I wanted to learn investing on defi platform. So my plan was to invest 100 USDC in a defi platform
I first wanted to invest in autofarm but after a fee issue I ended up with Venus platform.
First I bought 100 USDC on Binance tranferred via Smart Chain to Trust Wallet 80cent USDC withdrawal fee from binance.
Then I tried to move to the Autofarm platform 1st time it costed 11cent then another 11 cent in BNB SC
When I wanted to do the real handshake for having it on autofarm it would have costed 6 dollar in BNB so I refused to do that. Put in Venus platform for 4-5% ,cost 51 cent.
Checked the contract again thought it didn't went through another 7 cent
So for a 100 dollar investment I already loose 1,60$ which means 1,6 percent loss
I am staking for having around 4-5% so not profitable at all for lower amounts
Have to lend it already around half a year to get even.
Afterwards when withdrawing I will need to pay again BNB costs which cuts my profits.
Why would you do all those trouble when you can simply stake it at Binance for 5-6 percent?
I did it for being decentralised but not sure it was the best idea.
Is it even a good idea to put your money in stable coins at all?
For having a stable income yes but for the gains not.
But never underestimate the power of compound interest.
If for example you invest 10 000 dollar in a 8% lock after 10 years you almost double your investment.
1st year stake 10000 800
2nd year stake 10800 864
3th year stake 11664 933.12
4th year stake 12597 1007.76
5th year stake 13604 1088.39
6th year stake14693 1175.46
7th year stake 15868 1269,49
8th year stake 17138 1371.05
9th year stake 18509 1480.73
10th year stake 19990 1599.18
Very Sorry Account was Hacked!
Don't click one the link guys it is obviously a scam.
no problem man I checked it first, was tempting but to fishy for me. Cheers
Very Sorry, glad You didn't!