Generally, I would be very careful who I give the custody of my BTC to. More precisely, I wouldn't give it to anyone. I especially don't like hearing numbers such as 700% returns on investment and similar 'promises' and 'guarantees'.
It is not exactly giving up custody, it is locking up your BTCB (a mirror of BTC on BSC) and getting ibBTCB (interest-bearing BTCB). I did some research as well and the crazy returns are coming from the leverage traders who use this capital and pay interest on it.
The defi platform is not decentralized at all.
Did you go through the contracts? Can you highlight the concern? I don't have technical understanding and hence would appreciate if you can list your concerns from the smart contract.
That APY is definitely unsustainable, and will most likely hugely drop as more BTCB gets deposited.
Not to mention that this seems to be a very unpopular BSC platform. Totally not worth risking at all.
Yes, the APY has fallen. Since the last time I checked, someone has deposited close to 100 BTCB and the APY has fallen to 50%.
Why do you say that it is an unpopular exchange?