DeFi Saveris an all in one, management app for decentralized finance. Supporting multiple protocols including the likes of Maker, Compound, Aave, and Reflexer. With Defi Saver you can manage leverage, convert positions, and earn conveniently.
In this DeFi Saver review, we’ll take a look at what DeFi Saver is, plus the features and fees.
What is DeFi Saver?
Defi Saver is an all in one, management app for decentralized finance. Supporting popular Ethereum based dApps including the likes of Maker, Compound, Aave and Reflexer.
Launched in 2019, the protocol was originally named CDP saver and has since expanded their services to other protocols, and adding additional tools and solutions to their users. DeFi Saver allows users to easily manage their DeFi portfolio with advanced features that are made simple.
One of their best-known features is their leverage management tools. Allowing users to manage leverage positions which you can increase or pay back debt within 1 transaction. However, you can also loan shift and use refinancing tools to move your position to a different protocol or change your collateral or debt asset. Plus, earn interest with the Smart Savings dashboard, allowing users to move funds between different available protocols.
However, Automation is DeFi Saver’s flag ship product, essentially providing automatic leveraging and liquidation protection depending on the market movements.
DeFi Saver Fees
Generally DeFi Saver is free to use, however do include some fees for their more advanced features these include;
MakerDAO, Compound and AaveDashboards;
0.25% service fee for Boost, Repay, Creating and Closing Leveraged Positions
0.3% service fee, for Automation Adjustments
There are no services fees for the likes of adding or withdrawing collateral or borrowing or paying back debt.
With Loan Shifter, this includes;
0.09% fee for Aave Flash Loans
0.25% fee for Collateral and Debt Shifts
With the Exchange, all tokens swaps have a 0.125% fee.
Smart Savings are free of charge.
With DeFi Saver you can connect up a whole host of Web3 wallets including the likes of MetaMask, Ledger, Trezor, Argent, and Trust Wallet.
Users can also connect any wallet app that supports WalletConnect.
DeFi Saver Exchange
There is an exchange feature built into DeFi Saver that can be used for trading Ethereum based tokens. DeFi Saver will find the best prices sourced from 0x, Uniswap and Oasis.
The token swap price shown will include a 0.125% service fee.
DeFi Saver Smart Savings
Smart Savings is a DAI lending dashboard that supports several protocols allowing users to quickly move their funds between protocols in a single click.
At the time of this DeFi Saver review, Smart Savings integrates with Compound, dYdX, Fulcrum and MakerDAO). This is all managed from a single dashboard. Enabling users to track their rates across these applications and move them, for more favorable rates with 1 transaction.
DeFi Saver Smart Wallet
For funds to be moved between these protocols, each Smart Savings account has a smart contract wallet that is in control of your funds while you’re supplying them within Smart Savings. Then once you have supplied your funds to the protocol, if the interest rates change and you want to change protocols you can quickly move your funds across.
DeFi Saver Recipe Creator
Recipe Creator is a newer feature to the protocol. Allowing users to create complex transactions which include multiple actions. With the idea to make flash loans and DeFi Legos available to all, even those with less technical backgrounds.
For those less technical, Recipe Creator can be used by users to tell the interface what they want and let the app prepare their recipe for them with the use of natural language processing. For example, a user could state that they want to “borrow 100 Dai from Aave v2, sell DAI for UNI” and the app will create it for you.
Currently, Recipe Creator supports Aave, Compound and Maker actions, plus Aave and dYdX flash loans and basic functions including the creation of buy and sell orders via 0x exchange. However, this will be expanded to include liquidity pool actions with Reflexer and Uniswap (v2).
DeFi Saver Simulation Mode
DeFi Saver has a “Simulation Mode” also built into their platform. Allowing users a way to test out DeFi protocols without having to set up an account or spend anything in transactions costs. With Simulation Mode, you’ll be provided with an account holding 100 ETH and appearing like its running on the Ethereum Network.
When Simulation starts, DeFi Saver take a copy of the Ethereum network and all your transactions go onto that copy. The only tasks that you are unable to perform will be the likes of Automation for any positions that you’ve created and you wont be able to view your Maker CDP history or Profit.
There are no fees to pay for the simulation mode, plus it has no expiry. Just be aware though that the prices and stats will be outdated as these are frozen at the start of the simulation.
