Meet Amina, a single mom living in rural Kenya. She makes complex baskets, which she sells at the mercado in nearby Vilcabamba. Her pay is pitiful, only enough to keep her kids from starving to death. Traditional banking is beyond her reach – too many fees, too much bureaucracy and to be honest, too little rapport. Then, she hears about Ethereum.

You see the headlines, right? "Ethereum Approaches $4,000!" "DeFi Revolution!" "Next Big Thing!" What does that even look like for young Amina? Does a rising tide lift all boats, or only the yachts? Let’s cut to the chase.

Is Crypto a Real Opportunity?

The promise is compelling: financial inclusion, borderless payments, and access to global markets. Ethereum-based platforms could, theoretically, allow Amina to sell her baskets directly to customers in Europe or North America, bypassing exploitative middlemen. DeFi lending platforms might be able to offer her low-dollar microloans to grow her business in ways that a traditional bank would never approve.

Here's the rub. Ironically, the same factors behind Ethereum’s price explosion are making access more difficult. Increased transaction fees, or gas fees, on the Ethereum network, make even the smallest transactions prohibitively expensive. This renders it cost prohibitive for Amina to get paid for one basket. All of a sudden, this “disruptive” tech supports the financial status quo, helping our very best customers—the rich who can afford to make a bet.

The unexpected connection? It's the same story as globalization. We fought for that promise right alongside you, for a golden age of shared prosperity. Unfortunately, multinational corporations were the ones to benefit. Local artisans such as Amina could not compete. Are we set up to make the same mistakes all over again with crypto?

Mutuum Finance: Savior or Siren Song?

Next enters Mutuum Finance (MUTM), pledging high-yielding returns, a people’s dual-lending platform, and a stablecoin. $11.8 million raised in presale. 18,928% ROI projections! This may sound like a pipedream, but it’s an achievable reality – particularly for someone like Amina who is looking for any opportunity to escape the cycle of poverty.

Let's be brutally honest. Few types of returns like this are sustainable, and even fewer are available without taking on substantial risk. It’s no secret that the crypto world is full of scams and rug pulls. Having a project audited by CertiK is an excellent first step. Adding a bug bounty program is a good touch, but both fall short of guaranteeing anything 100%. Revisit the fear and worry you felt when you were afraid of losing all your hard-earned savings. And that’s the part that really keeps me up at night when I see these types of projects zeroing in on these vulnerable populations.

Unfortunately, too many Aminas fall prey to the seduction of easy money. They’re the ones left holding the bag when a project goes bust at a moment’s notice. The opportunity for exploitation is equally massive. The lack of precise regulation in most African nations exacerbates the issue.

It’s time to look beyond the hype and the smoke and mirrors and really think about how we can create a more equitable crypto ecosystem. This means:

  • How accessible is Mutuum Finance really to someone with limited internet access and financial literacy?
  • What safeguards are in place to protect investors from fraud and manipulation?
  • Is this project truly empowering communities, or simply extracting value from them?

Beyond the Hype: A Call to Action

Ethereum and blockchain technology have an incredible potential to impact and transform people’s lives on the continent of Africa. Unless we make a concerted effort to include everyone in these progress, the progress will leave many behind. Most importantly, it’s imperative to safeguard vulnerable populations against abusive exploitation. We’d like to suggest that it’s time we start to expect a little more from the crypto universe beyond skyrocketing valuations and vaporware. Let’s work together to create a future where crypto uplifts Amina, not takes advantage of her. The alternative? A future where the digital divide continues to reflect and exacerbate the socioeconomic status quo, cutting millions out of opportunities. Are you okay with that? I know I'm not.

  • Developing Layer-2 solutions and alternative blockchains with lower transaction fees. Ethereum's success shouldn't come at the expense of financial inclusion.
  • Investing in education and financial literacy programs to help people like Amina understand the risks and opportunities of crypto.
  • Advocating for responsible regulation that protects consumers without stifling innovation.
  • Prioritizing projects with real-world utility and social impact over those focused solely on speculative gains.

The potential of Ethereum and blockchain technology to transform lives in Africa is undeniable. But it requires a conscious effort to ensure that the benefits are shared broadly, and that vulnerable populations are protected from exploitation. It's time we demand more from the crypto space than just soaring prices and empty promises. Let's build a future where crypto empowers Amina, instead of exploiting her. The alternative? A future where the digital divide mirrors and amplifies the existing inequalities, leaving millions behind. Are you okay with that? I know I'm not.