DeFi app founder shares why staking is an ‘easy way’ to be involved in crypto


Last year saw an influx of decentralized finance (DeFi) projects and protocols focused on ‘staking,’ i.e. locking one’s cryptocurrency on the blockchain to validate network transactions while earning rewards in the form of tokens and other digital assets like NFTs.

 The new tech served as the bedrock for the broader decentralized finance (DeFi) space, one that grew from near obscurity in 2019 to a multi-dollar industry over the past year.

How To Get Free Crypto  

Certain protocols, such as Compound and Curve, made it possible for crypto users to earn on their idle stablecoins and crypto assets for the first time, which in turn allowed for the rise of ‘passive’ investment strategies and other sophisticated investment plans.

And for some, the above presents an ‘easy’ way for crypto newcomers to step into the burgeoning crypto market—opening up the potential of making gains on capital minus the pitfalls of everyday trading.

“A lot of people are considering whether or not to get involved with the crypto industry, since there is a belief that the potential gains of trading are not significant enough, compared to earlier adopters,” explained TrustSwap CEO Jeff Kirdeikis in a statement to CryptoSlate.

He added, “This is a common belief, regardless of the fact that we are still in the early adopters’ phase of crypto adoption.”

Minimal patience, maximal staking

For Kirdeikis, day traders and long-term investing are both strategies that require patience on the part of investors, a virtue that not everyone has. Staking, on the other hand, is a part for new users to get exposed to potential returns faster than other crypto investment methods, he states.

Coinbase Banner  

“Entering staking is a low border entry, there is not the stress from day trading, you lock your tokens into a smart contract, and await the returns,” said Kirdeikis, adding:

“Especially now banks in Europe are not giving interest anymore on saving accounts, and even charge negative interest above a threshold we think more and more people will be drawn to crypto, where they have options on where to stake, their risk profile, and sit back.”

Banks charging negative interest is not a far-fetched fantasy anymore. Some banks in Denmark have already started to do so—aided in part by corruption across local political chapters and bankers. But who needs banks when all the action’s in crypto anyway?

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Shaurya Malwa

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.