DeFi Saver Automation
DeFi Saver Automation is an automated management system for collateralized debt positions (CDPs). Based on the settings that a user configures, it increases or decreases leverage as the price of an underlying collateral asset changes. This is a great feature to have onboard as it essentially provides automatic leveraging and liquidation protection.
DeFi Saver Gas Prices Extension
At the time of this DeFi Saver review, gas fees are at an all time high. However, you can track and get notified when fees are low using the the DeFi Saver Gas Extension. Available as a browser extension for both Chrome and Firefox, users can set alerts adding an option of selecting cheap, standard or fast gas for tracking.
The Mirror Protocol is a decentralized platform on the Terra blockchain, created by Terraform Labs. Mirror enables users to mint, trade, and stake synthetic real-world assets including selected equities, ETFs, commodities, and tokens tradable 24/7.
In this Mirror Protocol review, we take a look at Mirror.Finance and explain what mirrored synthetic assets are. Plus how to mint mAssets like COIN, how to trade and stake to earn a high yield. Mirror also provides users with free MIR tokens via weekly airdrops, which you also stake to earn yield.
What is the Mirror Protocol?
Mirror Protocol is a DeFi protocol launched in December 2020 and was created by Terraform Labs, on the Terra network. Allowing anyone, anywhere to trade equities 24/7 through minting synthetics assets, known as Mirrored Assets (mAssets).
These assets mimic (or mirror) the price changes of real-world assets such as stocks like Netflix, Tesla, Twitter or Coinbase, ETFs, and tokens. Therefore, users worldwide can trade their favorite real-world assets on the blockchain, anytime and anywhere using the Mirror Protocol. Not only that but users can have access to mAssets on the Binance Smart Chain, Ethereum and Terra blockchains with further plans to continue cross-chain expansion.
Why Use Mirror?
mAssets are stored on the blockchain meaning anyone in the world can get access without geographic restrictions Mirror Protocol could also attract smaller investors, as you can start trading with less than a whole share using fractional shares. Plus the site is decentralized which means you don’t have to go through any KYC or provide any personal information. Simply connect up a supported wallet to get started.
What is the Terra Protocol?
The Terra Protocol was created in 2018 by a Korean blockchain company called Terraform Labs founded by Daniel Shin and Do Kwon. With the idea to facilitate the mass adoption of crypto by creating digitally native assets that are price stable against the worlds major FIAT currencies.
Terra runs on a delegated Proof of Stake (PoS) blockchain and is powered by Tendermint consensus, which relies on a set of validators to secure the network. Miners need to stake a native cryptocurrency named “Luna” to mine Terra transactions.
Transactions on the Terra blockchain take seconds to complete. Plus the cost of transaction fees when interacting with smart contracts is a lot lower than the gas fees on the likes of Ethereum. Making it an ideal alternative for developers seeking smart-contract-enabled blockchains.
Terra is responsible for the development of several successful crypto projects, including Anchor Protocol offering saving products for Terra stable coins with the aim to deliver a fixed rate of 20% APY on your deposits.
What are Mirror Protocol Assets (mAssets)?
The synthetic assets created on the Mirror Protocol are named mAssets because they use the prefix “m” for each synthetic assets. Meaning that Tesla (TSLA) is mTSLA and Apple (AAPL) is mAAPL, etc. mAssets track the price of the underlying asset via a decentralized price oracle which is updated every 6 seconds.
They are also listed and can be traded on the likes of Uniswap, Terraswap, and more recently PancakeSwap. After bridging to the Ethereum Network, Mirror Protocol has also bridged on to the Binance Smart Chain (BSC), bringing tokenized synthetic assets to the BSC community.
The Mirror Protocol supports a wide range of assets including the likes of;
Mirrored stocks such as; Apple, Amazon.com, Alibaba, Netflix, Tesla, and Twitter.
Mirrored ETFs like; iShares Gold Trust, iShares Silver Trust, United States Oil Fund, LP, and Invesco QQQ Trust.
Tokens include; Mirror Governance Token and Mirrored Bitcoin and Ethereum.
Mirror Protocol Features
With the Mirror Protocol there are several features and roles that users can take and that’s as a Trader, Minter, Liquidity Provider or a Staker.
Traders essentially buy and sell mAssets against UST through Terraswap.
“Minters” enter into collateralised debt positions in order to obtain newly minted tokens of an mAsset.
