5 Ethereum DeFi Apps Revolutionizing Saving
Interest rates around the world are woeful, and the global forecast is bleak. In the UK, outgoing Bank of England Chief Mark Carney warned the main rate of 0.75% could be lowered to just 0.50% as early as this month.
What many haven’t yet realized is that thanks to a huge number of new Ethereum apps known as DeFi (decentralized finance), you can earn as much as ten times what traditional institutions are offering today. These apps are very easy to use, and new users can get set up in just a few minutes.
The best part? Saving is just one application of this new technology. Today we’re going to look at five radical new things you can do with Ethereum’s dollar-pegged stablecoin Dai.
tl;dr: 1: Start Earning 6% In Just 3 Taps using Argent and Compound 2: Watch Your 6% Interest Increase by the Second With Maker’s Oasis 3. Participate in a Weekly No Cost Lottery with PoolTogether 4. Directly Donate Your 6% Interest to Plant Trees with rTrees 5. Use DeFiZap to Earn Interest on Dai Without Losing Ether ExposureWhat are DeFi apps?
DeFi (DEE-FI) is an umbrella term for a large and growing number of apps built on Ethereum. Key features include:open-source, (anyone can check the and contribute to the codebase) inclusive (anyone can use them, regardless of race/age/gender/nationality/sexual orientation) non-custodial (you have ownership of your funds at all times, you do not need to trust a third party)
DeFi exploded onto the cryptocurrency scene and is currently seeing huge growth. There’s $764m worth of funds being used on DeFi projects today, a number that grew $30m since yesterday. You can keep up to speed with this rapidly evolving scene at DefiPulse.
Many of these apps are loaded from a web browser, and you’re going to need the MetaMask browser extension to interface with them. Guide available here.1: Start Earning 6% Interest in Just 3 Taps using Argent a...