an entire digital alternative to Wall Street, but without all the associated costs (think office towers, trading floors, banker salaries). This has the potential to create more open, free, and fair financial markets that are accessible to anyone with an internet connection. What are the benefits? Open: You don’t need to apply for anything or “open” an account. You just get access by crea

The internet, especially as we transition into the web3 era, sometimes feels like the wild west - there are so many bad actors out there, committing flagrant acts of fraud and taking advantage of ordinary people who are looking for ways to better their family’s lives. In the crypto world we’ve seen lots of high profile scams, such as Bitconnect (check out the excellent Crypto Crooks podcast for the inside story on that soap opera), or more recently we’ve seen the collapses of Terra/Luna, Celsius & FTX. Beyond those big ones that grab the headlines, though, there are so, so many rug pulls and other types of scams that go unreported and largely under the radar.  So, it’s super important to do thorough research before investing in any project, especially in an industry as nascent as the web3 space. Let’s take a look at some of the biggest red flags to watch out for, so you can spot a scam long before you fall victim to it: 5 Signs It Might Be a Scam! 1. It seems too good to be true. O