“Liquidity Providers” add equal amounts of mAssets and UST to the corresponding Terraswap pool, which increases liquidity for that market.
“Stakers” stakes either LP Tokens or Mirror MIR tokens to earn staking rewards.
Mirror MIR Tokens
The Mirror MIR token is Mirror Protocol’s governance token and is also used to reward liquidity providers. Mirror can be traded for on popular exchanges such as the likes of KuCoin, OKex and Uniswap.
Alternatively, MIR can be earned by staking LUNA via the TerraStation wallet. You can provide liquidity and earn rewards or you can stake on the Mirror Protocol or these can be rewarded via their airdrop.
Similar to other decentralized protocols such as Uniswap or PancakeSwap, users simply need to connect up a supported wallet to get started with the Mirror Protocol. Because the site is decentralized there’s no sign-up or personal data required.
Mirror Finance also have their own Mirror Wallet, that brings you diverse trading options with 24hr trading access across the globe. Plus you can invest and trade mirrored assets that track prices of top global equities.
Mirror Token Airdrop
At launch, a total of 18.3 million Mirror MIR tokens were airdropped to LUNA stakers and UNI holders as a reward. This was based on a screenshot that was taken on 23/11/2020. Each user with LUNA staked receive MIR on a pro-rata basis and each UNI holder with at least 100 UNI receives 220 MIR.
Also, over the course of the first year, 18.3 million MIR tokens will be distributed to LUNA stakers on a weekly basis (every 100,000 blocks).
These airdrops will appear when you connect your wallet to the protocol and can simply be claimed when prompted.
Terra Smart Stake
If you´re unsure when Terra airdrops are available you can check out when the next airdrop is due by heading across to https://terra.smartstake.io/
How to Stake with Mirror Protocol
Mirror Protocol enables users to stake Mirror tokens or Liquidity Provider (LP) tokens.
When you add liquidity to a pool you’re provided with Liquidity Provider, also known as LP tokens. These tokens represent your share of the pool and can be staked to earn more mirror tokens.
Mirror Tokens can also be staked via the protocol’s governance tab, where rates are lower. However, there is less risk associated.
Staking with Mirror Protocol, will incur a transaction fee. However, because Mirror is on the Terra Network, the fees are generally low at the time of writing this Mirror Protocol Review.
Creating/Minting Mirrored Assets mAssets
Mirrored Assets (mAssets) can be created by anyone. All mAssets that are bought (or sold) on Mirror were, at one point, minted. Minting is the process of providing collateral to issue a “synthetic” mAsset.
New assets will be minted when collateral is deposited. Users will need to lock up 150% of UST’s current asset value (or 200% if they’re using other mAssets as collateral).
Please tread with caution as if positions go under the minimum collateral ratio, they will be liquidated; this measure regulates and secures the minting process.
For redeeming an mAsset, users must burn the same amount of mAssets issued when opening the collateralised debt position (or CDP) to get back the provided collateral.
Is Mirror Protocol Safe?
The Mirror Protocol development team has worked with the Cyber Unit team and 3rd party consultants to create a safe and trusted protocol. All contract code and balances can be publicly verified and contract audits can be here.
In this Celsius Network review, I take a look at the peer-to-peer lending platform, where you can borrow and earn interest on your crypto assets up to 17.78%. We’ll take a look around the Celsius App, the loan and borrowing rates, and their safety/security. Plus I explain why I choose to use lend my crypto on Celsius Network to earn interest.
If you currently have crypto sitting idle in a wallet or maybe you want to borrow some cash, and don’t want to cash out of your crypto investments then Celsius Network may be a solution.
Use Celsius Network Promo Code 135806d934 to earn a free $40 BTC Sign-up Bonus
What is Celsius Network?
Celsius Network is a peer to peer lending company that allows users to purchase crypto, earn interest, and instantly borrow dollars with no deposit, withdrawal, or transaction fees. For lenders, Celsius offer profits on interest rates for the crypto that’s been deposited. Allowing you to lend your assets to others whilst gaining interest on the loan.
With Celsius, not only can you lend your tokens to earn interest. You can also borrow dollars against your crypto, without the need to sell your tokens if you wanted to free up some cash. Because your loan is secured with your tokens which are being used as collateral, Celsius can offer really competitive interest rates to its lenders. Plus your crypto tokens are then yours to keep after you’ve repaid the loan.
