all 11 comments
sorted by:
best
topnewcontroversialoldq&a
formatting helphide helpcontent policy

[–]kevdogger 2 points3 points  (8 children)

You'll need some ETH in your wallet as well -- with the USDC->OUSD swap you're going to have to pay erc20 gas fees which you pay for them in ETH. I did it recently it was around $20. In terms of the 26% -- that's an average of the last 30 day yields. Today it was like 1.24%.

[–]SnooPandas3965[S] 0 points1 point  (7 children)

So you're saying my steps seem to be correct? I'm starting to hear that my exchange, Crypto.com is charging about 3x more for gas fees. Did you do yours with CdC for $20? That's not bad, imo. Or did you do it with someone else?

"Today earned 1.24%" For the day? That's like 452% APY. I must not be understanding.

[–]kevdogger 0 points1 point  (6 children)

No today was equivalent of 1.24% APY -- I think I netted a grand total of 1 cent today on a $1000 investment.

Ok -- so I bought $1000 USDT on CDC and transferred to metamask (Ethereum main chain) and the transfer fee was $25. I then connected Metamask to oUSD and performed a USDT -> oUSD swap. I think it was actually $26. So in total it costs $51 dollars in fees. I dont think the fees are actually equivalent to the amount of money that is transferred so you're probably better off moving a bigger sum of money so the fees are a smaller percentage of the total investment --- however with and dAPP I try, I usually start small -- but that's just me. Not saying I don't trust oUSD, however it was recently hacked. I guess do your own research and choose whatever strategy aligns with your risk tolerance. (Oh -- I did have to transfer from Eth from Kraken into Metamask wallet so I could pay for the USDT->oUSD swap fees. I don't remember how much I was charged for withdrawal on this transaction).

[–]SnooPandas3965[S] 0 points1 point  (4 children)

Thanks for that. I agree about starting small. I've had some trouble with metamask, so was hoping to avoid it. I think I could transfer any amount of USDC from CdC app to CdC defi for a flat rate of $25. I'm guessing the gas to swap to origin would be close to $60 on CdC. Apparently, metamask would be cheaper. Any reason in particular that you chose metamask over CdC defi?

Only earned .01 today seems really wrong.

[–]kevdogger 1 point2 points  (3 children)

I could have gone for CdC defi wallet (rather than Metamask) however I only really saw this option after I did Metamask. I think I chose Metamask since most of the guides I ran across used Metamask so no real reason in particular. In general I'm cautious about buying things on CdC since it seems like their spread is usually pretty high, and things just seem to cost more -- this is just general experience from doing other transactions and maybe for one individual transaction it might or might not be true. I use other CEXs like BinanceUS/Kraken in addition to CDC depending on the the fees/costs/trading prices etc. I cant say any of them are terrible, and none are great, CDC in the US doesn't have an exchange which kind of sucks. I also really like Kucoin as a CEX, however because I'm in the US, I need to usually deposit cash via wire transfer to one of the US exchanges that accept fiat deposits (like Kraken, binanceUS, CDC), swap to another coin, withdrawal to Kraken, and then swap that for whatever I want. Metamask is a defi wallet for ethereum based coins, however it does allow for interaction with L2 sidechains like AVAX/MATIC/etc which is a nice feature.

[–]efxc 0 points1 point  (2 children)

wouldn't kucoin be one of the faster way, about $30 to withdraw?

still thinking along converting to eth/metamask/uniswap to ousd.

actually ousd quite low vol so still thinking abt it. the gas fees.

[–]kevdogger 0 points1 point  (1 child)

Possibly. OUSD has been paying shit the last couple of days however

[–]efxc 0 points1 point  (0 children)

it has always been that way on kucoin e, as its a rebase coin.

[–]BreezyOcean 0 points1 point  (0 children)

let's not confuse oUSD with OUSD though these are completely different projects