I have some USDT and USDC in my portfolio that I'd want to stake in a "De-Fi" dApp without worrying about it in a long time. There are liquidity pools in Uniswap with attractive stake rates, but there's also Compound.Finance with its lending services. Both of these platforms are built on the ETH blockchain, so gas fees would be astronomically high. I've read about some platforms being compatible with Polygon (MATIC), but I'd have yet to see if it's worth the shot (especially in terms of security/reliability).
Do you know the safest way to stake stablecoins without breaking the bank? Also, do you think it's worth it? Or should I consider other options? Any suggestions and/or recommendations would be greatly appreciated. Thanks in advance.
Do you know the safest way to stake stablecoins without breaking the bank? Also, do you think it's worth it? Or should I consider other options? Any suggestions and/or recommendations would be greatly appreciated. Thanks in advance.
It is based on the pools you are using for the staking. If it is a third-party liquidity pool, there is a risk associated with it. You need to manage those risks Most of the time these third-party pools will be hacked. My suggestion is to stake stable coins in your decentralized wallet. If you are using the third-party pool, you can try out the various insurance schemes for those defi products. If the defi pool got hacked, they will pay you up to some percentage of your capital.
Suggestions :
1. Stake in the decentralized wallets
2. Use an insurance service