Topic: Earning interest on coins through DeFi. Is it Safe/Legit? - page 2. (Read 375 times)
If you wanted to earn interest through your coins, use the reputable ones. Though it's really not decentralized, your best bet might be BlockFi(and probably Celsius). As far as I know, they they store their funds through Gemini's cold storage system, which is probably a good thing I guess? I don't think there are any reputable "decentralized" platforms to earning interest in right now, hence I really don't suggest using them for now. As always, do your due diligence.
Is there any platform for this Decentralized Finance (DeFi) where you will make your investments?
Can you mention one so that I can study? I'm not interested in earning interest but I'd like to learn more.
There's a couple, I'll give you some examplesCan you mention one so that I can study? I'm not interested in earning interest but I'd like to learn more.
Compound Finance - this is probably the most popular one and I've recently starting looking and using it.
Nuo - provides daily interest to you by lending out your funds on a decentralizated plaftorm.
Fulcrum - regular decentralization lending platform
dYdX - a exchange with options to trade, borrow and lend.
Nexo: https://nexo.io/ (6.5% interest?)
Salt: https://saltlending.com/
And of course celsius? https://celsius.network/
I just came to be aware of a new concept (to me) in the crypto space called Decentralized Finance (DeFi). It aims to offer the services of classic financial institutions through smart contracts and blockchain.
One of the use cases is to earn interest, as one would expect in a bank.
I just want to know your critical views whether one should involve is such or not. Would like to know if anyone of you used such platforms?
Many hodlers' coins keep on lying and this might be an additional source of income for them.
Ps: I am not talking about any Ponzi's that claim to multiply your deposits.
I myself think they’re pretty weird. AFAIK, your funds (with most platforms at least), arent actually insured, and these interest rates seem way to high for such collateralized loans imo (but the interest rate goes down dramatically if you put more than x BTC in such platforms, (which is kind of weird because, with a rate cut from 6.5 to 0.8%, i’d either multiaccount in a legal way or simply find another lender, right?))One of the use cases is to earn interest, as one would expect in a bank.
I just want to know your critical views whether one should involve is such or not. Would like to know if anyone of you used such platforms?
Many hodlers' coins keep on lying and this might be an additional source of income for them.
Ps: I am not talking about any Ponzi's that claim to multiply your deposits.
I think it’s kind of a lazy way of utilizing capital at this point, and i can’t (if they’re actually legit), again, see how they would keep up such rates.
Perhaps i dont fully understand their business model, or the interest for such loans.(?)
They work in a weird way, especially since they might not always been insured, and the interest rates work in a weird way for sure. Just put a little money in the site, don't worry about it that much and you'll usually make a decent sum of money off it.
Compound Finance - this is probably the most popular one and I've recently starting looking and using it.
Maker is probably the most popular one. It has the highest volume and TVL in the DeFi world.
I've personally used Compound and InstaDapp, got around 4-5% APR with USDC, and 7-9% APR (fluctuate daily) with DAI. If you want to try, I recommend using DAI instead of USDC or Tether because the market seems to appreciate the more decentralized nature of DAI.
I think it’s kind of a lazy way of utilizing capital at this point, and i can’t (if they’re actually legit), again, see how they would keep up such rates.
Perhaps i dont fully understand their business model, or the interest for such loans.(?)
In general, it's all very short term minded. The main purpose of these features is to make people buy and hodl their coins because it can do more than just go up in value. Great for those behind the projects, not so much for you.Perhaps i dont fully understand their business model, or the interest for such loans.(?)
I can't think of any legit profitable platform that has been worth it over a longer period of time. The more legit a platform is, the lower the rewards generally are. Easy money doesn't exist, especially not without there being a catch.
Is there any platform for this Decentralized Finance (DeFi) where you will make your investments?
Can you mention one so that I can study? I'm not interested in earning interest but I'd like to learn more.
There's a couple, I'll give you some examplesCan you mention one so that I can study? I'm not interested in earning interest but I'd like to learn more.
