Defi is complicated. If you’re someone who has made some money by flipping NFT’s or by IDO’s you could be wondering what to do next with it. Everyone gets stuck at some point with generating passive returns on your money.
But if you’re new, you might get overwhelmed with the variety of options out there in the wild. Defi is undoubtedly fascinating but can be quite risky if some project gets compromised. Basically, with the money you’ve made so far, you should be looking at some safe options.
But wait, before I start talking about the app, I want to explain a few terms which if you’re a newbie could confuse you.
What is Defi?
Since you have been trading, Crypto is something that’s out of the financial world. Banks can’t control it neither can Governments ban it. Defi is just a step ahead in that journey of shorting banks. In Defi, there’s no central authority controlling your money.
You can do whatever you want to do with it. Maybe you can lend it to someone on a peer-to-peer basis or add it to some liquidity pool. It’s all your choice. Defi gives you the power to choose what happens with your money. But that doesn’t mean it’s all a fairy tale.
There have been hacks and breaches in various Defi projects leading to loss of funds and assets. Hackers keep looking for vulnerabilities in the smart contracts & if you’re unlucky you can loose all your savings in a second. That’s the risk. But I don’t want to discourage you from trying it out.
You owe me $100. Nah, I was joking. But imagine that you did. Both of us could put that logic in a Smart Contract and that piece of code would self execute itself whenever called.
That’s the beauty of Defi. Smart Contracts are the backbone of the entire metaverse. You want to do any transaction on ethereum chain, chances of you doing that on a smart contract are almost 100%.
It is just a piece of computer code, embedded with logic that self-executes itself and can’t be modified by any individual, unless there’s a bug.
Yield App – Generate Returns on your Idle Crypto
I won’t make you feel shocked in this article. It’s simple.
You have crypto which you want to stake but without risking it all? Yah !
You want to be on a KYC compliant platform? Yah!
You want to have insured funds? Yah!
Congrats you’ve understood most about Yield App. It’s a product that is made for people who want to generate passive income from their idle funds. Yield app has an option to generate almost 20% every year on your funds.
YIELD App makes DeFi accessible to everyone through their intuitive web platform, where users can deposit their digital assets and earn up to 20.5% APY As their passive income. Simply deposit your funds and select the amount you want to invest.
It’s that easy. You’re always in control. Your assets are never locked, and you can exit your positions at any time
Every user on the platform is KYC verified and the funds are insured by BitGo. Basically, you’re covered but don’t put all your eggs in one basket.
Just because I’ve said about Yield App doesn’t mean you should not try Liquidity Pools or Farming. If you’re from a non-tech savvy background then Yield can be a good option for you.
Why Trust Them?
- They’re licensed and regulated.
YIELD App is managed by a team of experienced capital markets, FinTech, cybersecurity and crypto professionals, licensed as a “Provider of Virtual Currency” issued by the Estonian Financial Intelligence Unit.
You may read more through: https://support.yield.app/hc/en-us/articles/360015390338-Is-YIELD-App-regulated-
- They have insured wallets through BitGo.
As with BitGo, YIELD App wallets and the YIELD App platform integrate advanced authentication mechanisms employed to ensure the authenticity of data, and that assets are distributed geographically and organizationally as designed.
You may read more through: https://support.yield.app/hc/en-us/articles/360016027818-Are-YIELD-App-s-wallets-insured-
- Their team and strategic partners have a proven track record.
The YIELD App team consists of highly-experienced professionals from all over the world, dedicated to providing a more inclusive digital banking experience.
You may see the list of our team and strategic partners through: https://www.yield.app/about-us
- Transparency through the blockchain
- They ensure safety by requiring all users to do KYC level 2
YIELD App’s primary focus is on becoming a fully regulated, and fully licensed digital wealth management platform. And they believe that only by observing and complying with the highest global standards can they take their cutting-edge wealth creation opportunities to everyone, everywhere.
Since its pre-launch, YIELD App has adhered to a clear regulatory roadmap that will ensure it achieves this industry standard-setting benchmark. This has helped it to become one of the few platforms of its kind to offer a direct fiat on-ramping service – something that will allow users to access DeFi anytime and anywhere.
In order to facilitate and expand this and other services, YIELD App will now take the next step on its regulatory journey by ensuring that all of its users can participate in and be protected by their platform. This will mean that, as of September 30, all YIELD App users will be verified up to Know Your Customer (KYC) level 2.
KYC level 2 requires a user to provide proof of residence, which can be proven in the form of:
- Utility bills
- Bank/credit card statements
- Tax invoices
- Other government-issued residential statements and certificates
To complete KYC level 2, a user need only download or scan an official copy of one of the above (not a screenshot), login to their YIELD App account and upload it to our system. A full how-to guide can be found on our FAQ page, as well as in our latest blog post, which you can access below.
Read more through: https://www.yield.app/post/complete-kyc-level-2
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