, 14 tweets, 5 min read Read on Twitter
Just loaned (and borrowed) some $ETH using @DharmaProtocol Lever's alpha product. Very cool experience. Some quick thoughts:
All I had to do was specify the amount and the address I want to redeem to. I then sent the funds to the address Dharma provided.
Firing up @metamask_io and applying an average level of gas for the transaction confirmed it in 30 seconds etherscan.io/tx/0x63a07aa86…
Bingo. Way easier than the last crypto lending experience with @MakerDAO when I collateralized ETH to WETH to PETH for a CDP that gave me DAI. Of course I'm on the other side of the transaction here.
I love what @MakerDAO is doing by the way and was obsessed with the successful liquidation cascade we saw as the price of ETH plummeted in 2018. Impressive.
Back to Dharma: I'm not sure how interest rates are set. 0.1% APR is not that interesting for actual returns. But I assume this is a starting point (alpha) and it will adjust to the supply and demand for crypto capital over time
Huge thanks to @bpforster24 for including me in the alpha! No doubt this team will do big things.
Then for kicks I borrowed ETH against some DAI that I created in a MakerDAO CDP long ago (collateralized against ETH of course). How meta.
Again. Super easy. 30 seconds to configure, send DAI via metamask, and confirm on the @ethereum network.
Now I'm lending .25 ETH and also borrowing .25 ETH (maybe from myself) collateralized by 52 DAI (150% collateral). Here's me sending the DAI etherscan.io/tx/0xc9dc9092d…
And receiving my .25 ETH loan just a minute later. etherscan.io/tx/0x807d5e261…
Looks like I'll get margin called if ETH rises to $166.5 and my collateral drops to 120% (the contrast of stablecoin collateral).
Oh and I did all this on my laptop in Chrome with Metamask. Would have loved to use @CipherBrowser on iOS instead, but it couldn't render the mobile site well enough.
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