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Guto M. π§βππ©α½π
@gutomartino
Hey Degens Busy markets on @astaria today! Someone wants to borrow 3,000,000 $DEGEN on Astaria (over 19k USD!) 25% APY atm Who's up to fill the task?
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Agadoo π©
@agadoo
wait this is someone who is offering to loan degen right? not wants to borrow. they want 10WETH as collateral (at 61% LTV). they are charging 25% apy. it would say 'LOAN 3,000,000 DEGEN' if it was the other way round. or am I wrong?
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Mark π©
@web3withmark
I think youβre right. Doesnβt seem like a good thing.. am I wrong?
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Agadoo π©
@agadoo
Don't think it's good or bad really (and the token itself doesn't matter much given how easy/cheap swaps are). I don't know much about Astaria/how decentralised it is but big volume itself (i.e. actual borrowing/lending) would be good. Not necessarily from a risk appetite perspective, more because it is just such a good, clean use case for blockchain. This is basically just permission-less banking. Someone wants to borrow money; someone wants to lend money (and earn interest). Been happening for centuries. Smart contracts allow this to happen with a microscopic/zero fee (vs the comedically large cuts a bank would take). I'm no anarchist but this is why I love blockchain stuff - the efficiency it unlocks.
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Guto M. π§βππ©α½π
@gutomartino
Sure, here you go: Yes, he is right, it was a mistake on my part. Someone is actually offering to lend that amount of $Degen. It's possible that they're looking to exit a position without selling or hedging in some way. It is hard to say what the lender's intentions are, but if Degen's 2x from here, the borrower could potentially profit by defaulting and selling it at a market price.
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