Hy Amadeo,
Please explain farther I have the same problem as I want to pay back my out standing DAI debt.
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Hey Amadeo
Please explain farther I have the same problem as I want to pay back my out standing DAI debt.
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Thank you so much Amadeo, looking forward to learning interest on Dai!
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Great content on Maker Dao, Compound and Defi. I am learning a lot and am going to put up some Dai for lending. May also look around on Yearn to see how it works as well.
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So as a trader, if I am holding large amounts of ETH, and BTC or ETH crashes to an irresistible low price, I could lock up my ETH in a MKR CDP and use some of the DAI to buy more ETH or BTC?
Super interesting.
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Thanks for the course, Amadeo. I appreciate the level of detail that you went into.
Since Aave has had such growth in the past few months I wanted to check it tad try depositing funds there. I deposited some ETH there and was happy to feel how easy it was. The APY it shows today is 3.18%. I figure since ETH is the bottom lego for so many DeFi protocols, that in the long term the value of ETH will grow, and so its a good thing to have locked up in this manner for long-term saving.
Can you remind me again what affects the APY? I saw that the Synthetix token was at a 22% APY.
Thanks!
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I tried on both the main net and testnet, but I didn’t have enough ETH to generate DAI on the mainnet.
Something interesting I noticed on both network is that all the interest rate are down to zero(Dai saving rate and stability fee)! In the tutorial video the interest rate were around 8% .
Also I noticed the mainnet fee are high: I paid $43 for proxy registry!
Anyway I learned a lot in the process: setting up metamask, sending Eth from exchange to metamask, connecting metamask to MakerDao and the app.
I still have a lot to learn and I’m beginning to enjoy it more and more as I experiment with the DeFi tools!
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Great content, Amadeo! Cannot wait to dive even deeper in the DeFi 201 Course.
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i am fascinated by all these tools introduced by you, and it seems, times, where i can do all my monetary stuff, that i needed a bank account (and more) to do, will soon be possible from one place in a decentralized manner.
i am still hesitation to use compound & co.: i have programmed long enough, to know there are errors in all those contracts, that could make me loose all. also, those services seem to be custodial, that means i need to trust a 3rd party…
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Actually I wonder if borrowing --> than locking in other protocols to get other tokens from that protocol (as seen for example with Chai) can already be considered yield farming ?
Of course, the market opportunities are a lot and potentially profitable but I believe also very risky in that sense due to the multiplication of technical and financial risks.
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Hi Ben thank you 
I love to see how all of you find ways to the new high APY lvl’s by your self.
During my recordings MKR had the most stable APY in town now it is all over the place … I would recommend if you can to get into Curve wich will give you a nice amount of APY plus CRV tokens.
The APY is coming from people that are using you liquidity to market make inefficient markets atm.
This normally is done by big banks but now with DeFi will can all participate in this complex process.
My hope in the long run is that we will also see Real World Assets as part of this APY calculation 
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Great work
Yes GAS fees are crazy high but there is a lot of value in these protocols and the knowlage they bring.
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Thanks man do not forget to leaf me a nice review and be sure to let me know what you think of DeFi 201. If you want some more bonus content be sure to check out: https://www.youtube.com/channel/UCIkRX47j1VFdlRcao1sifOA?view_as=subscriber
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this was a great series. A little long. but really good.
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Totally agree!! Learned so much in this course.
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With my experience in a similar protocol, Aave, I find that if you have a lot of capital and are looking for a safe® place to park your funds, I think that yield farming will probably present opportunities for someone like that. I am not crazy about yield farming for people who are trying to build their stack, like I am, however, because the types of tokens that provide decent APYs aren’t the kinds of tokens I want to put a majority (or a sizeable portion) of my money into, (as opposed to BTC and ETH).
This market may become a lot more tame as a whole, and then lose out to other financial opportunities. I really want to wait and see what happens, because, I think in the long haul SNX and DAI may prove to remain stable yield farming assets because I find it easily conceivable how people might want to access these tokens as quickly as possible, either for someone who wants to utilize the Synthetix marketplace, or to get a good stable token for DeFi to use in the market in some other manner. Beyond these two tokens, however, I do not see other assets becoming profitable for long haul pooling, yet.
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wow, I tried to set up a maker dao vault and it wants $148 in gas fee for the ETH transaction. I guess I will try just using the Kovan test site.
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Thank you very much for the course! I just feel that I was back to college having lessons from experts. Really enjoy it.
Actually this is not the first time use Metamask, but first time for some serious business. I used Metamask few years ago when I purchased a token in its ICO. At that time I installed it simply because the instructions of that ICO directed me to install Metamask to store them, so that’s it. It’s still in another PC of mine. I personally prefer Coinomi and Argent.
Unfortunately at the time I tried Compound the network congestion really sucks. I was not able to transfer the DAI from my Binance account to the Metamask newly created, but I was able to do it if I transfer the DAI to my Argent wallet first, then from my Argent wallet to Metamask. It costs additional ~USD9.
Next, I was charged ~USD10 simply to enable my DAI as collateral, and another ~USD3 to grant Compound permission to spend my DAI, and another hefty 0.095ETH(!!) to supply my DAI to Compound. The only thing I could do is to change my thinking and consider these gas fees as part of the tuition fee of the course…
A straightforward approach of exploring market opportunities is to find ways to create more wealth - either interest or pump of token. Obviously pump of token looks like out of scope of this question, so I decided to turn to ways to get more interest.
Yield farming looks a little bit more complicated and much higher risk, but higher return as well. May try later if I decided to get my feet wet on that. Maybe tomorrow there’ll be another product with lower risk but simpler and offer similar level of return. Who knows?
Looking forward to exploring more in more DeFi course in the future. Thanks again.
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Thank you so much for this course Amadeo!! really goes to the roots of Defi and helps understand how all the lego pieces play together on the ecosystem. Can’t wait to dive into Defi 201.
Obviously gas prices are making this mid March 2020 exercise not worth the try, but it saves a great amount time understanding how the underlying logic of collateralized tokens work.
One thing I cannot grasp and that I’d love to understand is why does Compound has still today such a big supply (1.5 Billion total supply, Cdai ranking 27 on Coingecko) with a Cdai paying just 3,03% while other protocols as Curve are providing a much more appealing APY + curve token?
I think there’s something very basic I’m still missing from this DEFI economy, and would really appreciate any insights into this point.
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I have been able to play a little bit on the kovan network, generating keth, creating vault on oasis.app, generated some DAI and deposited in oasis save on 0%, and also tried deposited on compound where the APY was around 16%, but i could only do it on my mobile in the metamask android app, on my laptop it wouldn’t let me connect my metamask on the kovan oasis site, but anyway the mobile experience wasn’t that bad except for the high gas fees (sometimes bigger than the amount being transferred) thanks to the kovan network which gives the opportunity to try without real funds
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