03-16-2020, 11:18 AM
Let's talk about the safety of DeFi
<!-- SC_OFF --><div class="md"><p>Aside from the inherent risk of DAI decoupling from USD, what are the other risks - no matter how likely, involved with locking your money in DSR?</p> <p>By platform:<br/> 1) Oasis.app<br/> 2) Compound.finance<br/> 3) dydx<br/> 4) DeFi Saver </p> <p>For example, is there a risk using DeFi Saver to lock DAI into DSR or to deposit it to dydx/compound, rather than doing it directly on Oasis/Compound/dydx respoectively? </p> <p>Also, is there a risk between strictly using the DSR via Oasis, or using compound and dydx to maximize savings? </p> <p>The reason I'm asking is: dydx (and at times compound too) seem to have way bigger deposit interest than DSR itself, and the rule was always - the higher the interest, the riskier it is - but does it apply in this case?! </p> <p>Does anyone have more info on these, or a write-up of how they stack against each other in terms of security? </p> <p>I feel DAI went through a major test and survived, so feeling a lot more confident into putting way more in DeFI - but I'd love to do with: </p> <p>a) 100% secure (i.e non-custodial only, so no Nexo or BlockFi)<br/> b) As secure as it gets from a platform risk </p> <p>My main concern is: they all harp about how decentralized they are, but ultimately Compound gives you a shitcoin cDAI for your DAI and DeFi Saver... god knows what it does. So my worry is they do it in a way that even if DSR goes well, you lose your money because you didn't lock your DAI straight into the DSR, and put instead of dydx or compound. </p> <p>Please shed some light on the machinations of these things.</p> </div><!-- SC_ON --> Kind Regards R
<!-- SC_OFF --><div class="md"><p>Aside from the inherent risk of DAI decoupling from USD, what are the other risks - no matter how likely, involved with locking your money in DSR?</p> <p>By platform:<br/> 1) Oasis.app<br/> 2) Compound.finance<br/> 3) dydx<br/> 4) DeFi Saver </p> <p>For example, is there a risk using DeFi Saver to lock DAI into DSR or to deposit it to dydx/compound, rather than doing it directly on Oasis/Compound/dydx respoectively? </p> <p>Also, is there a risk between strictly using the DSR via Oasis, or using compound and dydx to maximize savings? </p> <p>The reason I'm asking is: dydx (and at times compound too) seem to have way bigger deposit interest than DSR itself, and the rule was always - the higher the interest, the riskier it is - but does it apply in this case?! </p> <p>Does anyone have more info on these, or a write-up of how they stack against each other in terms of security? </p> <p>I feel DAI went through a major test and survived, so feeling a lot more confident into putting way more in DeFI - but I'd love to do with: </p> <p>a) 100% secure (i.e non-custodial only, so no Nexo or BlockFi)<br/> b) As secure as it gets from a platform risk </p> <p>My main concern is: they all harp about how decentralized they are, but ultimately Compound gives you a shitcoin cDAI for your DAI and DeFi Saver... god knows what it does. So my worry is they do it in a way that even if DSR goes well, you lose your money because you didn't lock your DAI straight into the DSR, and put instead of dydx or compound. </p> <p>Please shed some light on the machinations of these things.</p> </div><!-- SC_ON --> Kind Regards R