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Earning Native Tokens from Centralised Interst Compounding Services Can be Rewarding Risky

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Written by   82
11 months ago

There are more and more Centralised "Defi" popping up everywhere these days, of which 2 of my active accounts are both Nexo and Celsius. Although a lot of people still have some reserves on Nexo with some floating rumous, I have decided to see was it still worth compiling Nexo instead of stablecoins, which I have withdrawn my first $5 worth of USDT back to purchase other crypto such as BCH.

True enough Stable-coins have a more predictable outcome and you actually could plan better in terms of "exit via withdrawals", however after a few persuasions from crypto enthusiast friends who convinced me to earn another 2 % in the Nexo native token as dividend, I have decided to give it a try to see if this is worth staking.

Hence from 8 Dec till today, I have switched it to collecting Nexo (which is unfortunately preset to ALL instead of selection capabilities like Celsius), I have created a graph to compare whether that extra 2% dividend could have dome a better convincing power over friend's words of persuasions.

Needless to say, a picture speaks a thousand words, even though Nexo token's value have been fluctuating upon collection, however I am seeing a steady uptrend at the moment as it's value slowly passes 50 cents USD value as it could have been influenced by the recent BTC drop of prices, and still surving.

I do hope that whatever inquiries or allegations against Nexo (which I didn't really hear about it but just some occasional headlines talking about it) would clear up and doesn't turn up to be like Cred's faith, and perhaps I might actually attempt to withdraw some Nexo out to exchange if it ever compounds up to $20 worth just to exchange back to something I would HODL for long term.

What do you think?

Would you continue to compound in Nexo even though its volatile values, or would you be ready to switch back to native crypto compounding (like a stablecoin) if its value plummets and cut off losses?

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Written by   82
11 months ago
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