Who Are Celsius Network?
The Celsius Network was founded in 2017 by Alex Mashinsky (CEO) and Daniel Leon (Founding President and COO). Alex Mashinsky is known for bringing cell phone service and free WiFi to the New York City subways, enabling WiFI on U.S. flights, and creating Voice over IP (VoIP). Daniel Leon is a business and social entrepreneur, serving as a leader at several organizations, including Atlis Labs, Beyon3D, and GroundLink.
Alex Mashinsky is active on platforms such as Twitter with the Celsius community. He also hosts weekly AMA (ask Mashinsky anything) on YouTube. Plus if you’re a subscriber to Real Vision there’s a great interview available, where Alex talks about his background and in-depth about the Celsius network.
Celsius Referral Code May 2021: $40 BTC Sign-up Bonus
Celsius Network offers new users a $40 BTC Bonus when using this referral link or by entering promo code 126555d934 at sign-up.
You will also receive a $40 BTC Bonus for every person you refer to Celsius Network.
With Celsius, you can deposit and earn interest on any cryptocurrencies that earn a yield. This includes the likes of; Bitcoin, Ethereum, Synthetix, as well as a host of stable-coins. In March 2021 they added Polkadot’s DOT token, where you can earn up to 3.18%.
You can currently borrow 34 different cryptocurrencies too, with interest rates as low as 0.7%.
Tokens can also be purchased within the app too, although this wont be the cheapest option for buying your crypto.
Is Celsius Network Safe?
Celsius has recently moved away from BitGo and now works with several custodians including Fire Blocks and PrimeTrust. Celsius state that security is more than just custodian and insurance, it’s how they operate through the entire company. Protecting the user’s assets is always their number one priority.
If Celsius were to suddenly disappear, go bankrupt or get hacked, they state they will use their balance sheet to cover damages. If the losses exceed their balance sheet, they will use Eligible Digital Assets to absorb the remaining losses.
Celsius also offer 2FA authentication on their app and follow best practices when withdrawing from their wallet.
Celsius CEL Token
CEL is the official token from Celsius Network. CEL tokens gives Celsius members access to the best financial services for cryptocurrencies. Not only do you get better interest rates when choosing CEL as your receiving currency, but you also gain access to a different array of member-exclusive advantages.
Celsius Network token CEL give users access to higher rates on earnings and lower rates on loans. Earn up to 25% more rewards on all deposits when choosing to earn rewards in CEL tokens. Also if you choose to borrow instead and pay interest in CEL, you’ll receive up to a 25% discount on your interest payment.
Another massive benefit holding CEL is it’s value, in 2020 CEL was one of the best performing crypto assets and the price has risen to nearly 4000% within 12 months.
Celsius loyalty program is on a four-tiered system and to receive the bonus rates, you will need to stake CEL tokens. To receive the advertised rates as seen on the Celsius website and social media, you will have to reach the ‘Platinum’ loyalty level.
Bronze level is the starter level, which means you hold 5%-10% of your portfolio in CEL tokens. Celsius bronze members will receive discounts of 5% bonus interest and 5% loan interest.
Silver level means you hold 10-15% of your portfolio in CEL tokens. Celsius Silver members will receive 10% bonus interest and a 10% loan interest discount.
Gold level means you hold 15-25% of your portfolio in CEL tokens. Celsius Gold members will receive a 15% bonus interest and a 15% loan interest discount.
Platinum level means you hold more than 25% of your portfolio in CEL tokens. Celsius Platinum members will receive a 25% bonus interest and a 25% loan interest discount.
How to Earn Interest with Celsius
To earn interest with Celsius, simply transfer your cryptocurrency assets into the Celsius app. Currently you can earn up to 17.78% on your crypto and 13.2% on stable coins. However, this will depend on your loyalty level, payment method and the crypto that you have deposited.
The interest that you earn is issued weekly, every Monday. There’s no minimum balance required and you can deposit as little or as much as you like.
How to Borrow with Celsius
With Celsius, you can borrow a minimum of $500 in USD or stable-coins at some incredibly low rates of interest, especially compared to a bank. With rates as low as 0.7% (when you pay with their CEL token), you simply use your crypto as collateral for the loan, without having to sell off your assets to free up funds.
