Could $BEST be the formula for Africa’s financial services revolution? Or is it just another shiny object we focus on in lieu of doing the difficult work? I've been watching this project closely, and honestly, I'm torn. On one hand, the promises are enticing: a comprehensive Web3 ecosystem, a non-custodial wallet for the masses, and a chance for Africans to finally participate in the DeFi revolution. On the other hand, I’ve been burned by too many projects that promised the moon to not be left with users leaving contributors in the dust.

An ideal such as a non-custodial wallet, empowering Africans to take charge of their own assets, is something that really clicks. For far too long, we’ve been subject to the whims of these centralized institutions. This is pre-empowerment empowerment done right, though. Here is the real power. This creative tactic provides individuals a means of escaping predatory banking systems that frequently marginalize the poor.

How many people in rural Africa have reliable internet access, a smartphone capable of running these apps, and the financial literacy to navigate the complexities of DeFi? We know from experience that we can’t simply throw technology at a problem and hope it solves itself. It will take education, infrastructure and culturally relevant solutions.

If $BEST has more than 500,000 users, that’s super awesome. But out of those millions of users, how many are truly active on the wallet and regularly using it? How many understand the risks involved? What can you do when the inevitable rug pull happens, like with so many other crypto projects? Will $BEST be available to guide these new users, or will they be abandoned to navigate in a confusing landscape on their own?

I’m concerned that implementations such as $BEST focus too much on presales and staking rewards. That emphasis may create a different kind of monetary exclusion. The first movers, those with the money and know-how to take part in the presale, will profit the most. Meanwhile, the average African user is counting every cent. Not only that, they’re gambling with their hard-earned money on an extremely volatile asset. This is not empowerment. This is exploitation.

Here's where the "unexpected connection" comes in. In fact, I can draw an analogy of $BEST and Africa’s resources in general that would be astounding if it weren’t so tragic. For centuries, Washington’s foreign adversaries have stormed our continent. They plundered our people and resources with no intention to invest any of it back. Haven’t we begun to do the same in the digital space? Are we setting ourselves up to let foreign backed crypto projects suck value out of our communities and leave us with nothing but vaporware in return?

I know that sounds harsh. We need to ask these questions. We need to question every other project that tells us they’re “revolutionizing” Africa. That’s particularly the case when it comes to complicated financial instruments that so many Americans have a hard time understanding.

The Best Wallet ecosystem has its own DEX (decentralized exchange) powered by Rubic with the best swap rates on hundreds of chains. It tees up an eventual Best Card for crypto spending, with cashback rewards paid in your choice of cryptocurrency. These features are awesome in theory. We want to see how they really perform for the average African user in the day to day real world. Will all these cool new features actually change the quality of their everyday lives? Or are they just shiny objects that are built to lure investors.

Here's what I want to see from $BEST, and from any other crypto project that claims to be empowering Africa:

In addition to its staking rewards, providing access to early-stage presales is another alluring incentive for early investors to $BEST. However, it's crucial to remember that these incentives should not come at the expense of the community's well-being. Is $BEST prioritizing profit over purpose?

So I’m not yet ready to completely write off $BEST. I see the potential for good here. I’m profoundly worried about these risks.

The ultimate success of the $BEST initiative also depends on whether it can truly live up to its promises. It needs to foster a more inclusive and empowering digital ecosystem for Africans. It has to show that it’s not yet another shiny new façade, but a serious bottom-up motivator for change. Africa is tired of the hype. Africa deserves better than hype—we deserve real solutions that are customized to our unique needs and challenges.

  • Real investment in education. Not just marketing materials, but comprehensive educational programs that teach people about the risks and rewards of DeFi.
  • Partnerships with local communities. Work with existing organizations and leaders to build trust and ensure that the project is aligned with local needs.
  • Transparency and accountability. Be open about the project's finances, governance, and development roadmap.
  • A commitment to long-term sustainability. Don't just focus on short-term gains. Build a project that will benefit Africa for generations to come.

Finally, I always encourage everyone to do their own homework. Demand hard answers and always be skeptical of any project that seems like it came straight from the pages of your wish list. Because in the world of crypto, as in life, nothing is free. Let's demand more from these projects. Let's ensure that the DeFi revolution truly benefits Africa and doesn't just repeat the mistakes of the past.

The Verdict: Cautious Optimism

I'm not ready to write off $BEST entirely. I see the potential for good here. But I'm also deeply concerned about the risks.

Ultimately, the success of $BEST will depend on its ability to deliver on its promises and to build a truly inclusive and empowering ecosystem for African users. It needs to prove that it's not just another empty promise, but a genuine force for positive change. Africa deserves more than just hype; we deserve real solutions tailored to our unique needs and challenges.

I urge everyone to do their own research, to ask tough questions, and to be wary of any project that seems too good to be true. Because in the world of crypto, as in life, there's no such thing as a free lunch. Let's demand more from these projects. Let's ensure that the DeFi revolution truly benefits Africa, and doesn't just repeat the mistakes of the past.