Favorite DeFi platform and why?

Hi Guys,

I’ve been trying different DeFi platforms to invest into. My user experiences with DyDx, Compound, Uniswap, and other have me curious which is best.

DyDx - was straight forward and easy to navigate. It doesn’t offer the same interest for investment that Compound, Celsius, and MyCred do.

Compound - Changed my crypto into synthetic versions of the actual coin. For example my BAT became CBat, DAI became CDAI. When u trade back the synthetic coin for the real coin you lose some of the interest in the conversion. This was a deal breaker for me.

MyCred and Celsius - offer almost the same service. Celsius has a better team and track record. So far I’m enjoying their service. They pay the interest in CEL and ave high interest rates for stable coins. To date It’s been a lucrative venture.

My question to you guys is…“What’s your favorite DeFi platform and why?”

3 Likes

I’ve research DeFi but not used it much, to be honest. But the platforms that seem interesting are Uniswap and DyDx. I like Celsius, although it’s CeFi.

This is a site I like to keep tabs on the space are below.

1 Like

Thanks for the Info Ian. I checked out the page and there’s a few new platforms to try. I feel like CeFi like Celsius is giving people confidence to try DeFi. It’s still the wild west but it’s also easy to make money the space. The high interest rates and liquidity make it very attractive.

Ian also mentioned this site in a recent stream:

1 Like

Yes. Thanks. I checked them out.

The biggest deciding factor in all the DeFi and some of the CeFi platforms is the type of interest they offer. For example, DyDx offers the highest APR interest on stablecoins. While compound offers better APY interest on the same coins. As in investor I want to maximize interest on my investment with the lowest margin of risk. So far that’s been DyDx (DeFi) and Celsius (CeFi). I can say that compound is good if you don’t mind trading in synthetics. Their interest rates are top notch.

Hi. Tried Compound but hate that it’s variable interest. BAT went from almost 30% to 0.11% within a few days, smh.