I’m yield farming on 1inch.
Because of this class I am checking out Maker and I may use it because I have MKR and Dai. Thank you.
Also checking out Pancakeswap on Binance chain.
Great class!
How is the kovan adress different from the regular eth adress? How do I find out what my Kovan Adress is? And what is a faucet link?
Same address just different network under metamask. At the top you can select Ethereum Mainnet or Kovan which is a test network.
I like Compound and Aave seems pretty cool too.
Using the Kovan Faucet and playing within the “sandbox” was a fun experience!
I think there is a lot of potential with yield farming projects as well as flash loan providers.
okay. well I never received the test ETH, to experiment with the different dapps.
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Maker is great for the tech-savvy. It would do with being more user-friendly which I think we’ll see more of.
Apps like Crypo.com are much more basic but for newbies in crypto, almost anyone can operate it
I have been going through all of these different DEFI directions and they are all very interesting and I can see the potential in each. I plan to put some DAI into compound but as with each my hands are a bit tied by Eth Gas fees. Right now to do much of anything in the DEFI space on any of these protocols cost a fortune in Gas. For example, attempting to set up a NFT race car in one of the DApps cost more in Gas than the car itself.
As much as I really want to get into this space more it seems very clear to me that Gas fees are an issue that need to be sorted out. It is not realistic to think people will pay such high fees. I attempted to play Crypto Kitties for example and one cat costs 7 dollars in Eth but the Gas fee for that cat was 20 dollars. I also hold some Defi coins on Meta that I wanted to swap into DAI but the gas fees have been bouncing between 57 and 147 dollars in Eth to make the swaps.
This is too much in transaction fees for any small investor to participate in. Going forward is there a way to fix this? I hear a lot of talk about Eth 2.0 and I am curious is you think this major upgrade will actually be able to reduce the gas fees to use the Ethereum network. I plan to continue trying to set up a DAI savings account with Compound but I will be doing so at the best moment due to the gas fees involved.
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At the moment the gas fees alone on the Eth Network make it nearly impossible for any smaller investor to interact with the network. I got a quote of 57 dollars to swap 100 dollars in value the other day. I have no plans to swap out of the coins I am currently holding but I continue to check the gas fees daily as I would like to actually lelarn to use this amazing DEFI ecosystem myself.
Exactly,
I am not yet a large enough or seasoned enough investor to pay the Gas fees. Its insane at the moment to think that it will cost me about 30 dollars in Gas fees to buy one Crypto Kitty in the Crypto Kitties DApp. The last time I checked it was going to cost me 57 dollars to swap 100 dollars worth of a token into DAI in order to actually invest in any of these cool DEFI protocols.
Eth may keep increasing in value but these over the moon Gas fees are keeping NEW investors and smaller investors out. I feel that this is a very short sighted mistake for an ecosystem that is being promoted as Finance for everyone essentially.
Yea I agree, Ether is craaazy expensive right now, a while back I learned how to open a CDP on maker before as a part of Coinbase learning video. And I’ve used Compound and Uniswap a bunch.
I think AI could be the next big combo, AI and blockchain big data, combine those into apps like STOIC from Cindicator, Muah cool stuff
I think an AI pool switcher tool on top of a uniswap clone would be super handy for market makers looking for an edge and a more automated protection toolset from negative pool dynamics and impermanent loss.
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Well for me can do this when I can afford. I’d love to test the y.curve as the first.
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Hi @amadeobrands.
Seems like the Kovan network on Oasis is limited and I couldn’t draw liquidity in K-DAI using my K-ETH as collateral. I instead tested the AAVE protocol : https://testnet.aave.com/. The UI is awesome and there are many interesting products there, like staking AAVE to secure the protocol and earn staking rewards and trading fees.
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ETH GAS FEE SOLUTION using the Binance Smart Chain:
So gas fees on the BSC (Binance Smart Chain) are as cheap and cheaper than the fees at the time this course was recorded. It is not the most intuitive process to figure out but it’s also not too difficult either.
https://www.binance.org/en/smartChain
Basically there are two things you need:
A binance.com/en account. NOT binance US account
For US citizens the way around this is to use your VPN and have it tethered to another country so you can use the regular binance.com website. I used a Canada IP, choose anywhere not US.
Instructions for adding the binance smart chain network to your metamask wallet:
https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain follow the steps, they are super clear and you simply type in the info on this page to add the BSC mainnet to your Metamask wallet.
Once you have done this you can DEPOSIT ETH into your binance account using your Metamask wallet on the ETH mainnet. Make sure the ETH is matched to the ERC20 token or you will lose your money forever because the tx will be incorrect. Copy address and go to Metamask wallet. This part will use regular gas fees. Today it was $6.17 for me to deposit $215.00 USD. Not too shabby. Make sure you subtract the fee from the max for the amount you enter if you deposit ALL of your funds into your binance account to cover GAS. If you use max then you won’t have enough to cover your gas, makes sense right…SO I deposited $208.00 to account for the gas fee. I deposited all of the ETH I have in my Metamask wallet using my Metamask address on the ETH mainnet into binance.
When that is complete you can use your Binance account to withdraw that ETH using the BSC mainnet instead of the Ethereum Mainnet.
You can check the transaction on https://bscscan.com/ using your Metamask wallet BSC mainnet address.
