How to earn interest on Bitcoin using decentralized lending pools.

[neblidex_dev]

You can earn interest on Bitcoin using trustless and decentralized processes.

Here are the steps that you can use to do that using NebliDex, an open sourced atomic swap exchange: https://www.neblidex.xyz/

1) Grab the NebliDex application, there is a mobile client available. The source code is available too so you can build from source and run if you prefer to do so.

2) Deposit Bitcoin into your trading wallet by sending BTC to your client wallet. Because this exchange is decentralized, all coin information, including the private key, is stored locally on your phone. There is no exchange wallet. Make sure you obtain sufficient NebliDex tokens (NDEX) as well because these tokens are used to pay trading fees to the exchange relayers known as Critical Nodes. You can obtain these tokens through the exchange. You will also need a bit of ETH to interact with ETH smart contracts.

3) Go to the WBTC/BTC market and exchange your BTC for wBTC (which is an ETH token that is pegged 1:1 with Bitcoin).

4) Withdraw your wBTC and send it to one of various decentralized DeFi solutions (Compound.finance or Fulcrum.trade)

5) Earn passive interest and withdraw when ready. Repeat these steps in reverse to go back to Bitcoin. All steps can be accomplished without identity checks or signing up.

For more information on what WBTC is, go here: https://www.wbtc.network/.

[bitmover]

You can earn interest on Bitcoin using trustless and decentralized processes.

This is not decentralized and you are trying to cheat people with misinformation

2) Deposit Bitcoin into your trading wallet by sending BTC to your client wallet. Because this exchange is decentralized, all coin information, including the private key, is stored locally on your phone. There is no exchange wallet. Make sure you obtain sufficient NebliDex tokens (NDEX) as well because these tokens are used to pay trading fees to the exchange relayers known as Critical Nodes. You can obtain these tokens through the exchange. You will also need a bit of ETH to interact with ETH smart contracts.

3) Go to the WBTC/BTC market and exchange your BTC for wBTC (which is an ETH token that is pegged 1:1 with Bitcoin).

4) Withdraw your wBTC and send it to one of various decentralized DeFi solutions (Compound.finance or Fulcrum.trade)

5) Earn passive interest and withdraw when ready. Repeat these steps in reverse to go back to Bitcoin. All steps can be accomplished without identity checks or signing up.

You are not giving the privatekeys of bitcoins to users, which they gave to you.
They have the privatekeys of a shitcoin you created which is totally centralized and not audited. Nobody knows if you have bitcoin 1:1 with your token.

I advice everyone to stay away from this because this really looks like a scam, as most of the information above is misleading.

Added negative feedback. Will create a flag.

[neblidex_dev]

You can earn interest on Bitcoin using trustless and decentralized processes.

This is not decentralized and you are trying to cheat people with misinformation

2) Deposit Bitcoin into your trading wallet by sending BTC to your client wallet. Because this exchange is decentralized, all coin information, including the private key, is stored locally on your phone. There is no exchange wallet. Make sure you obtain sufficient NebliDex tokens (NDEX) as well because these tokens are used to pay trading fees to the exchange relayers known as Critical Nodes. You can obtain these tokens through the exchange. You will also need a bit of ETH to interact with ETH smart contracts.

3) Go to the WBTC/BTC market and exchange your BTC for wBTC (which is an ETH token that is pegged 1:1 with Bitcoin).

4) Withdraw your wBTC and send it to one of various decentralized DeFi solutions (Compound.finance or Fulcrum.trade)

5) Earn passive interest and withdraw when ready. Repeat these steps in reverse to go back to Bitcoin. All steps can be accomplished without identity checks or signing up.

You are not giving the privatekeys of bitcoins to users, which they gave to you.
They have the privatekeys of a shitcoin you created which is totally centralized and not audited. Nobody knows if you have bitcoin 1:1 with your token.

I advice everyone to stay away from this because this really looks like a scam, as most of the information above is misleading.

Added negative feedback. Will create a flag.

For the record, I am not the creator of wBTC. It is made by a consortium of companies, similar to how Coinbase backs USDC. Their website is: https://www.wbtc.network/
My team designed an exchange that allows users to trade it for BTC using atomic swaps.

Can you be more specific about what you determined was misinformation?

[bitmover]

Can you be more specific about what you determined was misinformation?

There is no decentralization.
As you mentioned, the token works just like usdt or udc, which are fully centralized.

Who decides what to do with the BTC lended? Who holds the BTC? Who holds the data to confirm if wbtc is or not backed up by BTC?
All these items and much more and controlled by one person or company, which makes your project fully centralized.

Your text is misleading imo. You are trying to advertise your service not the way it really is.

You should change title for like "earn interest by lending me Bitcoin" , for example. Because nothing is decentralized there.

You also said "trustless". How would it be trustless if users have to trust you have BTC pegged?

[notblox1]

Problem with this wBTC token or wrapped bitcoin is that if you want to withdraw it... they need your information and KYC.
Why would anyone do that?

[neblidex_dev]

Can you be more specific about what you determined was misinformation?

There is no decentralization.
As you mentioned, the token works just like usdt or udc, which are fully centralized.

Who decides what to do with the BTC lended? Who holds the BTC? Who holds the data to confirm if wbtc is or not backed up by BTC?
All these items and much more and controlled by one person or company, which makes your project fully centralized.

Your text is misleading imo. You are trying to advertise your service not the way it really is.

You should change title for like "earn interest by lending me Bitcoin" , for example. Because nothing is decentralized there.

You also said "trustless". How would it be trustless if users have to trust you have BTC pegged?

I agree that wBTC is not as decentralized as normal BTC due to the fact that only a select group of companies manage it. For each wBTC created, the custodian, BitGo as far as I'm aware, locks an equivalent amount of BTC into multisignature contracts. They do continuous audits on those contracts to make sure that the wBTC that exists matches the BTC stored in the contracts. Again, NebliDex is not involved in that process so we are not the custodians but merely an exchange between wBTC and BTC.