- Can you please introduce yourself and what you do right now?
My name is Adenle Mayowa, I am a cryptocurrency and business risk analyst for a startup project. I am also a blockchain enthusiast.
When did you start your journey into cryptocurrency?
I began in 2017 as a trader. I was able to use my skills in technical and fundamental analysis to trade crypto thanks to my experience in FOREX trading. I gradually started reading more about blockchain technology and its applications. Over the years, I have worked with some blockchain-related companies, including Lbank Exchange Labs (VC arm).
What are your major challenges as a Nigerian Crypto Expert in UAE?
Since I’ve been here for more than a year, there have been ups and downs. I got my start as a waiter (laughs) since I struggled to find blockchain/crypto-related employment due to my nationality. Also, the UAE government won’t grant Nigerians an employment visa; employers won’t even glance at our applications due to this factor.
Therefore, we had to go for more expensive options in order to work legally in the UAE and work extra hard than other nationalities to convince employers of the quality we possess before we get job offers, which is like 1 out of 100 applications.
I have met several Nigerians, particularly in the Blockchain and Web 3 sectors, who are making significant contributions to the growth of those sectors in Dubai, United Arab Emirates. I hope they will begin to ease the restrictions.
Can you explain Tokenomics and the need for a company to hire an expert?
The words “Token” and “Economics” are the origin of the term “Tokenomics.” It is the study of a token’s economics, including its production, distribution, and potential future valuation.
Token supply, utility, distribution, burns, and incentive mechanisms are determined by a project’s tokenomics, which are then aligned with the token’s business model to promote the growth and development of the token.
It is crucial to bring on a tokenomics expert to each and every blockchain company that intends to launch a token because they will create a token model that will support the token’s development and potential valuation. Good tokenomics enables a project to succeed in both bull and bear markets.
What do you check about a newly issued token or coin before it gets listed on an exchange?
These are a few criteria I look for in a new token as an investment analyst before endorsing it.
First, I review the Whitepaper/Litepaper to comprehend the problems the project is attempting to address and the proposed solutions. After that, I evaluate the business model and competitor analysis to see if they complement the project’s vision and objectives.
The valuation of the token is then calculated by looking at the tokenomics in conjunction with the contribution and vesting schedules. Additionally, I evaluate the project’s roadmap and the team’s track record and experience.
All these combined make it easier to fish out the red flags of a project and to decide if it is worthy enough to invest in
What are your thoughts about Web3?
I believe this is the future of innovation and every single person should get into it.
Web 3.0 is primarily the internet, owned by the builders and users, orchestrated with tokens. There are a few great web 3 projects that were started in the previous year and are destined to take off in the upcoming bull season.
According to research, big venture capital firms like Animoca Brands and Coinbase Ventures invested a significant portion of their portfolio in web 3 projects. This suggests a commitment to the Web 3 revolution and the future of the internet.