Humans of Crypto #4: Interview with Eli5 DeFi
Primer: Eli5 DeFi is one of the few DeFi educational accounts we’ve met with a very refreshingly unique approach. While most would have done podcasts or videos, they did it with visual infographics, preferring to say a thousand words with just graphics. We approached them wanting to know more about this pair of amazing humans that are here to change the way we see things. Here are their stories.
Background
Share with us your backgrounds. How many of you are in the team? What was each of you doing before crypto?
We consist of two people mainly, Blockhead and Osim.
Blockhead (B): I am still working as a private employee in the energy sector and also have some small businesses in my hometown
Osim (O): I am working in the cryptocurrency industry now—used to be ex TradFi in BB banks
How did each of you enter the crypto rabbit hole? Who introduced you to it?
B: It was my boss back then in mid-2017 that introduced me to crypto. I am quite lucky to create some fortune in the 2017 bull run by trading and participating in ICOs. In 2018, I temporarily left crypto since I was so busy setting up my business but returned back to the crypto scene in 2019 and never left since.
O: I started trading in 2017 when I was in China, but then lost access to my account and stopped trading. I resumed in 2019. I was introduced to crypto by friends and also based on doing my own research
What’s one misconception that people have about each of you?
B: Not really a misconception but there’s an image that I want to maintain since I love anonymity. Only a few people know my real identity in the crypto space. On usual days, I just look like your average Joe.
O: That I’m a cool & popular girl. I’m actually the biggest nerd in town
What’s your personal definition of success? How successful are you right now? How would you grade yourself out of 10?
B: Success is relative. For myself, it's not about having millions of dollars (that would be nice ofc), but to see progress every day in terms of mindset, thinking and way of life. I would give it 10/10 in my current state. Always love yourself, be grateful and keep positive thinking!
O: My personal definition of success is being able to be one of the top people in my field or whatever field, however niche it could be. Judging by that, I’m still pretty far from success but I’m improving every day.
How do you spend your free time? What are your hobbies?
B: I spend most of my time with my family, especially with my 3 kids! I also love to travel and play video games.
O: I love to learn new things during my free time, with interests spanning from finance, crypto, data and performing arts
Eli5 DeFi
How did you both meet each other? What inspired you to start Eli5 DeFi together?
We met at Discord. It was created by Osim since she already has lots of followers on Instagram with her meme account (@Bakchoomie). This project/account started as a repository for any questions on Discord but evolved to educational content.
What's Eli5 DeFi all about? What are you trying to achieve here?
We realize that lots of educational crypto threads have very good topics to cover but are over-complicated/vague/hard to understand. We try to cover the basics and make it more digestible through visuals. By using visuals, we believe that people can understand more. In the near future, we intend to discuss even more complicated topics in a simple way without sacrificing data accuracy and also crucial details of the process.
What’s your workflow for Eli5 DeFi like? Does each person specialize in particular tasks?
We usually brainstorm the topic first, collecting resources and finalising the title. It usually took around one week to create one visual guide. We do some discussions and seek feedback by sharing the draft with our friends.
How do you decide which topics to cover? Are there requests for certain topics to be done?
We did have some topics pipeline to work on but if there is a new topic that becomes a trend, we will dynamically shift as required.
As we are starting out, we are more reactionary i.e. we react to what people find interesting. In the future, we will steer discussions into topics/spaces that are interesting but under-covered
How long does it take to complete one Tweet thread of infographics, including the research and design of the graphics? Which part soaks up the biggest time?
Graphic designs usually take one week depending on the complexity, The hardest part is collecting proper material/resources and designing. Designing is a bit unique since we will send it to our friends and ask them if they can understand or if it is still overcomplicated, so there is some feedback and suggestion period.
What market are you targeting with Eli5 DeFi?
The target of our content is newcomers to the crypto space and any project that wants to reach a bigger audience with a simpler and friendly approach. We saw a lot of projects with great potential but communicating in the least interesting way (frickin’ long whitepaper) :)
To grow your social media account, do you think marketing is more important than content?
So far we grow organically, interacting genuinely with everyone and trying to build good relationships with other crypto influential figures. But most importantly, we try to upgrade and create better content. At the end of the day, the quality of the content will determine your worth.
Other Projects
What was the first DAO you participated in? How did you bridge the gap to become a contributor to Web3?
B: My first DAO is The Infamous Wonderland and I became an active member there. The ASCII style of the Cheshire Cat landing page was made by me. There were not so many gaps since everyone can discuss anything and contribute directly to the project.
What was your first impression of DAOs? Were your impressions very different from reality?
B: DAOs need some proper organisation, not as strict as in corporate style but more sensible in terms of governance and not exhaustive as it is now.
Can you tell us the main differences between working in a DAO vs working in the real world?
B: The real world has some strict due diligence in regards to background checks of their members in the organisation but DAO does not. This inclusivity can be quite dangerous if there are some bad actors who want to take advantage.
How important is a CV or a resume in the Web3 world? Has anyone asked you to produce a resume before they engage you in Web3?
Having some credentials is a positive point but not as important as the results/ deliverables. So far none requested our resumes.
What are your best and worst experiences in a DAO?
B: Regardless of whether their product was successful or not, becoming part of an early supporter/movement is addictive no matter how small your contribution is. But it also comes with the bad things, since you had already invested your time and probably money you will tend not to be objective due to the sunk cost fallacy.
In your view, are there any ways to improve the DAO experience?
B: Many things can be improved: voting system, proper organisation/project management, background check for core members and streamlined decision-making process.
Trivia
What’s the most controversial thought you have on crypto?
B: Crypto might be obsolete and unnecessary in the next 50 years, once we have better technology. But the concepts and philosophy will remain.
O: The virtual currency aspect of cryptocurrency is a bit too overhyped and most if not all are not worth more than fiat currently, simply because they are not valid legal tenders. Otherwise, they would not have been quoted in fiat currency terms LOL.
Share one piece of alpha with readers
B: We are designing a novel approach in tokenomics. This model might solve the current governance and emission model. :)
O: Arbitrage with Tradfi, guys
Name one mistake you have made in crypto and what you have learned from it
B: No matter how much you love a project, you should always have an exit plan and plan B in case the project goes south.
O: Buying shitcoin on impulse, leveraging, bias on leveraging (afraid to cut loss), not hedging risk with available products, buying jpeg NFTs
When was the last time you did something for the first time? What did you do?
B: My 9-5 work is kind of mundane and crypto spaces have been giving me a first-thing experience every day, not to mention the news is quite wild and makes your heart go on a roller coaster :)
O: I’m very open to new experiences so I did try out a potential new career path for a while but it didn’t work out
What is one thing that you know that most people don’t?
B: Ape first think later is actually a good strategy if you know how :)
O: How to be a good loser :)
Conclusion
Is there anyone whom you admire very much in the crypto space, like an idol or a model for you to emulate? Why?
B: Satoshi Nakamoto, because he/she/they is/are GOAT
O: Satoshi Nakamoto
Can you recommend one person that you know personally and who has an amazing story to share?
B: We have two buddies, Marco Manoppo (@Blocknomy) and StorganManley (@Storgan_ManleyX). Both are ex-TradFi and they are so smart! And don’t forget our meme queen Osim (@Minnymousegirl)