When that is complete and you have checked your transaction on bscscan, in bscscan you can click on the Binance-Peg ETH token located to the far right in your transaction. Copy that address and go to your Metamask wallet on the BSC mainnet, click on assets and add the token on the custom token tab. Once you have done that the ETH token is in your Metamask wallet and can be used on exchange platforms. I used PancakeSwap. Connect your wallet and you will see your ETH and the various tokens you can swap for using BSC mainnet for super cheap prices!!
You do pay gas the first time you authorize PancakeSwap and for the first time for PancakeSwap to create each pair but using the BSC it’s a tiny amount!
Best of luck!!! A friend shared this with me when I asked about a way to get around crazy ETH Gas Prices and it works. Take some time to check it out, definitely worth it!
SUMMARY:
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Create a binance.com/en account (use VPN if in US to not be in US).
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Add BSC mainnet to your Metamask network using binance smart chain instructions
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In Binance account, go to wallet dropdown menu, select Fiat and Spot to Deposit ETH
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Select Crypto, select coin, make sure you select correct coin match in Deposit Network!
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Copy ERC20 address in deposit network
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Go to Metamask wallet and send funds on ETH mainnet to binance (don’t forget to account for gas fees if you use max funds)
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Check Tx on Etherscan and await confirmation
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Check Binance to see deposited funds
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Go to Withdraw in binance, select crypto and then coin. USE METAMASK BSC Mainnet ADDRESS in recipient address.
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In Transfer network select BSC Bep20
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Double check everything. Choose amount or select max, and submit!
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Copy Metamask address on BSC mainnet and check Tx on BSCSCAN
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In BSCSCAN tx to far right click on Binance-Peg ETH token and then copy that address
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Go to Metamask wallet on BSC mainnet and click assets. Add token, custom token and paste address
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Your ETH is now in your Metamask on the Binance Smart Chain and can be used/swapped on exhanges like PancakeSwap
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Happy Hacking For Less
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Learning more about Maker (MKR), surely this platform is still massively undervalued? I would imagine, in the next 5-10 years or so, this platform will be worth trillions of dollars. I acknowledge there’ll be others entering the space, but to have that early mover advantage in an industry built on robust processes and capital, I believe this will be the front runner for a decade at least… This is really exciting stuff, @amadeobrands. Thank you.
I also have a pretty good idea for a gambling dApp. A little more complex than “heads or tails” and hopefully a little more engaging. I look forward to sharing the ‘white paper’ during the course of the next year or so… 
Hey @RasShango check out my most recent post on ETH gas fee solutions using the binance smart chain mainnet in your Metamask wallet. Also feel free to add to the topic if you come across any other solutions people have found out there.
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Trying to complete the practical part of the assignment just isn’t feasible for me right now. As a matter of principle, I refuse to pay more in fees to transact business, than the cost of the commodity/item itself. However, the concepts discussed in the course are understood.
I will correct earlier posts discussing DeFi where I reference Binance and BSC as DeFi protocols. I’m not sure it’s at all accurate to label BSC as a DeFi platform on par with Ethereum and Eth, as Binance is more of a centralized platform using blockchain protocols, and not necessarily a true DeFi experience, at least as I understand it now.
Also, as far as interesting developments in true to form DeFi platforms, I find what’s happening with Avalanche to be pretty exciting. Avalanche seems to be the next possible true contender to Ethereum in the DeFi space. It appears to be designed from the ground up to address the issues that are plaguing the Ethereum based platforms at the moment, while still having plug and play compatibility for easy portability from Ethereum. It’s approach to security and consensus allows for more participation as it’s CPU compatible, and more energy efficient. Avalanche could be a game changer for the future of DeFi, and the migration of Sushiswap (Ethereum’s top DEX) over to Avalanche seems to support this hypothesis.
DeFi 101 is like drinking from a Fire Hydrant for me - all the topics are new and I will likely redo it to make sure I have a firm grasp prior to further exploration. That said, I have thoughts:
I find the yield farming, staking, liquidity pools (MKR decision making body) very interesting subjects. The course is very enlightening but at this time my trust is shaky due to the described breaches / hacks.
Simplicity for users is ideal and I found that the example on Compound incredible, borrowing at 2.06% and loaning out at 8.07% wound be a great stand alone lesson with examples like that.
- Stake assets at a given rate.
- Borrow assets at a given rate.
- Find best available interest rate - reallocate funds (manually or automatically)
Converting to so many various coins & tokens - which ones will survive I wonder, I am following the DOGECOIN news and concerned about the creators confidence in his own coin.
A big shout out to the person who broke the process down step by step and the person who mentioned AAVE. Real solutions examples are helpful.
Also loved the Vanuatu, Australia outreach that equalizes the difference between have countries and have not groups of isolated people. (Computer / Internet / Cell Phone and you can be your own bank - crazy talk.) Along with the purity of building an independent financial system, helping others should be a core principal of this DeFi / Blockchain system. The older concept of hand up rather than a hand out / teaching a person to fish rather than giving them a fish to eat today, has been lost.
Society can use some altruism - especially here in the states / NY …etc.
Thank you to all - keep up the great work.
rjr
2021-03-17T04:00:00Z
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I have taken copious notes, but I find that I am unable to do this project because I cannot afford the fees.
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