HolyTransaction Wallet enables DeFi savings for DAI, USDC and USDT
While Bitcoin paved the path for the growth and expansion of digital currencies in the financial markets, fresh protocols have helped to diversify cryptocurrency use cases, thus facilitating the entire ecosystem. One such common use case is DeFi or decentralized finance, which is built atop the ETH or the Ethereum network. In this article, learn how to use the HolyTransaction Wallet for staking DAI, USDC, and USDT with DeFi protocols.
What is DeFi?
In essence, DeFi represents a wide range of financial apps built on public blockchains. Put simply, DeFi is a term used to refer to financial services such as lending, borrowing as well as trading built with the help of decentralized infrastructure, like smart contracts and public blockchains.
DeFi combines tokens and protocols, as well as smart contracts to make finance accessible to individuals, usually without using traditional banking channels. Thus, while lending cryptocurrencies within the decentralized finance ecosystem is an easy way to leverage the digital coins, as well as tokens, for generating passive income, staking is also a way to do the same.
Staking Explained
Staking, on the other hand, is a process of showing active participation in the validation of a transaction on the blockchain. When compared to the usual (such as in the case of Bitcoin), in the PoS consensus system, the individuals who hold the minimum balance required of a given cryptocurrency are allowed to validate transactions and to be rewarded for the same. However, staking tokens with DeFi combines finance and smart contracts to make decentralized lending of stablecoins accessible to individuals worldwide.
So, how to Use the HolyTransaction Wallet for staking DAI, USDC, and USDT with DeFi
With the emergence of unique decentralized apps (also known as Dapps), particularly those within the DeFi space, one can easily stake crypto assets like DAI, USDC, and USDT. In fact, Compound Finance is now among those leading DeFi apps that enable you to earn interest on DAI and other stablecoins in just a few clicks, through HolyTransaction.com
According to a report, the total value of cryptocurrency assets locked within DeFi smart contracts went up from $400 to $634.5 million between August 2017 and October 2019. Thus, it is quite evident that with the help of decentralized technology, such as smart contracts, DeFi helps to eliminate the middlemen.
Aside from simply maintaining stability in the value of your funds, DeFi also helps you to put your funds to work. For instance, DeFi Dapps such as Compound or Aave allows you to deposit assets such as USDC, USDT, and DAI, which can then be lent to the borrowers. In addition, you can easily stake cryptocurrencies and other stablecoins using the HolyTransaction wallet.
Final Words
To sum up, staking DAI, USDC, and USDT with DeFi using HolyTransaction Wallet is a simple process. The HolyTransaction platform, in essence, functions as an all-in-one cryptocurrency exchange and app. It allows you to deposit with credit cards into the digital wallet, and further use it for buying and trading cryptos.
