Hey guys. I don't want to sell my btc, but I need some money for my family vacation. I looked around several DeFi platforms where I can lock wrapped BTC and get stablecoins, also looked to companies like SALT and Unchained. I don't like 2 things: high interest rate and liquidations. Anyone took BTC backed loans? What is your experience?
Centralized exchanges have this feature so check it out with Binance and other popular ones like Bybit. I've checked what bybit has to offer and they've got flexible terms of payment.
But you might be surprised with the interest rate that they're going to give you. For 7 days of payment term, you'll already getting 20%+ of interest rate.
And more with the longer payment term.
https://www.bybit.com/en/trade/spot/loan