Compound Finance - this is probably the most popular one and I've recently starting looking and using it.
Nuo - provides daily interest to you by lending out your funds on a decentralizated plaftorm.
Fulcrum - regular decentralization lending platform
dYdX - a exchange with options to trade, borrow and lend.
Nexo: https://nexo.io/ (6.5% interest?)
Salt: https://saltlending.com/
And of course celsius? https://celsius.network/
Edit: yeah i was half asleep making this post. Above are obviously not decentralized, but still might be worth looking in to if you’re interested in these sorts of platforms.
I just came to be aware of a new concept (to me) in the crypto space called Decentralized Finance (DeFi). It aims to offer the services of classic financial institutions through smart contracts and blockchain.
One of the use cases is to earn interest, as one would expect in a bank.
I just want to know your critical views whether one should involve is such or not. Would like to know if anyone of you used such platforms?
Many hodlers' coins keep on lying and this might be an additional source of income for them.
Ps: I am not talking about any Ponzi's that claim to multiply your deposits.
I myself think they’re pretty weird. AFAIK, your funds (with most platforms at least), arent actually insured, and these interest rates seem way to high for such collateralized loans imo (but the interest rate goes down dramatically if you put more than x BTC in such platforms, (which is kind of weird because, with a rate cut from 6.5 to 0.8%, i’d either multiaccount in a legal way or simply find another lender, right?))One of the use cases is to earn interest, as one would expect in a bank.
I just want to know your critical views whether one should involve is such or not. Would like to know if anyone of you used such platforms?
Many hodlers' coins keep on lying and this might be an additional source of income for them.
Ps: I am not talking about any Ponzi's that claim to multiply your deposits.
I think it’s kind of a lazy way of utilizing capital at this point, and i can’t (if they’re actually legit), again, see how they would keep up such rates.
Perhaps i dont fully understand their business model, or the interest for such loans.(?)
Is there any platform for this Decentralized Finance (DeFi) where you will make your investments?
Can you mention one so that I can study? I'm not interested in earning interest but I'd like to learn more.
There's a couple, I'll give you some examplesCan you mention one so that I can study? I'm not interested in earning interest but I'd like to learn more.
Compound Finance - this is probably the most popular one and I've recently starting looking and using it.
Nuo - provides daily interest to you by lending out your funds on a decentralizated plaftorm.
Fulcrum - regular decentralization lending platform
dYdX - a exchange with options to trade, borrow and lend.
Is there any platform for this Decentralized Finance (DeFi) where you will make your investments?
Can you mention one so that I can study? I'm not interested in earning interest but I'd like to learn more.
Can you mention one so that I can study? I'm not interested in earning interest but I'd like to learn more.
Decentralised Finance, or DE-FI for short is basically the new biggest thing in crypto, and I was actually very interested in it due to how much noise it's caused.
They work very well, and basically takes everything in the finance industry to a decentralization point of view.
There are a couple services that work very well, like compound finance and fulcrum (these are the biggest ones) and they've always worked well for me.
They work very well, and basically takes everything in the finance industry to a decentralization point of view.
There are a couple services that work very well, like compound finance and fulcrum (these are the biggest ones) and they've always worked well for me.
I just came to be aware of a new concept (to me) in the crypto space called Decentralized Finance (DeFi). It aims to offer the services of classic financial institutions through smart contracts and blockchain.
One of the use cases is to earn interest, as one would expect in a bank.
I just want to know your critical views whether one should involve is such or not. Would like to know if anyone of you used such platforms?
Many hodlers' coins keep on lying and this might be an additional source of income for them.
Ps: I am not talking about any Ponzi's that claim to multiply your deposits.
One of the use cases is to earn interest, as one would expect in a bank.
I just want to know your critical views whether one should involve is such or not. Would like to know if anyone of you used such platforms?
Many hodlers' coins keep on lying and this might be an additional source of income for them.
Ps: I am not talking about any Ponzi's that claim to multiply your deposits.
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