Quote:
Originally Posted by AtticusFish
Hey guys,
Not sure whether I should post this on a different thread, but wanted your opinion on what you consider the safest Platforms for stable coin yield. I have ~300k that I want to distribute across: anchor, Celsius, nexo, and Gemini. I figure distributing the $ in this way is safer than parking it all in one place. IÂ’m open to any other susggestions, but my major question is: how risky do you think this strategy is? Any best practices I should keep in mind?
Anchor is a DeFi platform, so that's going to be riskier than the CeFi platforms you mentioned. I consider the major CeFi platforms to be very safe, though I'm not qualified to rank them on safety. I have accounts with BlockFi, Nexo, and Celsius, though there are many others in this space (e.g., Voyager, FTX, Gemini, Crypto.com, LEDN, and YouHodler).
As for best practices, some of them will offer higher interest rates if you allow interest to be paid in their proprietary token (e.g., NEXO or CEL) or if you simply own some of their proprietary token. This might make sense in a bull market when those tokens are rising in value, but in a volatile market, those proprietary tokens could lose value very quickly, so I avoid them.
And look for deposit bonuses, for example
https://celsius.network/promo-codes.
The last time I checked (a few months ago), the stablecoin interest rates were mostly in the range of 8% to 12%, though some platforms had thresholds above which the rate was slightly lower. So it makes sense to divide your holdings among several platforms to maximize your interest rates as well as minimize your risk.
You can find more opinions here:
https://www.reddit.com/r/blockfi/com...erest_bearing/
Good luck.