The field of decentralized finance has witnessed massive growth in the last two years, thanks to the myriad of protocols that emerged as alternatives to their centralized counterparts.
Users are now able to conduct cross-border transactions seamlessly with lower fees and also have complete control over their funds. This tremendous growth can clearly be seen in the total value locked in various protocols. Data from DefiLlama shows that the number currently sits at above $200 billion – a whopping increase since 2020.
However, earning opportunities remain somewhat limited, especially to those who like to keep a lower risk profile. The general inaccessibility to cryptocurrency loans can still be quite a challenge for users who aren’t crypto-native and don’t know how to interact with different non-custodial decentralized protocols.
This is what YouHodler stands to help and improve, providing users with further opportunities that are easily accessible.
What is YouHodler?
YouHodler creates a solution designed to narrow the gap between the real world and crypto, facilitating transactions and allowing users to make purchases quickly and conveniently. Users are able to buy, sell, and exchange cryptocurrencies, including stablecoins, at their convenience for immediate cash and stake crypto to earn weekly yields.
The platform also accepts credit card transactions, as well as bank withdrawals. Projects such as this one are aimed at easing the process of staking and giving more opportunities to earn passively while also encouraging HODLers to put their funds to use.
Ilya Volkov, the CEO of YouHodler, believes that the current process is quite challenging and not that user-friendly. He also thinks that staking requires users to lock twice as much the funds you might want to initially invest, making it challenging for people to earn passively.
Staking and Obtaining Cryptocurrency Loans
Users can earn income from investing in digital assets. According to YouHodler, one needs to open a crypto savings account and deposit funds into it. Once staked, the earnings begin to drop from the first week until the end, depending on the stipulated earning period.
YouHodler’s earning period is limited to 12 months, and the estimated earnings for the period are provided to enable the user to plan ahead and have an idea of their potential income.
The website grants easy access to crypto loans. The platform has a high loan to value (LTV) ratio of 90%, with the minimum obtainable loan put at $100 and crypto-assets as collateral.
Presently, YouHodler accepts the top 30 coins as collateral, such as BTC, BCH, BNB, ETH, LTC, etc. According to the DeFi protocol, all funds deposited on the YouHodler’s platform are protected by Ledger Vault and Fireblocks, a leading security Swiss-based company that deploys independently-certified security technology. In fact, CryptoPotato recently reported that Fireblocks was valued at $8 billion following a $550 million fundraise.
YouHodler also announced the integration of ten new cryptocurrencies in its ecosystem. Namely, these are Avalanche (AVAX), BitTorrent (BTT), PancakeSwap (CAKE), NEAR Protocol (NEAR), 1inch Network (1INCH), Cosmos (ATOM), Elrond (EGLD), Zilliqa (ZIL), Filecoin (FIL), and FTX Token (FTT).
Users are also able to trade the coins or exchange them for stablecoins or fiat, apart from also staking them.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: