There are many ways you can earn money with your crypto assets aside from trading them on exchanges like Binance, Coinbase, etc. People make a large amount of money earning passive income with DeFi staking. It resembles investing one’s capital in a project and earning interest. Instead of holding cryptos in a wallet and making no yield on it, or trading on exchanges with the risk of losing hard-earned assets, many prefer to earn passive income with DeFi staking.
Staking involves “investment”/deposit of a specified amount of digital assets into the DeFi system. This investment allows users to determine the running of the DeFi system and earn returns on their investment at the same time. In this article, we shall explore how the YeFi.one DeFi platform helps users earn passive income on their crypto assets.
The YeFi.one DeFi platform
YeFi.one is a relatively new decentralized finance project that launched its staking platform in March 2021. The YeFi DApp allows users to earn passive income by depositing their crypto assets in the YeFi DApp. The platform is open-source, non-custodial, and fully compatible with Binance Smart Chain (BSC). Also, users can access it from any wallet that supports BSC. They get to decide whether to stake assets on the protocol for just one day or leave it for as long as 15 days.
Users are in control and can choose to renew their stake after 15 days (auto-renew function is available) or to withdraw it from the protocol. The smart contract of YeFi.one is designed to determine interest rates on each stake and execute profit allocation every 10 minutes at the minting of every block. Users can withdraw their accumulated interest any time they want. The YeFi.one DeFi protocol will become a key component of Lego DeFi in the future, interacting and integrating with external protocols.
The YEFI token has been listed on exchanges like PancakeSwap, MDEX, and Bittrex. At this moment, the YeFi.one platform accepts the following assets: BTC, USDT, ETH, BNB, FIL, YTA, and YEFI. The smart contract of the protocol has been audited by renowned blockchain companies Certik and Beosin. Users can earn up to 80% APY when they stake on the platform. There is also an APY booster function allowing users to earn higher interests by referring new users to the platform. Like other DeFi protocols, YeFi has notable qualities that include up-to-date security, cross-chain compatibility and scalability.
One of the distinguishing features of the YeFi.one project is that it leverages DeFi to support the development of decentralized data storage projects. Users are incentivized with higher returns when they stake coins of these projects. For instance, when staking FIL, the native token of Filecoin, one earns 1.5 times higher interest.
YeFi.one Market Performance
Barely two months after its launch, the project had a total value locked (TVL) of at least $40 million. The number of active users stood above 12,000, and the YEFI token had increased in value by 7-fold.
According to its roadmap, the project seeks to increase the number of crypto assets that are compatible with the platform. The team also plans to deploy cross-chain bridges and include other DeFi functions like lending & borrowing, and NFTs.
Conclusion
DeFi staking is a comprehensive way to maximize returns on your investment without having to worry about other high-risk crypto trading options. However, you need to leverage platforms that have high APY and guarantee your asset's security. There have been rising cases of flash loan DeFi attacks due to smart contract exploits that mainly occur on platforms that compromise on security and have not been audited. Therefore, special care should be taken when choosing the right project, setting the safety of your assets as the number one priority over potential profit.