You can choose to borrow either USD (to be sent directly to your bank account) or a stablecoins which will arrive in your celsius account in 24hrs. Simply enter the amount that you’d like to borrow and choose the crypto that you’ve deposited and would like to use as collateral. Then select the term of the loan from 6 to 36 months.
A confirmation of the loan will then be presented showing the amount you’ll be borrowing. You’ll also be shown the estimated collateral which will be ultimately determined on approval. Just note that when borrowing, that these tokens will be locked and ineligible to earn interest.
Plus you’ll also be shown a margin call amount and a liquidation amount.
What are Celsius Margin Calls & Liquidations?
When borrowing from Celsius, you’re putting cryptocurrency down as collateral. Because of the high volatility of crypto, Celsius implements a margin call. Meaning that if your collateral value drops under a certain price, they will ask you to add more to meet the minimum coverage on your loan.
If the price drops another threshold, and the margin call wasn’t met, they will liquidate a portion of your assets to cover for the margin call.
Now in the Bitcoin price drop in March 2020, the likes of Bitmex liquidated about a billion dollars. Whilst Nexo and BlockFi liquidated 100s of millions of dollars. However apparently Celsius didnt have to liquidate anyone.
Please ensure you never over borrow when borrowing on these type of platforms.
Celsius Network is fee-free, this includes withdrawal and termination fees, which is unlike many of its competitors. I have personally withdrawn a few times and the withdrawals have been more or less instant. Just make sure you have your 2FA turned on, otherwise, your crypto assets will be held for 24hrs. Safety First!
Celsius Network provides users with a dedicated Help Center with FAQs regarding deposits, withdrawals, etc. If you don’t have any luck with their Help Center, you can also submit a request via the Celsius website or by emailing [email protected]
Any time I’ve had to contact Celsius support they have replied quickly. Their Trustpilot score is currently Great at a 4.1.
There are lots of platforms fighting for this peer to peer lending market. Two of Celsius Network’s biggest competitors are BlockFi and Nexo. I personally have investments in all three and each have their positives and negatives. You can find video tutorials and reviews on both BlockFi and Nexo on this site and Every Bit Helps YouTube channel.
One of the more recent players to enter this market is the Yield App. This platform was released in February 2021 and is currently offering yields of up to a massive 20%. For more information on the Yield App, click here.
Celsius Network Rating 4.5/5
Rating: 4.5 out of 5.
I have been using Celsius Network for nearly 1 year. Every Monday it’s still exciting to receive my rewards and watch them compound on a weekly basis. However, I signed up thinking I would automatically receive the 30% bonus if I chose to receive payments in CEL. This wasn’t the case, I’m not sure if this is clever marketing or I just rushed in and didn’t read the fine print. Either way, I love receiving +16.16% on my SNX tokens!!
Celsius App is clear and easy to use, but it would be nice to have a web version available. The quick and free withdrawals are great, especially with the current high transaction fees, hopefully, they continue to offer this.
I’m currently a Platinum member and receive the benefits of higher interest rates. However, with the market being so volatile I have recently dropped into the Gold member bracket. So, I will need to purchase some more CEL tokens and the only way to do this, is to pay a 3.5% card fee or purchase on an exchange like UniSwap. But again with GAS fees so high this can again be expensive. I would love for a way to quickly swap my tokens within the App for more CEL. I believe this would be a great feature for the community.
Although I’m happy using Celsius, I’m cautious with the amount I leave in any App or wallet. An interest rate of 4.56% and 5.5% is fantastic, in the world of zero interest rates. However, I would find it hard to justify losing all my crypto, if something unfortunate did happen to Celsius for the sake of 5% per annum. Like anything, be cautious and don´t put all your eggs in one basket.
In this YIELD App review, I take you through the new lending platform looking to take on the likes of BlockFi, Celsius, and Nexo, by offering an impressive 20% APY. I will provide an overview of the YIELD App, looking at their team, features, and fees, plus a summary and whether I choose to keep my crypto on the platform long term.
Please note, YIELD was only released at the beginning of February 2021. New features will continue to be released, as they do, I will try and keep this post as up to date as possible.
What is YIELD App?
With YIELD App, you can access the best investment opportunities and invest with as little as $100 without having any financial or technical knowledge, making the world of Defi accessible to anyone.
Simply deposit your cryptocurrency assets, select the amount you want to invest and start earning daily rewards. You can redeem your funds at any time, earn a minimum 12% APY all the way up to 20% by using their YLD Loyalty and Rewards program.
