re: Official CryptoTalk Thread

BSC, Polygon, Solana are the retail defi chains to live on. BSC has the largest ecosystem, and Pancakeswap doesn't exist anywhere else, it's a phenomenon that people try to recreate on every chain and fail (see Dinoswap).

I don't know what fees are like on Solana but on Polygon they are stupid low. Fractions of a penny to transact.



As for wallet: I use MetaMask and connect it to whatever chain I want to use. I have it set up for Ethereum, BSC, Polygon, and now Avalanche. My wallet address is the same across chains.

Any EVM chain can use MetaMask.

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Remember, not another human on this earth ever needs your keys. Ever.

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Cannot be stated enough.




As for platforms to use, for beginners (and risk-averse people), stick with blue chip protocols like Aave and Curve, or well-tried platforms like Pancakeswap and Quickswap.

My favorite strategy is typically to put all of my crypto into Aave, take out a stablecoin loan against the collateral, and out that into stablecoin LPs. This provides returns just for putting your money into Aave, returns for taking a loan (assuming there's a liquidity incentive program on chain), and then putting the stablecoins into stablecoin LPs to earn a small yield on that as well. DEXs like Quickswap also provide incentives if you stake the LP token on their platform, so you usually can earn a net ~10%-15% APY and still maintain exposure on your assets you intend to hold (BTC, ETH primarily for me)

Down side is you have to keep an eye on the market so you can make sure your collateral doesn't decrease in value so much that you get liquidated. I keep my health score at 1.5 as a minimum so I can always take ~30% drop in portfolio overnight without getting liquidated.



If you wanna get more risky, you can find new and coming defi projects that have big, solid backing and provide liquidity on their native token/USDC pair.

I did this for Dinoswap early and made about a 50% return in the first week. Risk here is that these tokens almost always take a nosedive so you have to know when to get out and take your profits.

Yeah when Aave and Curve launch I think it's gonna pump hard again.

They're supposed launch end of august

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My favorite strategy is typically to put all of my crypto into Aave, take out a stablecoin loan against the collateral, and out that into stablecoin LPs

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Can this be done in lousiana? I tried to take a small loan from Celsius and got denied because if this.

I’m getting closer to figuring this out.

We need a td money talk meet up so y’all can physically walk us noons through this. I’ll provide the pizza and beer.

Aave is a decentralized protocol, they only get your wallet address. So.. yes, you can do it. I am in BR and do it.

Man I didn't realize the price of CAKE has steadily increased while you guys have been seeing 100% APY on top of that.

That is a hack. I'm sure if I FOMO'd in right now it'd tank, because that's just my luck

My move to AVAX has been lucrative. I'm up 46% on AVAX token in the last 5 days, plus a little extra from the yield being handed out on Benqi.

Ok I have a 100 link ready in a wallet to deposit into AAVE and borrow off of.

So, I deposit it into AAVE and then I assume pick what I want in return(it doesn’t let me see the next page without depositing). Then I swap it into AAVE and “stake it”?

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AVAX.

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Looks like the price is about at the ATH. You sticking around past that or getting out?

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Avax has more to go with aave and curve coming on board in the next week or so

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This.

I'm gonna get onto Aave to farm for a couple weeks while the TVL and token price on Avalanche continues to shoot up

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He answered two of my questions regarding why the token is needed

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okay. I wanna circle back to this because you and I had a battle about 6 months ago because of the concerns I had about the tokenomics

did something change that made you ask this question