Defi stands for DECENTRALIZED FINANCE.
In Defi, your loan is issued by a self-executing smart contract program called a DApp. DeFi DApps operate similar to the financial services.
You can also make money from yield-making opportunities like lending, staking, and yield farming. Many DApps throw in rewards, such as earning crypto. Like air miles, for example, you can earn crypto as a percentage of the value you trade.
One of the most famous sites in the Defi world is https://defipulse.com/
here you can take a look at a leaderboard in Defi world.
If you hit the “Earn Income” menu (https://defipulse.com/income) you will see a list of trusted platforms that pay you APR for your deposits
How do I earn $$$ ?
Because you plan to put lots of money there, the best option is a multisig wallet, and a good option for that is the one made by gnosis.
Step #1: Get a trezor, a ledger (hardware wallet) or metamask, get some ETH. Follow this particular tutorial https://medium.com/@AndroidAdvance/beginner-guide-to-cryptocurrencies-38a0d5795d50 if you feel lost
Step #2: Go to https://gnosis-safe.io/app/#/welcome click connect and connect your wallet there
(note: if you want to use testnet, checkout https://rinkeby.gnosis-safe.io/app/)
Click Create new safe. Follow the instructions on how you can create a new multisig wallet
I would start with the following setup:
2/3 owners. One is your metamask wallet. Another is a mobile wallet that you have on your phone (say Metamask Mobile for example, or another wallet that supports Dapps), and the final wallet is a cold storage wallet (eg: you generate an account in metamask, and you write down on a piece of paper the private key, then you delete it from metamask) and you put this cold storage wallet in a safe somewhere. In case you lose your phone, or you lose access to some wallet you can recuperate it using the one in the safe.
Step #5: Deposit some ETH
Optional:
The cool thing about this wallet is that you can modify the owners, the policies to your liking AFTER it was created (providing that there’s a quorum for that)
Step #6: Generate some APR
Checkout the different Dapps that you can access directly from Gnosis Safe.
Now when you try to put the ETH (or some token) to lend, for example, you need the approval of the other owners, so when you’ll log in this safe with another owner, you will see something like this
where you have 2 buttons, Reject & Confirm
You then pay a small fee and you’re ready :)
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