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

CryptoSlate

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.

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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.

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“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?

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Author: Shaurya Malwa


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