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/biz/ - Business & Finance

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54415458 No.54415458 [Reply] [Original]

Can someone explain to me why the APY is so fucking high and why algo foundation is pushing users to use these platforms for governance? This is my first time using DeFi on algo and this just doesn’t feel real to me. Anyone else use folks finance? Kinda ridiculous if you consider how many people got fucked through scams/abandoned projects and hackers lately

>> No.54415486

>>54415458
I stick with algofi. The algo foundation has had problems with scams and hackers for the past couple years, and apy that high is certainly a scam

>> No.54415512

>>54415486
AlgoFi shows 35k% APY
I’ve never gotten into this, what exactly do you do? I’ve always just done governance on my own but I’m thinking I should finally dip my toes into it this time especially since it’s the 3rd gov period where they’re pushing users to get into it. Seems like everyone but me is doing it

>> No.54415626

>>54415458
Because the sign up just opened. As more people commit, it'll get down to the usual rate

>> No.54415656

>>54415512
Where? I only see 2.11% for lending

>> No.54415777
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54415777

>>54415512
HOW DO I INTO ALGOFI

>> No.54415807

>>54415777
You lend your algos (and get interest) which allows you to borrow other lent coins like bitcoin and etherium (which also nets you interest)

>> No.54415877

I don’t understand this shit. I’ve signed over 2 whole algos worth of transactions (around 6 on 2 occasions currently asking for 5 more signatures) and I STILL can’t get it opt into governance?
I added funds to the vault twice, under history it says “Opted into AlgoFi” and “Opted-in ALGO market”
I was gonna do it a 3rd time but this time through my computer and it’s asking for FIVE SIGNATURES
I looked at the videos on YouTube and they do it so easy without any issues. Is doing this with a ledger fucking me over? I cant for the life of me even get it to VAULT even after having signed 6 transactions.

>> No.54416023

>>54415877
Alright fuck it, I did everything through my computer. I hooked up the ledger and ran everything through my laptop and the ledger app, I did the same exact shit on my cellphone but it didn’t work and I through out 4 algos just fucking around getting it to work.
This is my first time so I used a small wallet with 3k algo of which to be sure I didn’t get Jewed again I only committed like 2.8k lol I hope they fix the ledger/pera algo/AlgoFi UI because that was retarded.

>> No.54416143

Is anyone getting into BANK on AlgoFi? Apparently my poorfag stack of around $650 is going to yield me $0.58 BANK a year just for vaulting on AlgoFi… but it has other ways of being earned and used in the vault including multi year lock ups for governance
This is my first time fucking around with this stuff, I’m very much focused on other areas of my life financially but I feel like if I were to figure this shit out and maybe allocate a couple thousand dollars I might be on to something…

>> No.54416239

>>54416023
can you give a step by step for retards on how to get into algofi