https://thedailychain.com/the-ultimate- ... e-to-defi/
And search all post from Rod in this thread from the past 2 months. That's how I got started.
Sep 18th, 2020 6:03 pm
https://thedailychain.com/the-ultimate- ... e-to-defi/
Sep 20th, 2020 12:25 pm
Sep 22nd, 2020 10:00 pm
Sep 23rd, 2020 12:15 am
Sep 23rd, 2020 12:35 am
I'm seeing 4% cashback for the icy through app, what am I missing? Is the 60% including the returns on the card (icy is 18%)?
Sep 23rd, 2020 7:22 am
The app is still showing the old date because it goes effective on Oct 1st only. The website shows the new cashback rates (I sent a suggestion to their team to update the rates on the app to avoid confusion like this). That’s the cashback on their Visa card. On top of that it pays 16% to 18% interest in what you have staked depending on the card that you chose.
Sep 23rd, 2020 7:25 am
It only gives market exposure. You don’t hold any crypto. You can’t deposit or withdraw coins.
Sep 23rd, 2020 10:17 am
That could be good since I have no clue what is being talked about on this thread. Honestly it sounds like you guys are playing a game of Minecraft, lol. Why are there so many different crypto’s and concepts? Isn’t the whole appeal of crypto that it can function as a Universal currency that’s not beholden to the idiocy of government management and backing? How can that be achieved if there are 500 different crypto currencies?
Sep 23rd, 2020 10:44 am
No, crypto, which is interchangeably spoken as blockchain, is the technology. You can have many applications for these. Most of the stuff discussed on the thread recently by me is on a single network, which Ethereum network. These are all financial applications on ETH network. Sure, there is bitcoin too, and these are 2 money applications using blockchain. There’s no single universal currency. There are different arguments to why BTC is money, why ETH is money and why other coins are money. All of them are permissionless, censorship resistant and borderless, and therefore not subject to government management and backing. Some of them are fiat pegged, which in today’s world allow you to have a safer investment from a capital protection perspective, while fully on your custody. Others are more volatile, and are not pegged to fiat or any central institution. They are all valid and have different use cases.llpresident wrote: ↑ That could be good since I have no clue what is being talked about on this thread. Honestly it sounds like you guys are playing a game of Minecraft, lol. Why are there so many different crypto’s and concepts? Isn’t the whole appeal of crypto that it can function as a Universal currency that’s not beholden to the idiocy of government management and backing? How can that be achieved if there are 500 different crypto currencies?
Sep 23rd, 2020 11:26 am
Sep 23rd, 2020 11:55 am
Agreed, and on the high yield speculation category above, not every product is the same, some are pump and dump, some have enhancements with the high yield. I tend to pay attention to the mechanism on how the high yield is generated. For pickle, they solve a legit problem by trying to stabilize peg of stablecoins. There’s little risk with them depending how you farm it. My approach is to deposit on curve susd pool (stablecoins only, no capital fluctuations), and then stake the crv LP tokens from curve into their pickle jar, which is the equivalent of yearn vaults. So the crv, which was free, is now staked on pickle, which uses automation to sell crv to buy pickle, and keep repeating this process to concentrate the crv increasing rewards into their own rewards - but pickle is way better on gas efficiency to claim. So interest rate net of fees is higher. Plus, because the jar has lots of funds (from everyone), it gets to boost the max crv rewards from curve, boosting interest further. This is an example of how we can deposit stablecoins only and make 27% interest on it, with very little gas to claim that income. Cream is a fork of compound, but they have been pioneering a few things. They got a dynamic AMM going, which eliminates slippage adding a single side of assets in a pool (a problem that no one else was able to solve so far) and they were the first able to swap vaults and strategies, reducing a lot the gas required to onboard a strategy or vault. These are decent products driven by a strong community to keep enhancing established products that can’t change quickly given the level of maturity that got locked on them. So as long as you don’t buy their token, it’s a much better setup to keep exposure to the well known coins that you want to own and use that opportunity to farm these tokens, while locking profits periodically. What changes is the amount of free tokens and the price of those free tokens, without compromising your stablecoins or established coins exposure.deger wrote: ↑ These Defi programs are definitely taking a page out of the book from Casinos for marketing purposes. For example, Yam, Sushi, Cream, Pickle tokens but in the back there is some serious money being dump into these programs, 10s to 100s of millions. I only started looking into this a month ago and my impression so far has been:
1. There are two groups of people in Defi -
- people who are in it to advance Defi and create products that serve the same purpose as banks do for us (lending, exchanges, safe storage of money).
- people who create products for speculators and the "yield farmers" who make money off the speculators in a "Ponzi scheme" like way as its been call by some notable people.
2. In the later category, the yield (as I've been watching over the month) dissipates quickly. You may hear 100%+ apy yields, but its likely to drop quickly. Reason for this that I've notice is that there is little fundamental support for the token's value, which the yield is paid with and the token are being inflated immensely. Literally printing money. There are certain program that are trying to give there tokens fundamental values (see, Curve), but its yet to be seen how it will play out in the long run.
3. With 2, in mind, this is not to say people aren't making a ton of money on the schemes but its better to have more money invested in this so that you can quickly collect on the dissipating interest to cover the transaction fees and impermanent loss. Otherwise you'll need to hold on for longer and expect apy to dissipate.
4. On the Cefi side, with 8 to 12% interest on stable coin (CADT, USDT, etc) you'll need to keep in mind certain thing that will eat away on this interest: interest will be tax as earned income, not as the capital gains or dividends like stocks, there is a 1% fee to return convert the crypto back to fiat in your bank account, there is risk that the stable fails, there is risk in the Cefi company fails you. So after all this risk, is it still worth the extra interest?
This is my understanding anyways. Let me know if some things are wrong..
Sep 24th, 2020 12:52 pm
Sep 24th, 2020 5:42 pm
Sep 24th, 2020 5:46 pm
I don't like MTA, I found their launch very disorganized, and competition has been delivering quicker and with higher quality than them. SAVE is a decent product as a one-stop shop to earn high interest, but it ends there. I don't like EARN because it directs rewards to MTA, and I see no value in MTA. High emissions put pressure on price, and the lack of exchanges with musd makes it a niche product for their environment only. Also, there better options out there that gives higher interest on stablecoins. Lastly, and this applies to any project you choose to invest on, you need to keep up with the community. You need to follow what happens, be at par with their development and innovation, be in sync with governance proposals, because that's how a project grows or tanks. Yield farm is meant to leave there accruing interest, so you want to ensure that liquidity, growth and preferably innovation continues to be driven to sustain these numbers.margincall wrote: ↑ Crypto.com account is operational again...unfortunately there was no sign of my 500K CRO
Added ETH and CRO last night and also made my first foray into DeFi
MTA is almost back to all time lows so I figured it's worth a speculative bet... @rodbarc a penny for your thoughts please
Next on my list is sUSD which I'll probably get into over the weekend
Sep 24th, 2020 5:51 pm
I like pickle, they are unique with the innovation to stabilize peg and their jar is a solid piece of work to convert CRV into constant profits. It's easy to fork (copy / paste), but every smart contract needs to be evaluated carefully to identify scam clues (no timelocks, ability to draw funds, functions to external owned accounts (user) instead of a smart contract, etc). Then you have the community, which you can't copy. My setup is to stick with a few good ones and keep adding on those.deger wrote: ↑ And immediately pickle is copied by another: https://www.stabilize.finance/
This crazy world where there are no patents and everything is open source.
This is another interesting stable coin project that gives yield without staking or locking the coin: https://ousd.com/
Another vault project: https://set-beta.tokensets.com/portfolio/usdapy