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Start your formal crypto education for free and earn tokens at https://cryptoversity.com/ — If you have actually used DeFi to a moderate level you will have no doubt encountered the following problem…
You find a nice fat yield over on some DeFi app and decide you want a piece of it
You have dollars or pounds in your bank account
You have to figure out how to get the money from A to B where it can start earning some money
The problem is that the very best DeFi yields tend to be on the more exotic networks which are harder to get to.
So you are faced with a puzzle you have to solve before you even do anything. And the puzzle is, how to route your money from A to B efficiently.
Sometimes this involves moving your money multiple times and moving it across multiple networks.
That has down downsides
It takes time
It costs money
I personally find myself desperately trying to avoid my money touching the Ethereum network these days, simply because of the high fees.
Unless the DeFi app I want to use runs exclusively on Ethereum, I’d rather avoid it.
So this is what I mean when I say “Efficiently” routine your money around DeFi.
We want to do it in as few steps as possible, and with as few fees as possible.
At time of recording, if I want to do a simple transaction on Ethereum right now the fee is $32 worth of ETH.
That isn’t actually too bad right now, but it very much depends on the amounts you are dealing with.
Even if we consider a minimum transaction value of $1,000… $32 is a 3.2% transaction fee.
Of course that drops as we go up in value, it’s 1.6% of a $2,000 transaction
This is hinting at that concept I mentioned called transaction liquidity.
That is a situation where the value of your assets vs the transaction fee reduces the viability (or profitability) of that transaction
If I have a DeFi portfolio that is well diversified, I might have many different positions in many different assets
When it comes time to close that portfolio and take profit, I have to do a transaction (and incur the fee for each one)
That might end up costing me hundreds of dollars in fees. Those are gains I made but will never see. They are also gains I can’t re-invest.
If I were moving a larger quantity of a single asset, say $20,000 worth, the $32 fee I mentioned works out to 0.16% of the transaction value
So when I put it like that it doesn't sound so bad, but there’s more to it, even for the $20,000 investor
The second transaction fee problem comes when you want to harvest your gains
For example, Marko just put out a recommendation to Crypto Yield Hunter subscribers that pays 30% APR.
On $20,000 that earns you $16.43 cents per day
Well if that yield farm were on Ethereum, and fees were $32 per transaction, you can’t afford to harvest and compound your gains daily can you?
In 30 days you’d earn $493, but again at $32 fees that’s 6.4%
Although to be fair, that’s you only giving up 6.4% of the interest you earned in 30 days. You’re not giving up 6.4% of your balance
30% APR is 2.46% every 30 days, so our return after fees ends up being 2.3%, not a huge difference really.
The best case scenario though is when we have a no compromise solution in which we get to keep all the returns we make
This is where smart routing comes into play
This is basically figuring out the most efficient route before you submit any transactions If you are in a situation that I described at the beginning where you start out with dollars or pounds, then using an exchange that allows withdrawals to your target DeFi network is the way to go
That way you only do 4 transactions.
One from your bank to the exchange
One to convert your money into your desired crypto asset or stablecoin
One to withdraw your crypto assets or stablecoins to your DeFi wallet
And then finally one transaction to deposit your money with the yield farm that pay you the rate
To that end, Coinbase are supposed to be launching support for the Polygon network but as far as I can see from within my own Coinbase account, that still hasn’t officially launched.
[start winding down]
What we need is an online resource that lists all the various centralised exchanges and which networks each one supports for deposits and withdrawals.
That would make our routing job so much easier.
I don’t know if such a resource exists right now but I put out a request for one on Twitter, so if you know of one, please let me know so I can spread the word about it The Cryptoverse features reading the news from various sources. Each episode lasts approximately 15 minutes and includes my moral, ethical and philosophical interpretation of current events. If you’d like to be kept up to date on Bitcoin, cryptocurrencies and blockchains by someone who believes in the free market, equality of opportunity and the value of education then subscribe to The Cryptoverse today. Video Source https://www.youtube.com/watch?v=SdKPMZfgS2I
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Crypto Currency Resources & Recommended Products
The following lists are tools and resources that I put together to help anyone that is interested in crypto get a head start. It can be quite daunting when you first get into cryptocurrencies. There is some much information out there and some much uncertainty.
