Sirwin
Sirwin

The Lazy Man’s DeFi

By Cje95 | Chronic Illness and Crypto | 26 Aug 2020


With DeFi being all the range right now and people becoming more and more interested in yield farming I cannot help but say I also caught the bug. However, after looking into it and trying to understand it all I rapidly realized that unless you fully immersed yourself in it making money was going to be a challenge. With gas fee’s being as high as they are simple transactions where now really really expensive and individuals without a ton of money in crypto were rapidly priced out. 

In my opinion though I found a relatively simple and easy way to dip my toe in and not lose half of my money doing so. I must say I did buy $10 worth of Ethereum back when it was around $320 so the value of that now was much higher. Due to just starting a job along with dealing with my heath I do not have the time I did even 2-3 weeks ago when everything really went crazy. 

To find a way to try this with a low cost I realized I could again use Coinbase to test the waters. If you do not already know Coinbase has a wallet for iOS and Android called Coinbase Wallet. Using this you can access currently dYdX and Compound though the lending of different crypto’s. To further try and protect myself from crazy price fluctuations I chose DAI to lend out. Luckily to transfer DAI to your wallet you can do so with DAI and not have to pay a true gas fee (you pay the fee in DAI). Since Compound was invested in by Coinbase you have had the ability to earn $9 in compound token by completing their quizzes. This gave my the info I needed to trust Compound over dYdX since I would have to further research to learn about dYdX. 

Compound also offers a higher yield on DAI than Coinbase currently does. Right now it is 3.009% on Compound and 2.00% on Coinbase giving me a little more there along with the Compound coin you earn. Now like I said I have tried not to have to buy any crypto and see what I could do off of what I earn via Brave Browser and managing the crypto in my coinbase account. This was a deviation from this with the buying of Ethereum however I managed to use the $10 to so far for 5 transactions transferring 32.5 DAI and 30.67 0x to Compound.

With the huge moves in the crypto market will have to see how the DeFi system holds up but for now this method has held together well with returns above normal!

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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