defo not worth it with the gas fees and not sure if I’m doing it wrong but it says metamask not valid on test network
HI everyone!
I was wondering if any of you could help me with some of the questions I had during this course. First of all, I know that gas fees on the ETH chain are quite high at the moment, so I though I’d try Binance Chain. Is Binance Chain significantly different in terms of what and how you can do?
My other questions is regarding the loans mentioned in the videos. I cannot really wrap my head around in what situations can a loan like this be helpful. If I understand correctly, when I want to borrow a certain amount of crypto, I have to deposit more than what I need, as collateral, and I’ll only get it back, when the loan is payed back. I don’t understand how this loan will allow me to have more money than I had before the loan. Can you please give me a fow usecases where this kind of loan might come in handy?
Thanks!
Personally I think the interesting opportunities are outside of ETH until they figure out the challenges they have with gas fees.
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Binance Smart Chain is a mirror of the ETH network,and most of the Dapps that runs on BSC are quite similar if not a copy.
As for the loan part imagine if you have some BTC and you use it as a collateral to mint some Dai, and use it to buy more BTC.If the price of BTC goes up you can sell it to repay your loan and profit and still retain the origanal amount of BTC . You can go to this link for more detailes https://www.youtube.com/watch?v=qA8O4IdRkbw&t=54s.
Hello fellow DeFi enthusiasts and whatnot 
insert Steve Buscemi meme here
I setup my MetaMask to Kovan Network and fauceted a couple ETH on there but I do not know how to trade it for DAI on Kovan. I won’t get too far with it anyways because the Kovan testnet Oasis has a 0% APY but I wanted to get familiar with testnet and it seems helpful to learn a way to swap for DAI on there. Any hints appreciated.
Cheers
Building with Chainlink or Band Protocol
Thank you very much for the answer and for the cool video! 
It was really useful and helped a lot for me to understand the concept.
Hi Amadeobrands,
Link provided by you “https://oasis.app/save?network=kovan” doesn’t work anymore. I tried using Metamask but giving some weird error of “Browser ethereum provider and URL network param do not match!”.May be I am not doing in correct way or interface of DAI changed a lot after an year of your posting.
Anyways I will try few more times If I don’t get it then I will post on the forum.
Otherwise content you provide in Defi101 is really amazing!
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As for now the gas fees are through the roof! I tried a small conversion of 100 USD and the gas fee was 173USD (equivalent).
BSC is getting there slowly.
We are all here to help each other.
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Facing the same issue as well. I hope that it is resolve so I can play around with Kovan testnet. Seems interesting to fumble around. Not sure if market opportunities involve arbitrage or not because it seems some parts of the world have a higher premium wrt to crypto demand. Could be a potential market opportunity but not sure if governments would like that
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I’m having the same thoughts, minting coins on Maker , would governments around the world feel uncomfortable ?
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Was having difficulty with getting some testnet DAI.
Managed to max the daily Koban ETH allowance and it shows up in the testnet wallet.
Took it to Oasis.app couldn’t borrow the DAI as it was sucking all the Ether into the vault and leaving nothing for gas fees. I couldn’t select the amount to vault until after I had created a proxy by stepping through the DAI deposits but I still had no DAI to deposit so I couldn’t make a deposit but at least I had created a proxy. Once I had the proxy the vault skipped the Vault Management section and went right to the Generate DAI section. I could now at least generate some DAI.
I feel that to use the vault to generate some DAI would need more than the 0.1 ETH/day faucet limit to keep things comfortable given current prices. 
Can’t use instant swap as it constantly reports that there’s no orders available to sell the ETH for DAI. 
Given the vault generation of DAI works fine after getting the proxy setup; if the instant swap situation doesn’t improve I’ll just have to vault some Koban ETH and take some of the DAI to savings just to check out the function and then make a tidy profit on the DAI for ETH market that translates to nothing in real terms.
Summary
I wanted some DAI to make some CHAI but the physicist said the ETH doesn’t reals man. 
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I’m not sure when this class was recorded but truth is right now (04/21/2021) many crypto exchange platforms are offering high interest rates for locking Ethereum. From Coinbase to Voyager you can easily earn from 0.10 - 5.75% interest rate. Absolutely amazing for us and very disruptive for our centralized banking system. Coinbase wallet itself offers 4.3 - 9.8% for those keeping DAI on their wallet. The biggest market opportunity right now would first be to promote more about what MakerDAO is really about in a mainstream level. Form there, as there is an influx of Ethereum on the platform more Smart Contracts can be created expanding the reach of the Blockchain.
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Struggling a bit trying to finish this task. Gas fees very high and i am unclear on how to use the test network. After i make the network change in metamask to the test network, do i need to move my real assets to that account or is it necessary to pay fees. Please explain the use of a test network.
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The idea for the exercise is to do it through a testnet, you should not use your real money for this.
Also there is no need to swap any real asset into a testnet (is not possible), testnets have free faucets to grab tokens for free, so you can play around with the protocols like if you were in the mainnet.
here you can get free Kovan ETH to use for the Kovan Testnet:
https://forum.ivanontech.com/t/faq-how-to-get-kovan-eth-from-app-mycrypto-com/35389/3
Then you can just switch to the kovan network in your metamask and start using the protocols with test tokens.
Hope this help.
Carlos Z
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Thanks Carlos,
Makes sense. I will work through it as you suggested. Much appreciated.
Mark
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The great thing about it for me is the freedom and no need for a credit score
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The most interesting thing in this block was finding out that you can interact with the contract through Ethscan or Bscscan and withdraw your funds manually if the site was to go down.
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I am learning a lot but this stuff really is complex. I can see this DeFi space growing exponentially over the next few years and hopefully there will be a much easier way to interact in the crypto space. It can get pretty nerve racking when sending/receiving large amounts of crypto with these long addresses. It’s exciting to be in this space and look forward to the future of crypto/DeFi.
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