Essentially, YIELD App aggregates user funds and invests these across a diverse portfolio of DeFi pools.
Who are YIELD App?
The YIELD App platform was launched in February 2021 and built by a team from a diverse range of backgrounds. Their CEO and founder is Tim Frost who has been a key figure with many successful fintech and blockchain companies including Wirex.
They also have a team of advisors and partners which include; BitGo, TrustSwap, Yeoman’s Capital, Pal Capital and BlockPass.
YIELD App Fees
The YIELD App only charges for fees when you withdraw from your account to an external wallet. In this case, there is a fixed charge equal to $20 per transaction.
Otherwise, there are no other fees when using the platform.
YIELD App Supported Tokens
At the time of writing this YIELD App review, users can currently deposit stable coins such as USDC or USDT, Ethereum (ETH) or YLD tokens to start earning interest. Although just be aware that the YLD tokens cannot be invested, they are simply held to earn rewards.
Yield App are also currently working on a FIAT gateway that will allow users to deposit funds via bank transfer and debit cards. Plus a YIELD App card, to simplify withdrawing your funds, in both crypto and fiat.
YIELD App Coin
The YLD token is a utility token that enables users to unlock daily rewards and boosts their returns (or APY). There are a few different ways that you can get hold of the YLD token;
By investing in the DeFi Alpha I Fund to get YLD rewarded into your wallet.
Tokens are tradeable on exchanges such as Uniswap, BitMax and Bithumb Global.
YIELD App has its own “swap” feature that allows users to swap their stable coin assets for YLD tokens.
A “refer a friend” scheme is coming soon, earning you $40 YLD for every friend who invests at least $100.
YIELD App Swaps
Within YIELD App you can swap your stablecoin assets for YLD tokens. This handy feature (which can be found under the portfolio tab) was designed to support the YLD loyalty & rewards program. Therefore, you are only able to swap to their YLD token. Plus you are also capped to a maximum 24hr limit.
Their swap rate is provided via an API into 3rd party providers. This includes the likes of CoinGecko, and is refreshed every 60 seconds.
YLD Loyalty & Reward Program
When you hold the YIELD app token (YLD) in your wallet you can start to earn passive gains on your tokens with interest of up to 10% APY on your assets.
Plus you can also boost your APY on your investments. By simply holding the YLD tokens in your YIELD App wallet you can boost your APY from 12 to 20%. This is based on a tiered system ranging from 1 to 5 and will depend on the amount of YLD you hold in your wallet. To achieve the maximum APYs on your YLD and your investments you will need to hold over 20,000 YLD in your wallet.
YIELD App Download
At the time of this YIELD App review, YIELD app is only available via their web application. However, they are due to release a mobile app and will provide enhanced features as the platform grows. This is “coming soon” and will be available to download from Google Play (for Android) or the AppStore (for iOS).
Is YIELD App Regulated?
YIELD App has executed an unconditional Sale & Purchase agreement for the acquisition of ETHpipe OÜ, Co. Registration No. 16099555, an Estonian Limited Liability Corporation. An application for a name change has been submitted for approval.
At the same time, YIELD app are also preparing financial services license applications which include a Cyprus Alternative Investment Fund Manager (AIFM) license, a provision of EU Directive 2011/61/EU AIFMD and a Reserved Alternative Investment Fund (RAIF) license in Luxembourg subject to the Luxembourg Law of 23 July 2016 (the RAIF Law) and the Luxembourg law of 12 July 2013 on Alternative Investment Fund Managers (AIFM Law).
Is YIELD App Safe?
As well as being regulated, YIELD app’s cold storage wallets are provided by BitGo. BitGo carries $100 million in insurance protection through a syndicate of underwriters through Lloyd’s.
The $100 million policy covers digital assets where the private keys are held 100% by BitGo. This is the event of:
3rd party hacks, copying, or theft of private keys
Insider theft or dishonest acts by BitGo employees or executives
Loss of keys
BitGo also provides 100% cold storage technology in bank-grade Class III vaults. Plus the BitGo platform is SOC 2 Type 2 certified.
I don’t want to be too critical of the platform especially as it’s still in its early release. With new features to be added. However, there are a few tweaks that would be great to see (especially for the smaller investor).
