DeFi Services with Highest Earning Potential

Which DeFi services pay the highest interest on crypto deposits and are also trustworthy?

I found a couple but do not know their trustworthiness:

  • BlockFi - 8.6% on stablecoins
  • YouHodler - 12% on stablecoins! Is this trustworthy?
  • The Crypto.com app has decent APRs but unfortunately high withdrawal fees

@amadeobrands Why are the above interest rates for earning much higher than Ethereum DeFi solutions, which are showing ~0-4% APR?

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I trust BlockFi because the custodian they use is Gemini which is SOC1 and (I believe) SOC2 certified.

Anthony Pompliano’s Morgan Creek Digital is one of the investors in BlockFi, and the company has also gotten Money Transmitter Licenses in multiple states.

Unless I see competitors with similar credentials, I’m happy with Blockfi’s rates.

If you do plan on using Blockfi, might as well use my referral code. Win win for both of us (10$-worth of BTC if you deposit $100-worth of crypto) :slight_smile: https://blockfi.com/?ref=02a87254

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You can compare rates here:
https://loanscan.io/

I did register for one of the cryptocom cards since they will be released in Canada soon. I’ve poked around other sites but haven’t actually used any yet. I’d be inclined to stick to the big names we hear mentioned a lot like: Cryptocom, BlockFi, Celius and possibly Nexo.

I’d prefer to use the decentralized protocols like Compound but savings rates have not been that great recently. The rates are low because Maker is having a tough time keeping the peg close to a dollar. The centralized platforms do not need to worry about managing a peg, so they can offer better incentives to deposit and earn. If you want to borrow however, the low rates in the DeFi are more attractive.

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Hey Mayjer,

Question about crypto.com card. Does the card HAVE to convert crypto to fiat to spend? Or can a card holder just spend fiat directly and get rewarded in MCO?

I’m pretty sure you can load it directly with fiat and use it just like any other prepaid card.

@FaierPlay - You can only spend fiat on the card which as been preloaded. You can not spend crypto, you will need to either load you wallet with fiat or exchange you crypto for fiat before using the card.

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Thanks for the clarification! I’d rather spend Fiat and earn crypto as “cash”-back, so this works for me.

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Hi mate, i have the card and im using GBP with no issues and gaining cashback on all transactions. You can also earn higher cashback rates by purchasing Gift Cards for pretty much the whole retail sector. Im excited when i go back to Touring again that i can use this card and not have to deal with Interbank charges. Great stuff.

Take care man

Rob.

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Thanks Rob! And you can choose to get your cash back in crypto? Or it has to be in fiat?

Thanks for the details :slight_smile: Looking forward to traveling soon as well!

Back as CRO in to youre account. then you can do what you want with that.

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