With the European and global crypto markets going mainstream in 2021, the term DeFi — short for Decentralized Finance — seems to have seeped into the consciousness of the masses, at least those looking to invest in this yet nascent space. In this regard, it bears mentioning that the DeFi ecosystem has grown from strength to strength over the last 12 odd months, with the amount of money coming into this space increasing from $1 billion to $40 billion since Q2, 2020.
From a conceptual and operational standpoint, one can see that DeFi projects are designed to function in the same way as their centralized finance (CeFi) counterparts. This is to say that they enable users to lend and borrow funds, speculate on the price movements of various assets, earn interest rates and so on, much like traditional bank accounts except without a bank intermediating the transactions, thus removing the associated cost overhead and delays. Transaction rules, on the other hand, are enforced by the software, leaving no room for human error or oversight.
The onset of DeFi has been beneficial to both the crypto maximalists as well as the traditional investors looking for yield. The reason is that the so-called stablecoins are as eligible to participate as the traditional crypto. Stablecoins are the cryptocurrencies pegged 1:1 to conventional currencies and are backed by the respective reserves. Some of the most widely used ones are USDT and USDC, both of which are pegged to USD and can be acquired from most cryptocurrency exchange providers. Accessing DeFi through these eliminates price risk stemming from the volatile nature of cryptocurrencies.
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The DeFi difference and how it can work to your advantage.
From the get-go, it is important to understand that before the advent of DeFi, crypto owners did not have access to any decentralized avenues for lending, farming, staking their assets. Centralized options were also few, far between and of questionable reliability. However, with this space continuing to grow, there are now a plethora of ways through which token holders can see their assets multiply.
The simplest and most convenient means of earning passive income through DeFi is by depositing one’s crypto into a platform that provides users with an APY (annual percentage yield). The core difference here is that while most banks provide users with interest rates ranging between 0.2 percent to 0.6 percent at max, DeFi returns can go as high as 15 percent.
Yield Farming.
As the name seems to quite clearly imply, the concept of “Yield Farming” entails the generation of a passive income stream via the use of a variety of different crypto assets. In its most basic sense, Yield farming can be compared with traditional finance offerings such as bank deposits, fixed-term deposits, and even government bonds wherein investors lock in their fiat assets with a financial institution, allowing for increased liquidity. This liquidity in turn generates growth for the institution, thus allowing for steady interests to be paid out to investors.
Similarly, yield farmers can make use of DeFi money markets, liquidity pools, etc to draw in steady returns for themselves. For example, an individual locks up 10,000 USDC (US dollar-pegged stablecoin) into a DeFi protocol, providing it with instant liquidity. In return for locking up these funds, the person is rewarded with fees generated by the underlying DeFi platform. These reward tokens can then once again be deposited in other liquidity pools, allowing users to constantly accrue a flow of income by continually switching between different protocols.
Popular platforms worth considering.
Uniswap: The name UniSwap has almost become synonymous with the term “passive income,” at least across the global crypto landscape. The protocol provides users with a tangible avenue through which they can earn returns on their assets by becoming liquidity providers (LPs).
In their most basic sense, LPs are those individuals that deposit an equal USD amount of two tokens, known as a pair, to a liquidity pool. Whenever these tokens are moved — for example, borrowed by a third party — the fee that is generated from such a transaction and is shared with the LP depending upon his/her stake in the pool.
UniSwap is perfect for those individuals who may be in possession of “idle crypto assets” and looking to invest their funds in a platform that is relatively risk-free and easy to make use of.
Aave: This is a platform to lend and borrow assets. You put assets in a pool — for example the USDC pool — and anyone who needs to get USDC can come and borrow some, by collateralizing the loan. Depending on demand they’ll pay roughly between 2 percent and 80 percent APR, while you’ll get between 0.5 percent and 75 percent APY for lending into the pool.
While providing to liquidity pools such as Uniswap involves some degree of risk (the “impermanent loss”) depending on the pair of assets you are dealing with, Aave is really the simplest product to understand: deposit 1 asset, get paid a certain interest percent in that asset.
The risks.
Though on paper, the concept surrounding yield farming looks extremely attractive, it is not free of its share of risks.
The very first risk — the thing which resulted in the most money lost in 2020 — is greed. “Rug pulls” and “exit scams” were the No. 1 risk in terms of money stolen last year. A good reminder to do your own research!
The second type of risk, tech risk, means that if there is a bug in the smart-contract you are using, you could lose all your money, and that’s why you want to make sure they have been independently audited. For the same reason, you are best advised to not “put all eggs in the same basket” and deposit across several protocols.
