QC Update – Summer of DeFi

Quarantine Crypto – Fall Update

Happy Autumn, everyone! It’s been a crazy summer, and although we were away for quite a bit, we’re back with some updates.

  1. Crypto.com Update – Our guide for earning $50 on Crypto.com has been updated to reflect the changes to their platform.
  2. DeFi and Investing – We are currently working on content about DeFi (Decentralized Finance) and how you can start investing using Crypto. This summer has been HUGE for DeFi – here are a few of the big highlights!.

Yield Farming – Over 1000% APY?

This summer saw the beginning of the Yield Farming craze, with almost countless projects offering huge APY for people who provide liquidity on their platforms. If you have no idea what this means (I didn’t at first, either!), think of it this way:

  • A new token is being launched, and the creators want to make sure that people are able to buy it
  • To do this, they offer an incentive – if you provide liquidity (e.g. If you supply our token and another common token) to a trading pool, we will reward you will our token

While this is EXTREMELY oversimplified, it’s the basic idea behind most Yield Farming platforms. While Yield Farming has certainly slowed down a bit in the last few weeks, it is almost definitely not going away. Stay tuned for more guides on our top picks for Yield Farming platforms!

DeFi – Total Value Locked (TVL) over 10 Billion USD

The total value locked into DeFi protocols has surpassed 10 Billion USD.

You read that correctly – 10 billion.

While this doesn’t mean that there are 10 billion dollars that can be withdrawn immediately (we’ll explain this later), it still is a massive amount of capital. You can check out DeFi Pulse to see the current breakdown of the top platforms.

Governance Tokens – Pay To Vote?

One of the biggest innovations this year has been the release of Governance Tokens – these are Crypto coins that allow you to create and vote on proposals within a given project.

The platform that started the trend was yearn.finance with it’s token YFI. The token was distributed to liquidity providers in July, and now is trading at a whopping $24,000.

The largest decentralized exchange, Uniswap, recently dropped 400 UNI tokens to anybody who had used the platform before September 1. With these tokens now trading around $4.50 a piece, that means that you were given a cool $1,800 just for using their platform – that’s better than a stimulus check from the government!

Coming Updates

We know we were gone for a while (it was a crazy summer!), but now that life is settling back down again, we’re committed to bringing you updates on how to make the most out of the Crypto world.

Keep checking back, and as always, Happy Cryptoing!

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