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Wen S-Assets?


brianwalden
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Nexo is no longer allowing me to earn interest on my XRP because I'm subjected to a despotic tyrant on par with North Korea (in crypto terms, I don't mean to make light of the plight of Koreans separated from their brothers by latitude).

I already moved all my other assets from CeFi to DeFi earlier this summer. But passive income opportunities on XRP are a tough nut to crack.

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Just now, brianwalden said:

Nexo is no longer allowing me to earn interest on my XRP because I'm subjected to a despotic tyrant on par with North Korea (in crypto terms, I don't mean to make light of the plight of Koreans separated from their brothers by latitude).

I already moved all my other assets from CeFi to DeFi earlier this summer. But passive income opportunities on XRP are a tough nut to crack.

Feel your pain mate. I voluntarily moved my funds out of Celsius yesterday, even though my state isn't affected. The next time I'm using lending services, it'll likely be on Probity.

With respect to your question, I don't know if they even turned on the state connector. I hope they did, but they didn't mention it anywhere. State connector testing is a pre-condition to bringing in S-Assets.

And finally, S-Assets don't give rewards for just minting. We'll need to put them somewhere and 

  • I think it'll take some time before Flare Finance/ExFi is ready for that.
  • Probity won't support S-XRP or F-XRP on day 1. It will be subjected to a governance vote. I'm sure it's a legal thing and I personally wouldn't want Probity to support XRP before there is clarity that it is not a security because our friends at the SEC claim that stablecoins backed by securities are also securities. 

In short, the earliest that we can earn something from XRP is after S-Assets are available and Flare Finance supports an individual farm.

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I starting looking into WanChain for earning returns with my XRP, but what's holding me back is the concern the action of wrapping any of my XRP is a taxable event. 

But maybe that route could work for you?
There's been at least on poster here sharing their successful results for passive income working that way.

Also another uses coinloan for earning 5.5% interest on their XRP balance (which for my own concerns, is only taxable on the income, as the XRP isn't being traded). 

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What timeframe are we at now? It's been, what, 5 or 6 weeks since launch? FTSO was tested first, then State connector is being tested right now I think. I would hope S-assets are coming in the next few weeks. 

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