Disclaimer This new crypto movement is an economic revolution. While it may be an exciting time to get started with crypto currencies, this digital gold rush has a plethora of bad information out there. The recommended products below are based on my own experience with my own personal use of these products.
Disclaimer: I am not a finical advisory. I do earn a small commission if you choose to purchase any of the recommended products below. Please make sure that you do your research before you purchase any Cryptocurrencies related products or services.
Crypto Currency Wallet & Coin Exchange
Coinbase is one of the worlds leading cryptocurrency wallets. It also gives people the option to purchase and trade digital currencies like that of Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum and Litecoin.
Coinbase popularity stems from its ease of entry and exit from the cryptocurrency world. It's pretty quick to get set up and start investing in digital currencies. Get $10 FREE Bitcoin {BTC} when you spend $100 with our referral link.
Cash Network & Affiliate Training
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From just the front page of the marketplace ClickBank’s clients will earn close to One Hundred Million Dollars this year! As you click from page to page, your eyes get wider and wider... your heart starts pounding...
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I have a feeling you’re going to love this :)
Cryptocurrency Exchange
Binance is one of the worlds fastest growing cryptocurrency exchanges. Because of its trading volume and the number of altcoins it trades it will be one of the worlds biggest crypto exchanges in the world.
While Coinbase is still the easiest way to get into cryptocurrencies, Binance trades a lot more Altcoins compared to that of Coinbase. If you want to purchase Altcoins like Cardano ADA, Ripple XRP, Steller Lumens, TRON, Dash and Monero then Binance is your first port of call.
In order to trade here, you must hold some cryptocurrencies first. So it's best to purchase some Ether or Litecoin from Coinbase and transfer it too Binance.
Click Here Watch A Tutorial Guide On How To Use Binance.
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Cryptocurrency Hardware Wallets
One of the most popular Hardware Cryptocurrency wallets is that of
Ledger Nano S. The Ledger hardware wallet provides a secure offline solution for cryptocurrency traders to store their digital data.
Commonly knowns private keys the Ledger hardware wallet gives users a multi cryptocurrency offline storage solution. Because of essential, these hardware wallets are similar to that of a USB key, it provides security by hosting the private keys offline making them difficult for hackers to access your cryptocurrencies.
It hosts some of the more common crypto coins but also some fewer know Altcoins Bitcoin Gold, Ark, Bitcoin, Bitcoin Cash, Digibyte, Dash Dogecoin and Ether.
Watch A Video Guide On How To Use The Ledger Nano S
Digital Crypto Currency Wallet
The Exodus Wallet is desktop cryptocurrency storage solution. It can be used with Mac and PC which has compatibility with a popular cryptocurrency exchange called Shapeshit. Which gives the user the ability to trade cryptocurrency with in the Exodus Wallet. This feature alone makes the Exodus wallet a very popular choice with beginner crypto traders.
The interface is very intuitive making it very easy to understand and use for anyone that's starting out with investing in cryptocurrencies. The Exodus Wallet is one of the most popular lite wallets, even with a number of crypto storage assets, it doesn't require your system to download the complete blockchain.
While the Exodus Wallet is free to download and a very secure piece of software, please note that it does take between 1-3% fee with the exchange of cryptocurrencies. Click Here To Watch Walk Through Video On The Exodus Wallet.
Cryptocurrency Browser
The Brave Browser is just like most web browsers, it allows you to surf the web, find videos, websites and allows you to download content from the web. But with a few difference with it's set up compared to that of Google Chrome. It was set up by the same creators as that of Mozilla, basing their software on open source code similar to that of Google Chrome.
Brave has in built ad blocking technology to stop intrusive ads. It also integrates with the cryptocurrency Basic Attention Token {BAT} to pay users for their attention for displaying less intrusive ads.
Brave keeps 15% of the less intrusive ads, giving content publishers 55% per cent which is good for bloggers and vloggers, last but not lease even users of the Brave browser will receive 15% off the revenue. It also gives users the option to donate BAT to content creators or sites they love.
One of the striking features of the Brave Browsers is that it removes a ton of tracking pixels which cause websites to load slower. This gives you a much faster experience when visiting websites online
