Using the DAI savings rate - Assignment

amadeobrands · March 20, 2020, 6:50pm

Let’s put what we have learned into practice and open a maker CDP mint some DAI tokens then let’s park these DAI tokens into compound, Chai or Oasis or if you just want to test use the kovan Etherum network https://oasis.app/save?network=kovan

When locking Etherum in a Maker DAO CDP and then borrowing you collateral to another protocol do you see any interesting market opportunities? Or do you have any cool ideas of new building blocks that we can build together let’s discuss it in this forum thread.

Luca_del_Grosso · March 28, 2020, 11:48pm

I do think that Maker creates interesting market opportunities. If you are a big investor with a lot of money 8% gain could be a lot at the end.
(you could also gain more ETH , for example if you think ETH’s value goes up)

Of course , the possibility of lending , borrowing without using banks and all of their checks and scores and blablabla makes it appealing.
However , i think that for a bigger mass adoption and for an average person the user experience sometimes it is still bit complicated.

For somebody who doesn’t have a lot of knowledge at the beginning all these names and different versions of DAI could be confusing.

amadeobrands · March 29, 2020, 8:10am

I understand your point @Luca_del_Grosso and thank you for your input.
We all need to start somewhere…

Financial markets are complex and hard to understand as well …
It is up to the people to now just accept EUR because it is simple or to learn something new and do the effort to understand.

The money printer go BRRR explains it well

I would say it is time for something new it is hard to understand but once you do … then you will have a significant knowledge advantage.

Luca_del_Grosso · March 29, 2020, 9:48am

Hi amadeo,
Thank you for your reply !
That is absolutely true . Now it’s up to you too if you decide to insist and put more initiative in learning! Let’s keep it up!

amadeobrands · March 29, 2020, 10:27am

Yeaa man lets boost forward together
It is like a lot off things in life once you get it then it is easy and you understand.
Let me know if you have any questions.

Raulitiu · March 29, 2020, 2:44pm

Seeing Ivan shows everyday makes one have an ideea about all the defi space but joining the course i undesrstood a lot mor about how it works. It will take time to adopt it as my sister and housband still dont get the concept of copy and past a link from youtube and convert the soud to an.mp3 file and then store it in a pendrive jejejeje. I was helping them with this task last christmas…
Maybe all this adoption will came when all of us using alternative finance like defi will have huge returns or advantages and the rest will have to learn the hard way-loosing money

pedromndias · March 30, 2020, 10:19pm

Hey @amadeobrands, really enjoying your videos!
I tried to use oasis.app with Kovan network but had issues on closing my vault. Looks like there’s 20 DAI that can not be paid even tho I have them in “Outstanding”:

oasis.app is pretty cool and overall MakerDAO is a great protocol.
On Compound is very interesting to see how the total supply / borrow have decreased so much, and then we have more suppliers but less borrowers (comparing the date of your video and today).
And also using Kovan testnet after depositing ETH and DAI I did not get any cDai, should I do something else than just depositing?

Thanks a lot!

amadeobrands · March 31, 2020, 4:01am

Weird issues.
For oasis deck try to deposit some more (Test net) then see if you can close it?
Make sure you use testnet compound if they have that option.

Luca_del_Grosso · March 31, 2020, 12:55pm

Hi amadeo,
Thank you very much for your availability.
I actually have a tricky question xD
Among all the stablecoins the most secure one ,not the fastest, is DAI. Now DAI is still pegged to USD value and if ,by any chance in the future, the value of the dollar drops a lot (because somebody is still printing trillions) would this happen to DAI to?
If so we still pretty depended on dollar , or any other FIAT currency.
We should create a better stable coin

pedromndias · March 31, 2020, 1:48pm

hey @amadeobrands thanks for the reply. today oasis was able to let me repay the Dai.
Regarding the stability fee, in what form is it paid… is it when we accept the tx on Metamask? is it included in the tx fee?
Also, I noticed that when supplying Dai on Compound, the borrow limit does not change (only with ETH), why is that? I thought I could borrow for example BAT by supplying Dai:

Maybe that’s why I am still not getting cDai? I am not sure to try it on mainnet until I get this well tested on Kovan (can’t find testnet compound like you suggested).
Thank you! And sorry for these questions, just want to understand it deeply

amadeobrands · March 31, 2020, 4:21pm

Yes let’s do that We have so much to do the work needs to be done and $$$ is there to be made.
There are already some projects working on exactly that issue

Ampleforth is taking an inception mindbending way of solving it do you understand what they are trying to do?

Competing/adding value building blocks

amadeobrands · March 31, 2020, 4:22pm

amadeobrands · March 31, 2020, 4:29pm

I think your really smart testing all out before going in with real value.
This will learn you so much.

I also did this before I started using it
See here my notes

What is really cool and once you understand is amazing …
Is that the interest and all other metrics are set per block time.
I hope this also answers your question?

pedromndias · April 1, 2020, 10:47am

gold / silver backed stablecoin? is this a thing?

pedromndias · April 1, 2020, 10:53am

This is pretty cool. I just wonder how I can get those cDai on the Compound platform, because on Kovan testnet when I supply Dai I don’t get any cDai on Metamask.
Also, I can not borrow for example BAT by supplying DAI, right? only by supplying ETH.
Thanks @amadeobrands!

amadeobrands · April 1, 2020, 12:54pm

This should work on main-net.
Test net is not real $$$

pedromndias · April 1, 2020, 1:14pm

yeah, makes sense! Just finished watching your discussion with Zhuang, very interesting! Also, been asking some questions to Ryan from Bankless, that guy also knows a lot.
Congrats on your course and can’t wait for updates (and maybe a 201)

Luca_del_Grosso · April 1, 2020, 5:07pm

Hi Amadeo,
Thank you very much for such informative content!
Wooooow that is such a trippy concept! It is very fascinating and i understood it.
The protocol/coin focuses mainly on balance itself and it works like an automated scale by balancing itself all the time. Mmmmmmh…
As per example you have 10 Amps and:

In case the value drops by 10% your 10 Amps will be 11 Amps,
In case the value goes up by 10% your 10 Amps will be 9 Amps,

Is it correct?
Imagine going to buy food and everyday prices are different tho xD

Theo1997 · April 1, 2020, 5:19pm

Hi Luca,

you made good points, but when you think about it, 8% interest is still better than anything in traditional finance. And when you know than anybody has access to that with just a little bit of knowledge, because at the end of the day it is not much more than a few click of a button. You don’t need to understand everything in order to use it, even if it’s better of course

Anyway I found all this DeFi fascinating and promising

Theo1997 · April 1, 2020, 6:26pm

This doesn’t look normal
Any suggestion why my DSR is at 0% ?