Thanks! 1) The risks relate to smart contracts and new protocols that are untested, they usually offer 10% or more APY. That APY comes with higher risks, especially if on new networks. Don't put a lot of cash on any network outside of BTC/ETH. They are centralized in most cases.
2) I am bullish on ETH as an ecosystem, but not the ETH token. It may pump, but it underperformed vs BTC for years now. Treat it accordingly. The ETH network is still decentralized enough vs competitors to offer an edge.
You need to move BTC on the Ethereum network. That comes with some risks as well, like holding wBTC or tBTC. The trade-offs are real, but overall they are worth it imo. wBTC never had an issue except some peg volatility in times of market crashes etc.
Thanks for the article. Very informative. Ive been in crypto since early 2021. I played with the low market cap alts and lost (like most). Where can I learn more about farming and utilizing some of these alternate protocols to earn? I remember alot of talk about farming in early 22 but dont think I heard one mention of it again until reading this article.
Thank you so much for opening my mind to this. Can I challenge you a little with couple questions?
1) If you are in control of your assets and are not selling, then why do you say that "risk increases" and "don't get greedy"?
2) You are not bullish on the Etherium ecosystem, why would you trust your capital in this fragile ecosystem?
Thanks! 1) The risks relate to smart contracts and new protocols that are untested, they usually offer 10% or more APY. That APY comes with higher risks, especially if on new networks. Don't put a lot of cash on any network outside of BTC/ETH. They are centralized in most cases.
2) I am bullish on ETH as an ecosystem, but not the ETH token. It may pump, but it underperformed vs BTC for years now. Treat it accordingly. The ETH network is still decentralized enough vs competitors to offer an edge.
How do you put BTC on AAVE? there is no opton for that
You need to move BTC on the Ethereum network. That comes with some risks as well, like holding wBTC or tBTC. The trade-offs are real, but overall they are worth it imo. wBTC never had an issue except some peg volatility in times of market crashes etc.
Thx buddy. I got it now
Thanks for the article. Very informative. Ive been in crypto since early 2021. I played with the low market cap alts and lost (like most). Where can I learn more about farming and utilizing some of these alternate protocols to earn? I remember alot of talk about farming in early 22 but dont think I heard one mention of it again until reading this article.
Thanks, glad to hear it! Just go to AAVE and play around. Once you're comfy there, move to Ethena and other more exotic protocols.