There have also been a lot of attacks associated with “price oracles.” This is somewhere between a tech risk, a design risk and a financial risk. An “oracle” is the service through which a DeFi protocol obtains real-time price data. Those can potentially be manipulated or tampered with, especially since these instruments are totally automated and there is no way to audit or verify the accuracy of the data provided by these platforms. A lot of “attacks” in 2020 were executed through manipulating the price information of assets and getting a lot of tokens for cheaper than one ought to from a service.
Lastly it is no secret that the crypto market at large is the subject of daily price swings, causing the value of many assets to jump up and down wildly. In this regard, if the value of a cryptocurrency that is being farmed dips to extremely low levels, users could incur heavy losses compared to the currency they use to go shopping. Two hundred percent APY on something whose price is dropping by 300 percent a day isn’t going to make you rich any time soon. That’s a financial risk, and the conclusion is to choose your assets wisely.
By: Anton Altement/ Entrepreneur Leadership Network VIP
Source: Here’s How You Can Use Decentralized Finance to Draw Passive Income Streams
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Entrepreneur Franchise of the Day: Uptown Cheapskate
The resale store for young adults that buys and sells name-brand apparel, shoes and accessories takes the thrift store experience where it’s never been before.
Finance
Dividend Stocks Are An Excellent Way To Earn Passive Income
Passive income is a great way to set yourself up for success, both in retirement and before. There are several options for passive income, although some are more passive than others. For example, real estate can be a passive investment. However, it also requires property management, so you would need to hire a property manager […]
Entrepreneur calls
These 3 Latin American Businesses Will Compete for the Grand Prize of $500,000 at the Largest Startup Competition
Seedstars World is the largest global startup competition in emerging markets.
Starting a Business
How This Entrepreneur Turned His Passion Into a Business
The founder and CEO of GigaPoints shares how his company helps consumers reap the most benefits for their personal spending habits.
Tesla
Tesla Shares Skyrocket for Electric-Car Delivery Record; See How Much They’re Worth Now
Elon Musk’s company is about to add about $ 50 billion to its market value. In the first quarter of 2021, Tesla delivered 184,800 vehicles globally.
Marketing
5 Low-Cost Marketing Strategies for Your Self-Published Book
These strategies can help you sell books and establish expertise.
Yahoo!
Yahoo Answers Announces Final Closure, and Users Relive It With Questions, Answers and Memes
The forum will disappear after 16 years of answering questions from Internet users, but nostalgia has led to a dignified farewell.
News and Trends
This NBA Team Will Soon Have the Option of Being Paid in Bitcoin
In a Clubhouse announcement, Vivek Ranadivé said he would be open to paying his players and staff in cryptocurrency.
Customer Engagement
People are Exhausted. Here’s How to Inspire Them to Buy Your Product.
The past year has resulted in a level of mental exhaustion that is unknown territory for modern companies – and selling in the face of that can be very challenging. Here are four strategies that can help.
Finance
These Were the Countries with Most Billionaires in 2020
The number of billionaires a country has is no accurate measurement of the overall growth, wealth or well-being of a nation. However, it does speak well for that country. Also, it has been seen that countries with more billionaires are usually big countries having massive economic clout. Detailed below are the countries with the most […]
Wall Street
The Investor Who Missed the Chance to Make Millions With Netflix
Despite this ‘mistake,’ Carl Icahn does not regret his decision. This is the reason.
Finance
You May Get Supplemental Payment to Your Stimulus Check
So far, millions of people have received their stimulus checks, but many got less than what they were eligible for on the basis of their 2020 tax return.
Entrepreneur Index
Small Businesses Push Back Against Amazon On Antitrust Issues
A national coalition of small businesses is calling for stronger antitrust measures in a pushback against Amazon Inc (NASDAQ:AMZN). If the group successfully pushes through the measures, they could force the company to spin off some of its businesses. [soros] Q1 2021 hedge fund letters, conferences and more Small businesses target Amazon According to The […]
Healthy Entrepreneur
The two syndromes that negatively impact our professional lives. Identify them!
The World Health Organization warns that 75% of workers suffer from burnout, but did you know that you could also suffer from Small Intestinal Bacterial Overgrowth, better known as SIBO?
News and Trends
Supreme Court Rules in Google’s Favor in Oracle Copyright Case
This might finally put an end to the year-long Oracle / Google slugfest.
Bill Gates
Bill Gates Explains Why He’s the Largest Farmland Owner in America
It’s the first time Gates has publicly commented on land purchases made by his associated entities.
Success Stories
‘So Many Lightbulbs Went Off’: How This Couple’s Stress-Soothing Invention Blew Up During the Pandemic
The Apollo Neuro is a new anxiety-reducing wearable backed by powerful research, and the powerhouse couple behind it has high hopes for combating the mental health crisis.
