The Defi-Earn platform has finally gone live on Crypto.com and will support over six altcoins by allowing holders a yield on their collateral in a safe manner so let’s find out more in today’s crypto news.
Yield farmers can now choose to go log on Crypto.com and stake collateral across multiple farms to earn interest and support the DeFi movement as the company said in an announcement today:
“We’re excited to announce the launch of DeFi Earn in the Crypto.com DeFi Wallet App! Users can now grow their portfolio using our new decentralized finance offering, and earn passive income without losing control of their crypto.”
#DeFi Earn now live on https://t.co/vCNztABJoG DeFi Wallet
📈Earn interest without losing control of your crypto
💰#DAI #ETH #USDC #USDT #BAT #UNI #COMP #WBTC & #ZRX supported
✅No minimum term or lock-up
📱@compoundfinance integrationStart earning 👉https://t.co/lgNJm4WILx pic.twitter.com/0LjU02Tgjl
— Crypto.com (@cryptocom) December 16, 2020
The Defi market grew quite a bit in 2020 despite that it started the year as a niche sector. It becomes the first real-world working crypto use cases and therefore got bolstered to a multi-billion dollar industry featuring cutting edge projects with many crypto use cases. DeFi protocols were somewhat hard to use for the newcomers to space which typically involves setting up a wallet, learning about supply liquidity, gas fees, transferring LP tokens to other protocols, staking, and figuring out how to make a profit in the process.
Companies like Crypto.com are now bridging the gap so now Defi-Earn allows users to access these applications in a simple and safe manner without the associated hassles. Users can simply access the feature via the “earn-Tab” and start accruing interest in a matter of seconds upon depositing their tokens and receiving the on-chain confirmation. There’s no minimum term and the users can withdraw their deposit with the accrued interest at any time they want. For convenience, Crypto.com charges a 0.5% fee on the earnings for each withdrawal. DeFi-Earn users will also get the best market yields via the application:
“Users are able to receive the best return because their tokens are deposited to the protocol with the highest APY at the time of the deposit.”
At this stage, the integration with the Compound lending pool gives the users fast access to nine Defi tokens: DAI, ETH, BAT, COMP, USDC, UNI, USDT, WBTC and ZRX with many others in plan. As recently reported, Crypto exchange Crypto.com issues its new Visa cards for Canadian citizens and the shipment of the cards is set for January 2021.
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