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?
There are such products available in the market but I have never used it ever. The only reason is the high interest rate. So if I take loan from my local bank, the interest rate is lower. That's why crypto backed loans never appealed to me.
There is a website called Sovryn which claims to lend bitcoin at zero interest rate. But as I have never used such services, I can't vouch. Do your own research.