It has been about a month since I blogged/introduced BlockFi and Celsius Network to everyone. I believe many readers are also keen to find out if the interests are really that high and how to transfer the money back to our bank accounts. To be honest, I did not have any plan to do it (convert GUSD back to fiat) so soon because there will be fees involved but after watching this video by Chicken Genius where he threw/burnt $400 to demonstrate how to use options to buy Tesla stock, I thought I should do the same too :)
Let's take a look at the interest for the month of April!
In total, the interest I received was US$224.10 for a US$30k deposit (30,000 x 10% / 365 * 27). Anyway, I chose to receive CEL initially because I was planning to up my loyalty tier (the plan has changed since I discover DeFi but that's a discussion for another day). If you choose to receive the interest in GUSD, it will get auto-compounded on a weekly basis!
Let's take a look at the interest I need to pay the bank for borrowing that US$30k....