Now it reminds me that I actually experimented with NEXO a while back
Hope you've since withdrawn all your coins back to your own wallets!
I didn't put much in there, just enough to try and earn interest in their nexo shitcoins to get me up a level, and stablecoins (with max interest). It was meant to be an experiment, and still ongoing, I'd never put my main Bitcoin in there beyond what I can afford to lose.
It's been an interesting journey to say the least, as I know am a semi-expert in proof of source of funds, proof of ownership, etc. They have an intense KYC process I've never experienced with any platform before.
No idea how big their 3AC position is, they actually answer me quite promptly on a lot of questions, still vague but generally of a much higher level than any other service customer support I've ever come across.
I think it makes sense when you think about. There platforms which are offering 20% returns to their users must be making even more than that from the entities they are lending to in order to cover their own (substantial) profits. If I want a bitcoin loan, and I have 100% collateral to cover it, there are far more attractive rates that I can access than ~25% interest. I would only have to pay such high rates if my loan was partially or fully unsecured.
NEXO can be quite attractive if you find out about their rates and don't mind adjusting capital around -- for example, you could actually put up collateral and borrow 10% of the value with near-zero interest... and still earn interest on that borrowed amount. I've been doing that, and paying the interest daily, there's a small bit of leftover interest actually so making profits from borrowed capital, just annoying to do it every day (as it compounds).
They do seem to be a bit more "advanced" than blockfi, celsius, etc, and as mentioned, they require minimum 100% collateralisation for all loans, so I'm not sure if they've found a way to ride this bear out safely -- wouldn't bet on it until they make their real time audit fully transparent.
[Just a note to anyone reading, totally not advising anyone to try any lender. Not your keys cannot be emphasised enough]