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Stablecoin (USDT,USDC,DAI) staking (10-12% interest)

  • 21-03-2021 11:39pm
    #1
    Registered Users Posts: 865 ✭✭✭ suave.4u


    Hi Guys, I am thinking of staking around EUR 10K in stablecoin staking. Does anybody have any experience in this regard, tips maybe?

    Crypto.com gives around 12% interest for 3 months stake
    Celsius gives around 10.5%

    I am wondering what would be the best way to purchase USDT without huge spread.

    Video on this strategy:
    https://www.youtube.com/watch?v=zXO7m4g3LBc


Comments

  • Registered Users Posts: 11,386 ✭✭✭✭ Timmaay


    suave.4u wrote: »
    Hi Guys, I am thinking of staking around EUR 10K in stablecoin staking. Does anybody have any experience in this regard, tips maybe?

    Crypto.com gives around 12% interest for 3 months stake
    Celsius gives around 10.5%

    I am wondering what would be the best way to purchase USDT without huge spread.

    Video on this strategy:
    https://www.youtube.com/watch?v=zXO7m4g3LBc

    Crypto.com requires you to hold a reasonable amount of cro coins to access that 12% on stablecoins, CRO I would describe as a pure sh1tecoin that they can and do manipulate whenever they want to. Nexo has reasonably good staking rates but I've heard they change the interest rates very regularly without much notice. Personally I've half usdt staked at the 10% on crypto.com, and I transferred the other half to a yeild farming platform on the fetch/mettalex project, which is apparently offering me an apy of up to 275%, I'm certainly not expecting to actually receive that, especially not after gas and other fees, however I'm fairly comfortable with the whole project and willing to give it a shot for hopefully likes of a 50 or 100% return.


  • Registered Users Posts: 865 ✭✭✭ suave.4u


    Timmaay wrote: »
    Crypto.com requires you to hold a reasonable amount of cro coins to access that 12% on stablecoins, CRO I would describe as a pure sh1tecoin that they can and do manipulate whenever they want to. Nexo has reasonably good staking rates but I've heard they change the interest rates very regularly without much notice. Personally I've half usdt staked at the 10% on crypto.com, and I transferred the other half to a yeild farming platform on the fetch/mettalex project, which is apparently offering me an apy of up to 275%, I'm certainly not expecting to actually receive that, especially not after gas and other fees, however I'm fairly comfortable with the whole project and willing to give it a shot for hopefully likes of a 50 or 100% return.

    thx.
    I have a Indigo CDC card, so I would qualify for 12%. I am personally very happy with Crypto.com. CRO has reached all time high now with the mainnet launch.


  • Registered Users Posts: 865 ✭✭✭ suave.4u


    what would be the best way to buy USDT with Eur ?


  • Registered Users Posts: 11,386 ✭✭✭✭ Timmaay


    suave.4u wrote: »
    thx.
    I have a Indigo CDC card, so I would qualify for 12%. I am personally very happy with Crypto.com. CRO has reached all time high now with the mainnet launch.

    CRO hasn't grown nearly as much as many other cryptos in the last year, and for me personally it was painful last year that I bought a reasonable chunk of CRO based on the 16% staking for CRO, and then overnight crypto.com changed that to 6%, and the price of CRO tanked 50%. Actually quick question, what are the withdrawal fees on the cdc cards, are they worth getting one?


  • Registered Users Posts: 2,872 ✭✭✭ KilOit


    https://waves.exchange/investments/staking/USDC
    39% at the minute, was getting 59% for few weeks


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  • Registered Users Posts: 14,606 ✭✭✭✭ banie01


    KilOit wrote: »
    https://waves.exchange/investments/staking/USDC
    39% at the minute, was getting 59% for few weeks

    Other than a cursory introduction to DeFi over the past few weeks, any of the stablecoins I'd deposited on the likes of CDC or Celsius were generating what I thought were great interest.

    Just looking at your link there, an albeit 5 figure deposit could feasibly generate a passable income.
    This is all going to end in tears somewhere, but even the current return there could quite easily be a great passive income option.
    Add that to some of the DeFi options, and its nuts!


  • Registered Users Posts: 2,872 ✭✭✭ KilOit


    banie01 wrote: »
    Other than a cursory introduction to DeFi over the past few weeks, any of the stablecoins I'd deposited on the likes of CDC or Celsius were generating what I thought were great interest.

    Just looking at your link there, an albeit 5 figure deposit could feasibly generate a passable income.
    This is all going to end in tears somewhere, but even the current return there could quite easily be a great passive income option.
    Add that to some of the DeFi options, and its nuts!

    Stupid high interest generated at the moment is only temporary, it stems from the crazy high fees on the eth network which in a year or 2 will be sorted out. I can see this interest drop to 15% this year then less next year. Not sure why it'll end in tears, you won't lose money, this exchange is decentralised


  • Registered Users Posts: 14,606 ✭✭✭✭ banie01


    KilOit wrote: »
    Stupid high interest generated at the moment is only temporary, it stems from the crazy high fees on the eth network which in a year or 2 will be sorted out. I can see this interest drop to 15% this year then less next year. Not sure why it'll end in tears, you won't lose money, this exchange is decentralised

    Dependant upon the method used, most of the high return staking platforms use your deposit as liquidity to provide other services to borrowers and customers.
    That can lead to impermanent loss, and withdrawing from the pool crystallizes that loss.

