Payment option, YouHodler

Hello everyone,

With the recent payment option debate, I was wondering if the StorJ community would consider HODL StorJ tokens to circumvent some of the gas fee’s as well as having a cheaper overall option to convert, store and earn interest on YouHodler.com or similar websites.

As converting StorJ and even doing the payments is expensive providing liquidity to the StorJ network while HOLDing StorJ could be interesting. But as I am only 1 person I thought to drop a topic here and see if this would be interesting as SNO as well as StorJ itself?

1 Like

It looks too good, do you use it?

1 Like

Yeh I use YouHodler and BlockFi as holding accounts but YouHodler has the biggest selection of coins and I thought it would be nice if StorJ could be listed there as well or at least eventually.

You act as a bank providing liquidity in the DeFi space in short. And get 5% roughly depending on the coin per month. And 10% ~ 12% interest on holding stable coins.

From what I can tell their business model is to make money on bad loans with a massive interest rate, yet they still expect you to put up a massive collateral for those as well. They take non of the risk and all of the profit.

Now I understand you’re talking about the other side of the business, but I wouldn’t want to provide liquidity to a predatory business model like that.
I’d rather just exchange for coins I can stake instead. But for now I’m keeping my storj in my wallet and betting on those getting more valuable.

1 Like

The point being for HODL crypto is to simply hold the Crypto in a wallet I do not take loans I just put in some funds and the rest I added through mining. The same idea, in general, would be for StorJ to just catch interest without having to convert to ETH and wait for prices to become higher. No pumping and dumping either you get to a certain level in assets and then you can use the monthly interest to cover the bills.

The liquidity you provide is mostly for trading, loans I believe are only a small part and I would not risk loaning and then 10 x leverage on BTC etc. It is not wise to take that much risk. You can for instance see with stable coins as you hold them you provide the liquidity to 1:1 each coin as a whole.

I want to hold when possible hold in an savings account onto StorJ and HODL them. If i keep them in my regular ETH address i get nothing out of them nor can i stake them. Hence me asking if StorJ could also be added down the road but StorJ would need to work with them to do so i guess.