To be honest, I used to think that DeFi lending was quite useless. The main coins available for borrowing on the platform were just a few, and the potential altcoins I was holding couldn’t be used at all, just sitting there. It wasn't until I tried @Dolomite_io that I discovered there are actually thousands of assets that can be collateralized!
Last week, I collateralized some ENS and DYDX to borrow USDC and participated in mining another pool. This kind of operation is simply not possible on other platforms, but it is very straightforward on Dolomite. The interest rates are reasonable too, with a borrowing annualized rate of about 7%, but my mining returns are 15%, so I’m still making a profit.
However, I have to be honest, the interface was a bit confusing at first, and gas fees are still an old problem. But being able to freely manage all my assets without having to sell the coins I believe in just to borrow money feels very DeFi.
If you are also tired of only being able to use mainstream coins on lending platforms, I recommend you try it yourself. I was indeed surprised when I found the “Assets” page; the drop-down list was so long I couldn’t reach the end, haha.