    Telling people they won't lose money because it's decentralised, is waffle IMO.
    There is always, always scope for a loss and on many of the newer products there may well be parts of the smart contract, part of the lock up and just the simple loss of opportunity in a shifting market that will cause and indeed exacerbate losses.


  • Registered Users Posts: 865 ✭✭✭ suave.4u


    Timmaay wrote: »
    CRO hasn't grown nearly as much as many other cryptos in the last year, and for me personally it was painful last year that I bought a reasonable chunk of CRO based on the 16% staking for CRO, and then overnight crypto.com changed that to 6%, and the price of CRO tanked 50%. Actually quick question, what are the withdrawal fees on the cdc cards, are they worth getting one?

    With the Indigo card you can withdraw Eur 800 per month free of charges. About 95% times the cashback comes through. Overall the cards are superb IMHO.

    https://crypto.com/cards


  • Registered Users Posts: 865 ✭✭✭ suave.4u


    I am aware that there are more high interest rates available, but wanted to put in 10K in more "low" risk companies like crypto.com / celsius

    what would be the best way to buy USDT with Eur ?


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  • Registered Users Posts: 353 ✭✭ joe250


    I would buy BUSD on binance and send to celsius.
    Fees would be very low.


  • Registered Users Posts: 491 ✭✭ Donegal1234


    I currently use Celsius and get 14% APR on Matic. Get paid out every Monday its brilliant.

    Crypto.com your funds are locked up for a certain length of time where as Celsius you can withdraw at anytime. Celsius also give you free withdrawals.


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    Vesper finance let you stake USDC for around 10% (It fluctuates) but you also get 60% back in VSP tokens (Again the rate fluctuates)
    Safest bet IMO


  • Registered Users Posts: 2,649 ✭✭✭ Whelo79


    Where does the money come from when staking stable coins?

    Are they using your stable coin for liquidity? Using it to buy other crypto and hope to profit higher than the APY they are giving stakers?


  • Registered Users Posts: 14 ✭✭✭ browser 321


    +1 for Vesper finance.
    the coin is ATH though


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    +1 for Vesper finance.
    the coin is ATH though
    yes but you dont need it to stake USDC. You are however rewarded with it (As well as USDC)


  • Registered Users Posts: 2,872 ✭✭✭ KilOit


    seannash wrote: »
    Vesper finance let you stake USDC for around 10% (It fluctuates) but you also get 60% back in VSP tokens (Again the rate fluctuates)
    Safest bet IMO

    Why settle for 10% when you can get 36% on Waves platform? waves has been in the Crypto space for almost 5 years.
    I'd be looking for more USDC value not offset by another ETH token


  • Registered Users Posts: 408 ✭✭ dec2000


    KilOit wrote: »
    Why settle for 10% when you can get 36% on Waves platform? waves has been in the Crypto space for almost 5 years.
    I'd be looking for more USDC value not offset by another ETH token

    Just started to check these guys out, seems interesting. How often do they pay out the interest?

    If there's any referral you have, send it on and I'll use it signing up if it gives you / me anything!


  • Registered Users Posts: 2,872 ✭✭✭ KilOit


    dec2000 wrote: »
    Just started to check these guys out, seems interesting. How often do they pay out the interest?

    If there's any referral you have, send it on and I'll use it signing up if it gives you / me anything!

    No referral just sign up at https://waves.exchange/


  • Registered Users Posts: 2,649 ✭✭✭ Whelo79


    Whelo79 wrote: »
    Where does the money come from when staking stable coins?

    Are they using your stable coin for liquidity? Using it to buy other crypto and hope to profit higher than the APY they are giving stakers?

    Anybody??


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  • Registered Users Posts: 2,872 ✭✭✭ KilOit


    Whelo79 wrote: »
    Anybody??
    fees on ETH network, when ETH 2.0 comes these crazy high APY will come to an end


  • Registered Users Posts: 2,649 ✭✭✭ Whelo79


    KilOit wrote: »
    fees on ETH network, when ETH 2.0 comes these crazy high APY will come to an end

    So then the staker is getting a share of the liquidity mining pools basically?


  • Registered Users Posts: 1,266 ✭✭✭ djan


    KilOit wrote: »
    fees on ETH network, when ETH 2.0 comes these crazy high APY will come to an end

    How long will that take though and will the fees actually come down all that much? The longer this takes the more people move to competitors.


  • Registered Users Posts: 2,872 ✭✭✭ KilOit


    Whelo79 wrote: »
    So then the staker is getting a share of the liquidity mining pools basically?

    That's my understanding of it. The difference in apy for sites is probably down to more dodgy/volatile liquidity pools they are using.


  • Registered Users Posts: 865 ✭✭✭ suave.4u


    KilOit wrote: »
    https://waves.exchange/investments/staking/USDC
    39% at the minute, was getting 59% for few weeks

    How did you get USDC to waves.exchange without exorbitant fees


  • Registered Users Posts: 408 ✭✭ dec2000


    suave.4u wrote: »
    How did you get USDC to waves.exchange without exorbitant fees

    May not be the best way but what I did was purchase BNB on Binance, then did an exchange to waves in Binance. Cost about a euro and then sent it to waves.exchange via waves for very little. Can dig out the exact costs but didn't cost more than 1.50 for 1100 euro.


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