The centralized exchange BlockFi added 3 new coins that you can now buy and earn compound interest with. In this quick article I will leave a brief explanation of each of these coins and then I will tell you why I find their addition interesting.
DAI
What is it?
It is the native coin for the Maker protocol. DAI is the most popular decentralized stable coin following the value of the US dollar.
Why do I like it?
In my opinion, the more DAI the better. Well not exactly. Stablecoins are essential in the DeFi (decentralized finance) ecosystem and DAI is the most popular decentralized coin that is pegged to the US dollar. There are other stablecoin options such as USDC and USDT. While USDC is fully collateralized and audited, we can't say the same about USDT which is not always audited. With it's huge market cap, if Tether isn't totally collateralized it theoretically could cause an unpreceded event which could crash the whole cryptocurrency market. So yeah, the more money slowly going away from USDT to other stablecoins is a good thing.
UNI
What is it?
UNI is the governance token for Uniswap's protocol. Uniswap is the most popular decentralized exchange on the Ethereum blockchain.
Why do I like it?
All DeFi related coins get my attention, I am very bullish on the DeFi space. While gas fees are simply too high for me on the Ethereum blockchain, I don't use Uniswap at all, but I respect that project a lot as it is the pillar and precursor protocol for most of the DEXes.
BAT
What is it?
It is an incentive token created for the Brave browser to reward everyone in the ad ecosystem, user, advertiser and publisher.
Why do I like it?
Brave is my favorite browser to use and seeing this token added is a big surprise to me and is definitely the most exciting of the three. BlockFi chose to add BAT, a relatively less known token with a market cap of less than one billion USD, to their relatively short list of coins available to trade. I find this a sign of confidence from the BlockFi team towards the Brave project.
You said earn interest?
Yes, on BlockFi you can earn interest holding coins. Here are the rates of the 3 new coins.
I'll leave my referral link. You will get 10 USD worth of Bitcoin for free in your account once you trade at least 100 USD. https://blockfi.com/?ref=d21b926b
See resources below for the non-referral link.
Have a good day!
