🧑🌾So I've been earning 30% APY (or more) because I tokenized BTC to #renBTC using @renprotocol's #RenBridge and am #yieldfarming in @BalancerLabs!
🤣Wish I could be a fly on the wall when a Bitcoin maxi today realizes #DeFi on #Ethereum is earning 5X the returns paid by BlockFi.
Watch the full video here step-by-step how I did it on my YouTube channel:
🤷♂️I might be exchanging counterparty risk and personal data exposure with BlockFi for smart contract risk and even counterparty risk in WBTC (BitGo), but end of day, I'm 100% in control of my assets in @BalancerLabs.
🚀And I'm earning 6X the return.
😎So yeah, Dad's all good.
🚨This is not financial advice and you should approach all DeFi applications, wallets, protocols, and tools with caution.
🚨In the video, I attempt to cover all the risks I consider in using the #RenBridge, #renBTC, WBTC, and Balancer.
🚨Please be aware there is always risk in using DeFi, including technical risks (ie smart contracts hacks), financial risks (ie liquidity crises), potentially admin risk (admin key compromise, governance vulnerabilities), and risk of the BTC-peg failing in renBTC or WBTC.
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