Jare's Proposal Three for Yield Generating Opportunity: add WBTC to on-chain loans and nuo.network in general

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The Robo-Advisor for Yield

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Jare's Proposal Three for Yield Generating Opportunity: add WBTC to on-chain loans and nuo.network in general #5

Open staccDOTsol opened 4 years ago

staccDOTsol commented 4 years ago

Why

Diversification of assets people are loaning against. If I hold DAI, SAI, USD and ETH, I'll surely want to hold WBTC so that 2/5 of my coins might moon.

Adding nuo.network would allow for more potential yields should their rates for any assets be higher.

Solution

I think nuo.network and fulcrum.trade might have on-chain solutions for WBTC.

https://github.com/NuoNetwork

Considerations

There must have been some issue preventing nuo.network from v1. Unsure what that might be. I'm unsure what the alpha base rate (for use in calculating fees, like Compound Returns on the others or whatever it's called) would be derived from.

Additional Info

This issue is actually (I think) on-chain, meaning that we could actually implement it in the current climate.

dpurhar27 commented 4 years ago

Hey @DunnCreativeSS, thanks for this proposal. It's overall great ideas with strong reasoning.

RAY can certainly add support for WBTC if there is demand. We'll take a closer look into that. Note, Compound also has on-chain support for the asset, so we could use that as the benchmark rate for WBTC.

Regarding adding support for Nuo, we've been looking to add support for a while. Unfortunately, their smart contracts are not open, meaning, we can't interact with Nuo Network through smart contracts. We've been in contact with the Nuo team and they're supposed to open the contracts in an upcoming update, roughly in 2-3 months (may change). When it's possible to add support for Nuo, we will look deeper into doing so.

Keep an eye out for updates on these fronts!

staccDOTsol commented 4 years ago

Hey @dpurhar27 man you're up when I should be sleeping!

I dreampt up the above two scenarios when drafting this:

https://medium.com/p/4-top-money-making-decentralized-finance-applications-75a757dc6408

Specifically, I was speaking about diversification as a means to increase returns or have less risk in a lending portfolio but also in a borrowing portfolio. If I had 2/5 of my coins that could potentially moon instead of 1/4, I think I would be substantially happier.

I then spoke about Staked RAY as the king of diversification and dropped yet another partner ref link. Is there an interface or can you query my stats? I had dropped the ref code a few times before: fr5BC09Vgc

I can maybe edit this ticket to deal specifically with WBTC, seeing as how you guys were already dealing with Nuo's lack of transparency ;)?

staccDOTsol commented 4 years ago

Fulcrum is currently winning WBTC anyways, but that gives RAY validity even if it's just two - as we see on other coins: https://interest.coinmarketcap.com/currencies/wrapped-bitcoin

dpurhar27 commented 4 years ago

I should have been sleeping too :).

Yes, I read that, cool article! I think diversification is a good strategy. The bigger question exists around volume then number of platforms at this point. The market across the two platforms is ~1.5 million.

No worries or need to edit.

Let me check re: referral link how you can get some reporting on that.

staccDOTsol commented 4 years ago

@dpurhar27 is the added 'feature' tag on this issue a good sign? :)

staccDOTsol commented 4 years ago

Having found some BTC I forgot somewhere, going to put most of it into staked. However, 3/4 assets as stablecoins isn't a great ratio, so putting it into fifths and putting some on Fulcrum...

dpurhar27 commented 4 years ago

Hi Jare, yes, the feature tag generally means it could be a potential future feature we add when viable.