Anyone have any experience of lulo?

Geography_rox

Hi,

Does anyone use anything like lulo.fi (its an app on solana that allows you to lend out stablecoins to overcollateralised lending pools for yield). Looking at where to keep cash in an easy access account, and the general bank rates seem so bad compared to what is available onchain. I know there is some risk of hacking and there is potential downside to holding savings in dollars, but an average of 12+% seems a lot better than what is available in traditional accounts. It also seems safe to me, and you can see where the yield comes from unlike a lot of historical high yield scams, but if anyone has any experience of it or reasons I should stay away I'd be grateful to hear them! Thanks

Albermarle

Basically anything offering above a bank easy access account, has to involve some risk.

I do not know enough about this area to assess the level of risk but if it is offering 12+% it must be pretty high. 

Scottex99

Had never heard of it (and got burned by UST/LUNA/Anchor in 2021 when yields started going mad)...

But looks quite cool. 

Obvious counter-party risk and no regulator to go and complain to if it goes bad.

I think I get 10% on Binance for USDT already but lets see.

I connected Solflare and dumped a bit of USDC in

jimjames

Geography_rox said:

It also seems safe to me, 

If it seems safe to you then maybe you need to review your review or risk levels. It might not be a scam but anything not FSCS protected is not safe. Even regulated investments are going to be safer and they have the risk of going up and down on a daily basis. Only you know if taking a risk with a small portion of your money is worth it.