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Bonus Episode 9: Self Repaying Crypto Loans With Alchemix.Fi
Manage episode 328211132 series 3015459
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One fascinating crypto project that really stuck out to me is Alchemix.Fi. This platform provides self repaying crypto loans, and in this episode, I dive into how this is sustainable, how it works, and how you can get started with it.
Here is the process: 1. User deposits DAI (which is a cryptocurrency) into the account. Then you borrow against that DAI, meaning you take out a loan and if you can’t repay that loan, the person who loaned you the money gets the money that you borrowed against. But instead of getting more DAI, you get another cryptocurrency called alUSD.
2. The DAI that you borrowed against is lended out to people with a website called Yearn.Finance. The yield from it is used to pay off the loan.
3. The alUSD can then be converted back to DAI which can be exchanged to regular dollars or can be lent out as well to earn even more money.
Disclosure agreement: None of the information presented is investment advice, nor should it be relied on for investment advice. I am not an investment professional and am not affiliated with any investment professionals. All investments present risk. This podcast was created for informational and entertainment purposes only. Information in this podcast should not be relied on for investment information.
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