Ok, so I've seriously been reading and watching videos for about 40 hours straight trying to learn about what my best strategy moving forward with earning interest/rewards will be. I bought a nice handful of ETH back in march 2020(!), I also have some Comp, ADA, Tezos, and a few others. I am holding, not trading, I tried that like everyone else back in 2017 and learned my lesson.
The things I'm still unsure about...
- The Risks - How likely is it that I get liquidated? Is that only for very risky positions? How do I avoid this risk, and keep other risks to a minimum?
- The Platform - Compound website? Uniswap? Celsius? Staking from CB wallet? YFI? It seems like there are so many options. And some of the options are advertising % gains in the 100s! Are these legit? Because that sounds too good to be true.
- The Fees - Gas is super high right now. Is it just too late to get a good position in a liquid Pool until this bullrun calms down or ETH2.0 starts getting implemented? I'm hoping to put about 1-2k of my holdings to work gaining interest.
- The taxes - I live in the USA and report my crypto gains/loses. It seems like these DeFi platforms are going to make a mess of that. This one Im not as concerned about as my other questions. Just wondering if anyone has dealt with it yet and figured anything good out?
If anyone can provide any insight or a direction to keep looking in that would be greatly appreciated. Thanks!
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