Interest on crypto currencies?

sunil0021

sunil0021

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Recently i came across crypto.com and they are offering around 8.5% p.a interest on few coins, i have a good amount of eth to invest, is it s good deal and will they hold the funds and does not let me transfer when i need?
 
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You must trust the project you invest in. What happens if the coin you pick drops in value? You basically lost relative to the initial ETH investment.
 
I am not sure about crypto.com but there are lot of scam websites there - which come with attractive schemes but make it real hard when you want to withdraw your funds. By all means, conduct your due diligence before investing.

Also note unlike fiat - you may earn 8.5% interest per year but the coin value could have dropped against your currency at the time of your withdrawal.
 
seems safe and lots of platforms are doing that now
they hold your tether, btc, eth, link, whatever big coin
you lock it in for xyz days
and you get decent interest
so long as its a reputed platform.
what are odds of crypto.com rug-pulling you? pretty narrow.
vs some new thing, promising much higher apy? -- use your common sense and due dilligence.
 
alurosu said:
You must trust the project you invest in. What happens if the coin you pick drops in value? You basically lost relative to the initial ETH investment.
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How does the interest is calculated? Let's say i put $100k worth eth and after 30 days their value drop to $90k, will the company calculate the interest of first 30 days for coin value worth $100k and so on?
 
uncutu said:
seems safe and lots of platforms are doing that now
they hold your tether, btc, eth, link, whatever big coin
you lock it in for xyz days
and you get decent interest
so long as its a reputed platform.
what are odds of crypto.com rug-pulling you? pretty narrow.
vs some new thing, promising much higher apy? -- use your common sense and due dilligence.
Click to expand...
Absolutely, thanks for your feedback.
 
sunil0021 said:
How does the interest is calculated? Let's say i put $100k worth eth and after 30 days their value drop to $90k, will the company calculate the interest of first 30 days for coin value worth $100k and so on?
Click to expand...
look at their FAQ it's probably there
but judging by every other platform ive used it's like this:
u earn interest on the eth (or whatever token) amount, not the usd amount
say u deposit 10 eth. contract says u earn 7% in a month . 30 days later you u can redeem your 0.7 eth. and withdrawal your initial deposit of 10 eth. totalling 10.7 eth.
usd price is irrelevant. eth price crashes? or moons? doesn't matter ur just making 7% off the token. 1 eth = 1 eth.
 
uncutu said:
look at their FAQ it's probably there
but judging by every other platform ive used it's like this:
u earn interest on the eth (or whatever token) amount, not the usd amount
say u deposit 10 eth. contract says u earn 7% in a month . 30 days later you u can redeem your 0.7 eth. and withdrawal your initial deposit of 10 eth. totalling 10.7 eth.
usd price is irrelevant. eth price crashes? or moons? doesn't matter ur just making 7% off the token. 1 eth = 1 eth.
Click to expand...
Perfect. Thankyou.
 
sunil0021 said:
How does the interest is calculated? Let's say i put $100k worth eth and after 30 days their value drop to $90k, will the company calculate the interest of first 30 days for coin value worth $100k and so on?
Click to expand...
uncutu said:
look at their FAQ it's probably there
but judging by every other platform ive used it's like this:
u earn interest on the eth (or whatever token) amount, not the usd amount
say u deposit 10 eth. contract says u earn 7% in a month . 30 days later you u can redeem your 0.7 eth. and withdrawal your initial deposit of 10 eth. totalling 10.7 eth.
usd price is irrelevant. eth price crashes? or moons? doesn't matter ur just making 7% off the token. 1 eth = 1 eth.
Click to expand...
In most cases you are rewarded in the project's coin. If you have $100k of ETH, you will convert it into their coin, let's say 10 million SUPERDUPERCOIN. You will get 7% of the 10 million, which adds up to 10.7 million SUPERDUPERCOIN. But if the SUPERDUPERCOIN loses value, you might not have $100k worth of ETH in the end.
 
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alurosu said:
In most cases you are rewarded in the project's coin. If you have $100k of ETH, you will convert it into their coin, let's say 10 million SUPERDUPERCOIN. You will get 7% of the 10 million, which adds up to 10.7 million SUPERDUPERCOIN. But if the SUPERDUPERCOIN loses value, you might not have $100k worth of ETH in the end.
Click to expand...
thats true for yield farming
https://crypto.com/us/earn and their competitors are doing something different / safer
u deposit eth (or any token), lock it in for x term, get rewards in the same token. no need to swap for the house-token or add to liquidity pool
hence apy are normal and not insanely degen.
 
Some are paying more than 10% on stable coins.
 
Cryptom.com offers up to 3.5% for ETH which is locked, meaning you won't be able to take it out unless the contract period ends. You can look at Celsius and BlockFi all are OK.
 
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