DeFi products are growing in popularity, with 90% of such projects originating from the Ethereum ecosystem. Ethereum has a wide variety of lending protocols, synthetic assets, and other popular products, including Maker, Compound and Synthetix. To work with these, you need to understand how they operate and decide the right strategy to use them profitably. For the average user, this can be difficult, since the threshold for entry is still relatively high.
Over the past six months, attempts have been made to simplify access to DeFi products. New services and aggregators have appeared to help newcomers understand the diversity of the DeFi universe and take their first steps. For example, DeFiZap provides recommendations for choosing the right product, based on a particular strategy. Other services simply integrate with the user’s wallet and conduct all the required operations for them, without any need to understand how they work – such as iearn.finance, which operates on the “black box” principle.
Vitalik Buterin recently commented at a conference on decentralized finance: “I think the DeFi applications that see the most use are the simplest ones… stablecoins, synthetic assets, decentralized exchanges.”
And this is so true. Many independent initiatives are currently developing such products. One such platform is Waves (you can find great Waves overview here), which at the time of its launch was a pioneer in the proto DeFi space, offering user-friendly token creation. Most recently, the Neutrino algorithmic stablecoin (USDN on Coinmarketcap) was launched on Waves. The price of USDN is tied to the US dollar, and staking the coin generates between 5 to 30% interest rate per year (interest will be moving in this fork due to Waves economic model, but should not be lower than 5%. If you are interested in Neutrino concept, read this article.
Think about it again - up to 30% per year, more than any decent crypto staking rate, doing literally nothing! Again, this stable coin, so there is no market risk to your investments. Do you know any methods of getting such passive percentange for Dai? (if yes, please write in comments).
Now comes a short tutorial on getting interest from your Neutrinos (there are different ways of purchasing and staking Neutrino coin, but following one is the fastest for now):
1) Go to Waves.Exchange (this is a hybrid decentralized exchange, quite cool btw), find Staking menu or go directly to
https://waves.exchange/staking
2) Do short registration if you a new one (or don't have Waves Keeper, local Metamask) and don't forget to save your SEED!
3) Get your Neutrinos! 2 ways of doing this:
A. buy them immediately via fiat gateway (click buy with a card). BTW there is 0% fees, nice! Still you will need to pass KYC. Unfortunely this specific gateway doesn't work with some countries. But there is the second way..
B. Trade Neutrino - for example you can send your Tether coins (USDT) exchange them for Neutrino, and then stake it
4) Voila! Enjoy daily payments. Yes, you will get your rewards each day, and will be able to withdraw them immediately (and change them for e.g. USDT or any other coin right at this exchange)
In the next chapter we will continue to discover hidden profit gems of DeFi space, stay tuned!
