As per my last post, my assets got really messy and that started to really get old. I had been trying several new wallets here and there leaving crypto a little spread out and unaccounted for. To deal with this and reconfigure where I needed to put different coins/tokens took a little extra time in order to best get the most out of them.
In the process, I have been able to completely liquidate two wallets of their crypto and add that to my main portfolio at the minor expense of transaction fees. I believe the easiest way to share my experience over the last 48 hours is to break this down into three parts and it should better explain why I have chosen to do it in the manner I did even if it wasn't necessarily the fastest way of doing this.
I use Coinbase predominately even though their fees can sometimes be a little high depending on the coins being traded. Maybe I am a little sentimental about their service since it was my very first experience ever using any type of cryptocurrency exchange. Over the last seven months, I have had very little trouble with Coinbase and the couple issues I had were easily delt with even if it was a bit slower than I would have preferred.
As of today, my assets there were basically slashed in half due to staking services elsewhere giving better APY than them. Currently, I have Compound, Chain Link, EOS, and Etherium stashed there. I plan to further refine this when I can confidently take profit on the Compound and undecided if I want to continue holding the EOS due to it rather pitiful value in my portfolio.
I also continue to use Uphold even though it isn't my top choice as an exchange, however, I have two basic reasons to keep using it as a minor as the overall use may be. First, it is convenient for storing my BAT gained from the Brave Browser in part to basically not having to wonder where it will end up each month. It just goes to my account and that is a nice thing.
The second reason for using Uphold even if it will be limited the real value for me is keeping a stash of Etherium their to use on occasion with my crypto debit card that I have used here and there since March to prove a point to my coworkers that you can use crypto to buy things. The market across the street also accepts BTC as payments even though most aren't aware of that as an option. This may change though once I have enough MCO to move entirely over to using Crypto.com's card in which has better card rewards than that of Uphold that only gives back 2% crypto or 1% cash back.
If that happens over the next month or so any assets on Uphold will move there. There is, of course, some uses for Uphold so who knows where it will stand over time as a general exchange that I use for even just certain coins I may need such as USDT.
I have always liked the idea of coins that can be staked for some passive income. I have tried several different options since my initial foray into cryptocurrency back in January. Up until this week, I just left them at Coinbase because it was easy, but I finally got wise and looked at all of my options for better yields. As of my last post, I have finally moved my staked coins to better homes.
I was receiving 4.5% APY on my Tezos which I have moved to the Atomic Wallet that had bakers with 6% APY. I know it's not a huge jump, but it is still better than what it was at so it was an easy choice. I had also been keeping my USDC at Coinbase which I had been happy with until a recent change dropped the yield to 0.15% APY which for any financial savvy person is just pitiful.
Thus, it was out of the question to keep my USDC there any longer with a whole lot of places offering far better yields up to 8% and 10%. Normally, I would just tell you where I moved them to in this section, but since the USDC isn't technically being staked in the traditional sense I will do so in the next section instead.
Decentralized Finance (DeFi):
Over the last couple of months, I have been hearing about lots of options for DeFi and never really saw it as something to really sink my teeth into. To be perfectly honest, it sort of made my head spin thinking about it all and which ones were sound options. In my quest to get more out of my long term holding and stable coins (as in the previously mentioned USDC) I finally made the jump into the whole DeFi thing with a bit more confidence once I looked through what they offered.
My top two contenders ended up being Compound and Nexo after a good bit of looking into the space as a complete rookie. I settled on using Nexo to put my crypto to work, however that doesn't mean Compound is off the list if it can boost potential earnings. Initially, I took a third of my Etherium and sent it to Nexo for a 4% APY.
After a week of steady returns, I made a full jump and sent over my BTC and USDC for 4% and 8% respectively. It will be interesting to see where this goes for sure. I have no intention of using the asset back loans that they offer primarily due to the rather small amounts that I have currently in DeFi at the moment.
I also have every intention of grabbing some Nexo tokens to stake for a better APY once I can do so. For now, the basic returns are fine and far better than what I was getting out of my assets. I also plan to increase my holdings in DeFI over the next several months as I can afford too monetarily and any Dai I may happen to collect.
I believe this pretty well sums up where things were migrated to and where things will be heading for the rest of the remaining year of this project. The plan from here forward is to do a better job of increasing my holdings into more solid coins and tokens that will ultimately make me a better profit over time.
This may mean fewer altcoins and a bigger emphasis on getting more Etherium and BTC since their value may well benefit me more so in the long run as well as staking more of the tokens that I have already. I also see from here on DeFi being a bigger part of this journey going forward as a real benefit to growing my assets over time.
So far I am far happier with where my portfolio of coins and their locations than I was just a week ago. The real test is still ahead, but I feel much more confident with a simpler plan going forward. As always stay safe and trade well.