One of the benefits of investing in the YIELD app (and earning the yield token) is the token’s potential return. If you look at the likes of Celsius or Nexo, their tokens have done extremely well with the growth of the platforms.
However, it doesn’t make sense for smaller investors to hold the YIELD token to get to the second tier of their loyalty program. At the time of this YIELD App review, you’d need to invest over $4,500 to reach the next tier and earn an extra 2%. Plus over $18,000 to reach the top tier getting you the best return. So really this prices out the smaller investor.
I personally believe it would be more beneficial (and a better incentive) if these rewards were recognised as a percentage fo the user’s holdings. Similar to the likes of Nexo or celsius.
Also having a $20 withdrawal fee again may put off the smaller investor. Although Ethereum gas fees are high, this isn’t something their competitors include.
I personally invest in BlockFi, Celsius, and Nexo as I want to be diversified. But I am happy to add YIELD to that list and keep investing in the platform. Plus if the token can do as well as the CEL or NEXO token, you could get a great return on your investment.
In this Argent Wallet review, I take you through the Ethereum based smart mobile wallet. With the ability to store, send, and save; borrow, earn interest, and invest. Plus enjoy decentralized apps in just a few taps including the likes of Aave, PoolTogether, Compound Finance,and Uniswap.
What is Argent?
Argent is a non-custodial cryptocurrency smart wallet available as a mobile app for ios and Android. The app itself includes everything you’d expect from a mobile banking app and is very user friendly, developed with the beginner in mind.
Within the wallet you can store and send; earn interest and invest. It’s also unique for making decentralised apps (DAPPS) like Maker, Uniswap or Compound easily accessible.
Only you can access your assets and nobody can stop you from accessing them (not even Argent). There are no recovery phrases or seeds to remember or store away safely. Instead, you can protect your Argent Wallet with an argent agent, family member, or friend, or your own devices such as a Trezor and Ledger used as Guardians.
The Argent Wallet is built on the Ethereum blockchain and is focused on Ethereum. You can access over 240 different Ethereum-based (ERC20) tokens in Argent. Including the likes of ETH, DAI, MKR, LINK, BAT, SUSHI, USDT, UNI and Wrapped Bitcoin.
Within Argent you have access to some of the most popular DEFI apps from right within your wallet. Exchange your tokens and get the best rates across 10 decentralized exchanges (DEX), including Uniswap, Balancer, Kyber and more.
You can earn interest by providing liquidity for loans and exchanges with Compound, Dai Savings, Aave and PoolTogether.
Plus you can now contribute to Eth2 and earn staking rewards with Lido.
Argent Wallet Fees
To try to make crypto more accessible, Argent try to cover as much of the costs as possible. Argent initially launched their wallet providing fee-free transactions, however, due to the increase in gas fees it no longer became feasible for them to do so. Plus they can’t cover every fee to be able to maintain their business.
Therefore, the fees that users will need to pay for are network/gas fees and exchange fees. If you exchange fiat currency for crypto, you’ll pay a fee to the 3rd party provider for that service. Argent does not currently take a fee for this.
When you exchange crypto-to-crypto, you’ll pay a small exchange fee and the Ethereum transaction fee (gas). In this case, Argent takes a small part of the exchange fee.
How to Buy Crypto within Argent
If you want to buy your Ethereum or ERC20 tokens through the Argent App using FIAT this will be done through either MoonPay or SendWyre. Buying crypto via this method is very convenient, but it’s expensive and not something I would recommend.
I would personally purchase my crypto from another exchange and send it to the Argent wallet.
Argent wallet claims to be the most secure wallet. ¨Security features of the best modern banking apps combined with unique blockchain-based capabilities¨
Argent is a non-custodial wallet, so only you have access and control to your crypto assets, not even Argent
Argent Guardians can be devices or individuals that you trust. This may include a family member or friend within the Argent App, a hardware wallet of your choice, or a 3rd party service such as an Argent Guardian Service. The number of Guardians you have is unlimited and you can use any combination of Guardians you wish.
These Guardians are entrusted to help with specific tasks predefined in a smart contract (such as approving recovery). If you happen to lose your phone (or if it’s stolen), you can easily recover your wallet on a new phone by asking your defined Guardians to approve the recovery.
This puts you in control of your crypto assets and your Guardians can be easily added or removed at any time within the app.
