The DeFi sector of the crypto/blockchain industry has been around for years now, but it wasn’t until 2020 that it actually started attracting major attention. In the years past, crypto users focused on things like ICOs and IEOs, as getting the money through get-rich-quick schemes was at the height of its popularity. With everyone looking to invest in the next hit coin, not a lot of people were bothering with the idea of what can actually be done with blockchain and crypto to improve the world.
The newly found interest in decentralized finance (DeFi) shows that this is starting to change and that people are now looking to improve the financial industry, instead of the state of their own bank account. Now, the DeFi market is skyrocketing as some of its projects became major hits, such as Compound, which allows users to lend and borrow money in a decentralized way.
How does DeFi staking work?
If you have some extra money and you wish to put it away into a savings account, you can do so in a traditional bank. After some time, you will earn a certain amount of interest on that money, and your wealth will increase by a bit. Wait for long enough, and you can earn quite a bit that way.
The problem is that this money is out of reach once you put it into the bank, and you simply can’t use it. This is an issue that DeFi projects are trying to solve, by allowing you to lend your money to those who would borrow it, earn interest, and still have the ability to withdraw it and use it, as well as said interest, whenever you see fit.
Compound Protocol is based on Ethereum, like most DeFi projects, and as such, you can use many different ERC-20 coins to deposit money into it. You can easily deposit coins such as DAI, USDC, or USDT, have them transferred into the project’s native cToken, and then earn interest that you can put aside. All you need is a good wallet to keep your tokens staking, such as holytransaction.com.
What is HolyTransaction?
HolyTransaction is a crypto wallet that has seen a great rise in popularity since it’s humble beginnings in 2015, as it allows users to easily stake many different types of coins, and manage them within the wallet itself.
It’s the preferred choice of many cryptocurrency users for staking coins or even simply keeping them safe. HolyTransaction is highly-secure, but also easy to use, which makes it popular among expert crypto users and newcomers to the crypto industry alike.
Once you deposit some coins into the wallet, you can use them to buy or sell coins, trade them for other cryptos, or even exchange them for fiat currencies and withdraw them.
The HolyTransaction wallet gives you access to your stablecoins, with no extra steps to start staking them. As such, it is a perfect tool for storing the profits you make from lending tokens through similar DeFi projects.