Using the DAI savings rate - Assignment

Defi 101 Course
#557

I understand that there is no free lunch :wink: But in this case, apart from a dollar collapse, I don’t see a huge risk. Do you see any important that I could have overseen?

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#558

There are a lot of risks I do cover all risks in the course.
Best is to really not invest more then your willing to lose …

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#559

Hello @Luca_del_Grosso I think I can answer your questions but my answer should be taken with a grain of salt as I just started learning about Dai, so firstly dai is priced in us dollar like oil or gold they all are valued in usd. Knowing that they are valued in us dollars if the us dollar loses value it cost more of the same dollars to buy the same amount of those commodities. So Dai as a stablecoin which purpose is to have one dai always worth as close as possible to one us dollar uses actors which the protocol incentivizes to shift the supply so that the price is as close as possible to 1usd. In conclusion, if the usd loses value dai should become worth more dollars if it were not for the protocol that will incentivizes actors to increase the supply of dai in response to the loss in value of the us dollar… so you are completely right. There is a stablecoin Libra which changed its name recently for Diem, a stablecoin coin that facebook is working on and it will be pegged to a basket of national fiat currencies…I clearly do not like the fact that facebook is behind that stablecoin as they are know to take user’s data and they have too much monopole already in the centralized digital space… I am not aware of other stablecoins that are pegged to a basket of currencies, but there might be! I hope some of what I said helped!

#560

I am enjoying the course. It getting more interesting as we dive deep into the topics. I am still waiting for some ETH to reflect in my wallet. In the meantime, I have been reading a lot about the different Apps and tokens we discussed. When my ETHs reflect, I will try on the MakerDao, its CDP and others. I am also doing some testing on the Koven test. I hope, I will be able to master them and give a serious feedback.

#561

This course is absolutely fascinating; unfortunately I am barely able to afford my cost of living so I won’t be trying out these protocols, but I am eager to start learning the building side to this.

#562

Yeah…DSR currently at 0%…Maker not recommending to open any CDP positions until the rate goes up. I wonder what the implications are for this when rates are at 0%. I tried going the testnet route but the Kovan faucets don’t seem functional anymore…Any ideas how I could still accomplish this assignment? I guess I could just purchase some Dai and use those to interact with other protocols but then I won’t be able to try out the minting process as per the assignment…

#563

If you try and do it yourself at the moment it’s going to cost ~$15 just to set it up – but if you make it that far… It’s basically like doing everything so you can be confident you understand how to use your DAI and have enough experience to say you’ve completed this assignment. But you could always just pay the fees and deposit your Dai at a 0% interest rate :wink: Best of luck mate! I hope this made sense.

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#564

Hi, I have this issue:

In the oasis.app/borrow platform, I’m locking .2202 eth, I can generate max 80.81 dai. I enter 30 dai to generate and I get this error message telling me I have to generate a minimum of 500 dai. Has anyone else had this issue? I can’t get past this point and have been stuck here trying to figure it out for a few days now.

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#565

Hello,

Anyone on here having this issue and can advise me on how to resolve it? I’ve been stuck here for a few days now. Someone?

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#566

For some reason everyone is offering 0%, anyone know of a site offering more than 0% returns?
Nevermind. I just deposited on Aave and am earning 7.3% And also staked on Aave , hoping for 5.2% returns . It can be a bit overwhelming at first but im getting the hang of it.
Thanks Amadeo for opening the world of Defi.

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#567

I had the same issue, It looks like the protocol won’t allow you to open a vault unless you have at least 500 dai.

2 Likes
#568

Oasis was really easy to navigate.
looking further into Aave. also another interesting project.
enjoying the course… Thank you. C

#569

I gave up on it and moved onto exploring other defi protocols. Though I did manage to borrow some dai using Kovan Test Network, but I couldn’t figure out how to save and use the Chai protocol in Kovan.

All good.

Thanks,

2 Likes
#570

Maybe peg it to SDRs or ETH or Yuan or gold backed dollar? Seems that pegging it to a crypto would be sufficient if the Dollar fades away. Good question typirtz. I wonder what the consensus would end up being.

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#571

Hi Russ, I know this won’t let you feel any better, but you are not alone. Seems to me that the MarioBros-Generation has some genetic advantage :grin:.

#572

I’ve also explored and used DEX aggregator 1inch, uniswap and compound.

#573

Hi Amadeo,

I did my homework and the target was to “discover” a fresh newborn token at a private sale and resell it later after 5x or maybe 10x.
I chose MAHA-DAO:

  • Token Ticker: MAHA
  • IDO on : Polkastarter
  • Date: 17th Dec.2020
  • Contribution: ETH only
  • Public Pool: $75k
  • IDO price: tba
  • Total Raising: $750k
  • Private sale price: $0,5 ($650k raised)
  • Seed sale price: $0,25 ($125k raised)
  • Uniswap listing: soon after IDO
  • initial Uniswap liquidity: $300k
  • Total supply: 10.000.000 MAHA
  • supply on TGE: 500.000 MAHA
  • Marketcap on TGE: $250k

So I bought 1 ETH and joined Uniswap, connected my Metamask wallet and waited 16:00 GMT to start…
The participants had to be whitelisted in advance via Telegram including a filling in a form and sending a Tweet to avoid bots, which I did.
At the end, I pressed the button 1-2 seconds after the start, the display showed already purchases of 26% (after 2 seconds, and no bots??), and once it refreshed again the sale was finished :roll_eyes:. I got a message from Uniswap saying that my transaction had been rejected, don’t remember the reason, but gas fees were charged.
I don´t understand what could I have done better or faster, who knows.
I have spend 14$ in gas fees and haven’t got anything, but this was just my very first try, hope to improve in the future.

In general, my impression is that DeFi has to change a LOT if it shall reach mainstream and achieve the goal of being a real alternative to classic finances. It has to improve in the general overview, improve UX, and be more user friendly.
In any case it is very exciting to be here at this moment and witness the developments to come.

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#574

The interesting market opportunity I found as I wrote in the Defi Ecosystem discussion is in $TWA (https://www.adventuretoken.com/).

  1. I have swapped ETH for TWA on Uniswap
  2. I have pooled TWA/ETH 50%/50% on Uniswap to receive UNI-V2 tokens.
  3. I have added liquidity - the UNI-V2 token in Balancer Pool where the Adventure Luna Fund
    consists of 40% TWA/ETH (Uni V2), 30 % ETH (WETH), 10 % LINK, 10 % UNI and 10 % BTC (RENBTC). ETH, LINK, UNI and RENBTC can also be added as single assets in the Luna Fund.
  4. I have BPT tokens that I will be able to farm soon to earn more TWA.
  5. On top of it I receive BAL tokens every Tuesday.

More info on the earnings possibilities:
https://medium.com/adventuretoken/adventure-token-luna-fund-rewards-chain-8b71bd3cccdf

#575

No luck on kovan. Wants to connect to my wallet. Oh well.

#576

Hi.
Thanks for all the information. They are a lot and it takes a while to process…
About the assignment I used the kovan test network.

PS:
To get: kovan etherum:
https://faucet.metamask.io/
https://gitter.im/kovan-testnet/faucet#

1 Like