Re: Has anyone used compound.finance?

Wait for the market stabilization because if you lend now, you can easily lost your cryptocurrencies because the value of your crypto collateral become insufficient. The best time for a loan is at the beggining of the new growth cycle.

Hi, I am aware of the volatility today but what does that have to do with compound.finance? I thought in this scheme I just store my DAI with them and get the unlocked interest rates ? Or am I missing something ? Thanks.

Not missing anything. The system works on a principle where you have to deposit more than you can borrow.
I've depposited some DAI and am getting daily interest. Atm due to market, interest is around 20%/y, but it's usually 8%

Thanks.

Which means that to borrow I have to over collaterize, and to save I just need to put my DAI in it and get the current 20+% ?

Yea, exactly.
I'm not sure its 20% anymore as it fluctuates, but that's the idea of it

I am fine with fluctuation, its ok to go sub 20%. I am just impressed (perplexed) that they can do 20% when Celsius and blockfi and likes can only do 8%. I dont want to call it a get rich quick scheme (scam) as there is some smart contract element but I have some doubts as to whether are people willing to borrow my savings for over 20% interest rates on the other side of the table.