Anyone use Yield Credit to lend and borrow?

[joniboini]

So, I've been following this project for a while. There is no ICO, VC funds, and stuff like that, initial distribution happens through airdrop (got the first airdrop) and now the mainnet is live. Ethereum gas fee is still very high so there is not yet enough offer. But they plan to launch on Fantom and with the introduction of ETH EIPs and stuff like that, I believe it will be a nice platform to lend and borrow without relying on a trusted third-party anymore (unless you want to know the smart contract code and stuff like that). The main dev is Coiner_, with community members to support with marketing, UI, and other stuff. From the looks of it, they're close with Chainlink too.

I'm talking about https://yield.credit btw, not the other Yield(s). IMO it is a decent competitor to AAVE and COMP. The gas fee is still a problem though.

[TheUltraElite]

Majority of the recent DeFi projects have been like that. Completely devoid of what we have seen in the ICO era, where there would be a team, a properly written whitepaper, some advisors and some social media giants telling people about the usefullness and all that hype.

Now if you ask in such DeFi investors groups to show the team pictures you get mocked at saying "Have you seen who is Satoshi?" - fair enough they want to remain anonymous but that does not give credibility to their project for being legit or scam.

I mean in this sector or very low trust, you cannot expect a project to grow if their details are not public yet. Maybe this one is a good competitor to other lending pools but who cares really in case the others are already well established and running with a proper trade license in their country?

So if you like the system then go with it, but you should already be knowing how much we can actually trust someone who comes with a new project and takes your money for lending to others.

[joniboini]

Yea the anonymity part has been a major point of criticism since the beginning. The response so far is that people can check the contract by themselves and see if there's anything dubious. At this point, it comes down to personal judgment.

Maybe this one is a good competitor to other lending pools but who cares really in case the others are already well established and running with a proper trade license in their country?

One of their strong points is the incentive for borrowers and the fixed interest for lenders. I also doubt they'll pursue a license of stuff like that since this is mostly a community project. Who knows where they'll end up.