Argent has a host of familiar features that you may find in a regular mobile banking app. Making it really easy for new cryptocurrency users to adopt this technology. Here are some of the app features, not already mentioned;
Lock your wallet from anywhere – Instantly freeze your wallet if you believe someone has access to it. Your wallet auto-unlocks after five days. Or you can unlock it sooner
Transaction Protection – Set daily transfer limits, for new recipients. Any transfers above your daily limit take 24 hours. With guardians, you can send crypto instantly.
Wallet Recovery – No need to write down and store complex recovery phrases and passwords. Just ask your guardians for help. Get consensus amongst your guardians to approve a recovery.
Secure Enclave and Biometric Authentication – Your wallet is protected with all the latest security features of iOS and Android.
Set Daily Transfer Limits – Set maximum amounts that can be transferred out of your wallet each day. Transfers over this limit will take 24 hours to complete.
Trusted Contacts – You can send instant, unlimited transfers to the contacts that you trust.
Argent can be contacted via Twitter, Discord, or by submitting a support request here or by email [email protected] I personally haven´t had any issues with Argent, but when I contacted their support via Twitter during the weekend, they were quick to respond.
A lot of the most commonly asked questions can be found on their support pages or FAQs. I recommend checking these out before contacting Argent support, normally you will find the answers quicker here.
If support is poor you can normally find negative reviews/comments on the likes of Trust Pilot, which is currently yet to be reviewed, and Reddit again no real complaints.
Argent ETH 2.0 Staking with Lido
You can now stake ETH from right within your Argent wallet. Meaning you can start earning daily rewards and help secure the Ethereum network, in just one tap.
Simply deposit Ether and you’ll receive the same amount of stETH tokens in return, representing your stake. The tokens are fully liquid, therefore you can trade, sell, exchange, and invest at any time. Daily rewards are then issued automatically and your token balance will increase in your wallet without the need to claim.
This is all done using Lido, a liquid Ethereum 2.0 staking solution letting you stake without withdrawal lockups, minimum deposits, or the hassle of running your own hardware.
Argent vs Dharma Wallet
Another wallet similar to the Argent Wallet is Dharma. Dharma is an open-source and non-custodial wallet built on Compound and allows users to deposit and earn interest, trade and send funds easily.
You will start to earn interest on your crypto assets, as soon as you make a deposit into your Dharma account. Plus Dharma is also the first mobile wallet with native support for Uniswap V2. So if you ever want to make a trade on the go, use Dharma where you can trade and seamlessly swap 2000+ DEFI assets on your mobile device.
Plus one of the greatest benefits of using Dharma is that there are still ZERO gas fees, if you’re interested in finding out more about Dharma, you can read my review here.
How to Claim UniSwap UNI Tokens with Argent
As an Argent user, if you added liquidity to UniSwap via Argent, or exchanged on Uniswap using WalletConnect, prior to the 1st September 2020 your Argent wallet will be eligible for UNI tokens from the Uniswap airdrop. Although, you will not be eligible if you used their integrated exchange Kyber, according to the Uniswap rules. At a current price of $4.21, 400 UNI tokens are worth $1,684, so it’s definitely worth checking!
To claim your tokens, you’ll need to have enough ETH in your wallet to pay for the gas fees. Then simply head across to Uniswap, connect your wallet via WalletConnect. Open Argent, scanning your QR and you should then see a popup requesting approval and your tokens will then be claimed.
Argent is a neat, simple Ethereum wallet and ideal for beginners who are worried about storing their private keys. It makes the process less daunting, as it seems familiar especially to millennials who are used to banking Apps such as Revolut (who I wouldn’t recommend buying & storing crypto with).
Once users get used to buying and storing their Ethereum & ERC20 tokens. Argent makes it very simple to start exploring further and interact with DAPPS such as Aave, Compound, and UniSwap to start earning interest on their crypto assets.
Being an Ethereum based wallet you can’t buy and store Bitcoin(BTC) with Argent. Currently, Bitcoin is still the number one draw and the cryptocurrency everyone getting started wants. Therefore, this will slow the adoption of newbie investors using Argent from the beginning.
I would like to have the ability to amend the Gas fees. Argent says they will provide the best possible Gas fee for your transaction. However, with fees so high, it would be nice to have some control.
I look forward to seeing Argent’s future development and will continue producing more tutorials around the wallet.