/dog/ DeFi & Open Finance General - Fuck trad finance edition

a synopsis:
defisaver.com/ - smart contract risk on top of smart contract risk: SKIP
synthetix.io/ - crazy stuff. very cool. SNX bullish.
tokensets.com/ - portfolio on autopilot, make money. Fidelity will want this in 5 years.
nuo.network/ - STAY AWAY. nonstop losses to lenders. google it.
defiprime.com/product/fulcrum - way too early. danger zone.
dydx.exchange/ - fun!
compound.finance/ - based, the bitcoin of DeFi / the blue chip

pee pee poo poo

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first ever on-chain binary options

defiprime.com/bandprotocol
bitswing.bandprotocol.com

at this point would one rather loan their money out for good APR or hold the tokens of these projects? i'm particularly interested in SNX just fucking worried theyre gonna get shut down by regulations

Aight, aye

And don't forget there's a matrix channel set up for defi. #defi:matrix.org

buy chainlink

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Also, why no love for uniswap and bancor? I could write a fucking book about them.

Some people prefer the term open finance, but yeah /dog/ is a stupid acronym.

>homosexual /smg/ style threads and tripfags embracing defi
is this a bear signal for MKR?

write the book. i would read it

I did add it. But then got frustrated by the spam protection and scrapped almost half of the first post. I'll get it up tomorrow... Hopefully. Also, discord perhaps?

saging this thread on the day where I am almost sure I got fired from my job. So I'll just compile massive amounts of info on DeFi to cope.

Brainlet here. loans.bankera.com/ or nexo are not DeFi’s?

i put $500 on compound and got 7% interest for a few weeks

but decided this is for fools so i took it out and bought a load of the tokens like MKR; RSR,

what other tokens area there to invest in? im not interested in taking loans out or getting shitty 7% interest when the fees for getting in and out of crypto will eat that up in no time

low time preference, isn't going to make it

Im reading about SNX and i dont understand it and the staking rewards

So i buy myself SNX, and to get the staking rewards I can LOAN MYSELF sUSD, but I have no possibility of being liquidated?

This has to be a 100% scam. How can i just be allowed to create money from thin air with no responsibility to pay it back

it would be good but by the time you deal with all the fees of getting money into crypto and getting it into compound, and back out, your interest rate isnt 7%, its more like 2%

The amount of SNX you have to lock up will be several magnitudes higher than the amount you can mint. I'll look into it as I'm not 100% certain, but I'm quite sure there are several other mechanisms in play to avoid a credit default.

do i have to mint sUSD to get staking rewards?
I dont really want to participate in financial spivvery and gambling, just want to hold the token and not interested in taking out loans
Thats why MKR and RSR seemed good

it's a hidden ponzi scheme, it's 100% centralized and they can delete your balances if they want

How

there's a backdoor in the contract
reddit.com/r/ethereum/comments/d4edxm/the_synthetix_dapp_deleted_my_balance/

this is all one giant scam isnt it
even just buying ETH
whats the point in these tokens when you can just buy ETH

Use fully decentralized dapps like augur, where devs can't do anything after launch on mainnet.

This. Compounds btw is also centralized. But at least they want to go full decentralized in the future.

I reviewed dydx and it seems to be as decentralized as possible
etherscan.io/address/0x1e0447b19bb6ecfdae1e4ae1694b0c3659614e4e#code
there appears to be no way for them to steal tokens

Do you get "token" for them for your collateral, or do you still keep your tokens? This is my biggest concern when using compound. When you put BAT there for example. U receive cBAT.

that's only an accounting method, it doesn't matter.
There are no such tokens at dydx but that's a disadvantage because they are good

why would i put my shit on there instead of buying MKR or whatever?
Whats the pros vs cons ?

you get interest on dollars, it's not a token that can go down or up a lot

For the record I think most of these projects have smart contracts that aren’t fully immutable and devs do retain a certain amount of power over funds. The good projects have openly admitted to this and have mapped out how they plan to get to full decentralization

yea it sounds good on the face of it but i already think i will get jewed by all the fees from getting money into crypto and then to that platform and back out

7% interest quickly becomes 2%

eg if i wanted to put in $500 a month i would get absolutely raped on fees

You can also do things with the cDAI you minted. You can be a liquidity provider on uniswap by depositing cDAI and ETH. It’ll compound the interest you generate but I haven’t figured out what kind of returns to expect from uniswap. Seems a bit unpredictable, depends on what other liquidity providers do and how much people trade that pair

There’s such low volume on cDAI, you’d really just be better off holding it than trying to pool it on uniswap.

Not so much with USDC. Deposit fiat to cb (no fee for ach deposits), exchange it 1:1 for USDC (also no fee). Use CBpro to feelessly send your USDC to your ETH address.

if you lend on fulcrum.trade the interest you earn also gets added back onto your principal and you're earning compounded interest over time. you can pull out anytime

/dfg/ is better

I'm going for it tomorrow.
Compiled the thread already

yes

Should we set up a discord as well?

this is a good thread i hope we can keep this going

A DeFi bizcord could be good.

traxia.co - listed on Binance DEX, sealed a $50 million invoicing deal (trade finance)
liqease.com

i unironically think this thread will change Jow Forums

Fuck discord. Use Matrix!