Franchises
These 5 Nontraditional Types of Franchisees Make Great Leaders
These franchisees exemplify the advantages of a nontraditional perspective.
Entrepreneurs
A year of pandemic: learning for entrepreneurs and SMEs
If the new normal is still a long way off, it is necessary for all of us to have an entrepreneurial attitude to create an environment of transformation of human and commercial relationships, protecting ourselves and others.
Remote Workers
The Company of the Future Doesn’t Have an Office
The pandemic’s almost over, and remote work has never been more popular.
Finance
Should You Buy A House Right Now Or Wait A While?
The housing market was off and running last year despite the pandemic as interest rates were cut close to zero. However, some of the conditions that made it such a great move to buy a house in 2020 have begun to change. So is it still a good time to buy a house? You might […]
Public Relations
Is PR Dead?
The pandemic has created disruption across many industries. Will it kill PR?
Content Strategy
The 1 Question New Content Creators Should Never Ask Themselves
Lauryn Bosstick and Michael Bosstick, hosts of ‘The Skinny Confidential Him and Her’ podcast, chat about how to combat the fears you experience, as well as their best strategies for building a community.
Inspiration
John’s Parable of the Secret Way to Success
A sales team that fell short of budget, the words of a charismatic boss, and the story of a boy at tennis summer camp give us a clue as to the right path to success.
Technology
Why You Should Use WhatsApp Business in 2021
From customer engagement and brand awareness to commerce opportunities for products and services, there are many reasons to use WhatsApp Business in 2021.
Standing Desks
This Isn’t Your Standard Standing Desk. Change Up Where You Work From With the Tripod Desk.
This clever tripod sets up in seconds.
Video Conferences
Livestorm Simplifies Video Communications for Today’s Remote Work Landscape
This simple but powerful video communication tool makes planning, conducting, and analyzing video calls, webinars, and more a breeze.
Side Hustle
Start Building a Profitable Side Hustle With Guidance From This Award-Winning Entrepreneur and Angel Investor
Get quality advice from a pro and start making money.
Success
3 Lessons I Learned Selling My Billion-Dollar Company
Here are three lessons I learned selling Byte by $1.04 billion dollars in three years.
Finance
Is Shiller Losing Confidence in His Own Research?
I believe that Robert Shiller is gradually losing confidence in his own research. He still has confidence in the findings. The findings are rock-solid and there is no reason to doubt them. But what really matters are the how-to implications of the research — what should investors be doing differently because of Shiller’s finding that […]
Finance
Time to Scale into Twitter Stock on These Pullbacks
Social media platform Twitter (NYSE: TWTR) stock has been in the center of much controversy fending off the scrutiny of the U.S. Congress along with peers Facebook (NYSE: FB) and Google (NASDAQ: GOOG) regarding censorship, data privacy and liability concerns.
Entrepreneurial Life
Zoom fatigue exists, and here are 4 ways to transform it
The overexposure to screens simultaneously, such as the computer, the cell phone, a television, a tablet, plus the succession of voice calls and deadlines that mark the top line of delivery dates, subject employees to an exhausting effort .
Finance
3 Under-the-Radar Growth Stocks to Buy Now
We’ve put together a list of 3 under-the-radar growth stocks to buy now so that you can gain some valuable insight about the names that could become huge winners in the coming months and years.
Storytelling
This distinguishes ‘successful’ companies from legendary companies
Get to know the “hero’s journey” and learn to tell your own story.
telemedicine
Two alliances that seek to reduce your health expenses
Early and timely medical attention is key to prevent the diseases from progressing and becoming catastrophic for the population. In Mexico, 49 percent of the resources allocated to health services comes from personal pockets.
Digitization
The revolution of the Internet of Things, a world to discover
The business fabric in Latin America is strongly made up of traditional companies, but how to turn this reality around?
Apps
How to position your mobile application and have more downloads from the App Store and Google Play Store?
App Store Optimization is characterized by being a set of techniques that aim at organic positioning in app stores.
cryptocurrencies
What is bitcoin? Why the digital currency became popular
BITCOIN ($ BTC) was introduced by “Satoshi Nakamoto”, alias of a programmer or group of programmers whose motivation for its development was the economic crisis of 2008 – 2009.
Cryptocurrency
Here’s How You Can Use Decentralized Finance to Draw Passive Income Streams
Before the advent of DeFi, crypto owners did not have access to any decentralized avenues for lending, farming, staking their assets. Now, there are a plethora of ways through which token holders can see their assets multiply from passive income.
