The advent of decentralized finance or DeFi, as it is fondly called, is a boon for crypto and decentralized application [DApp] markets. Eliminating the need for a central authority system, DeFi protocols attempt to create a world where individuals, regardless of location and social status, can seamlessly access funds without an intermediary.
Presently worth billions of dollars as reported by CoinGecko, the decentralized finance market has, surprisingly, become one of the biggest trends in the crypto space. It currently offers investors an opportunity to earn passive income without trading assets. Albeit beneficial to the market and investors alike, a few problems still plague this frontier technology, lack of security one of the foremost.
According to a recent news report from crypto research company, Messari, over $284 million in DeFi funds have been lost to hacks and other forms of malicious exploits since 2019. The proliferation of hacks has made it incumbent for the development of an advanced protocol that, although offers all of the remarkable decentralized finance features, is equally secure and immune to attacks. The YeFi.one protocol is that project.
Built at the crossroads of two dominant tech fields — decentralized data storage and decentralized finance, YeFi.one is a unique blockchain-based project that combines both phenomena to create one of the most advanced DeFi products.
YeFi.one is a DeFi staking platform that allows users to earn passive income by simply depositing a certain amount of crypto assets into the YeFi decentralized application. On this protocol, users can decide to either stake assets for a 1-day or 15-day period, and unprecedentedly, withdraw interests anytime they see fit.
With over $54.6 billion in TVL [total value locked], staking is currently one of the best ways to earn huge profit in the crypto market, albeit without trading. Simplifying access to DeFi products, YeFi.one is incredibly easy to use. Additionally, the integration of advanced security protocols keeps this DeFi service product miles ahead of the multitude of projects out there.
Prioritizing users’ security, a comprehensive, detailed, and external audit has been carried out on the YeFi.one smart contract by some of the leading blockchain security companies, CertiK and Beosin. According to the audit results, YeFi.one is a secure, reliable, and safe project free from all forms of smart contract vulnerabilities, thus further cementing its stance as an emerging project with the potential to dominate the market.
Staking on the YeFi.one DApp
Compatible with Binance Smart Chain [BSC], YeFi.one enables users to stake crypto assets through any wallet that supports BSC while offering them an alluring interest rate of up to 80% APY [annual percentage yield].
At the time of writing, this cross-chain DeFi project supports the following assets: BTC, USDT, ETH, BNB, FIL, YTA, and YEFI, the protocol’s native token. As announced, the team is planning to incorporate more assets into the YeFi.one network. To further support the development of decentralized data storage projects, YeFi.one incentivizes users to stake coins of such projects with an attractive APY rate. For instance, one gets 1.5 times higher interest when staking FIL, the native token of Filecoin.
Whilst offering users a fine opportunity to earn passive income with some of the highest APYs in the DeFi market at the moment, YeFi.one integrates the “APY booster” feature which guarantees higher interests each time new users are referred to the protocol.
Currently listed on the PancakeSwap and MDEX decentralized exchanges and with a confirmed listing on Bittrex Global on the 16th of July, the protocol’s governance token, YEFI, has experienced an exponential rise in value since its launch date, approximately two months ago.
Combining decentralized data storage and DeFi, the YeFi team seeks to act as a catalyst for the growth of decentralized data storage projects, accelerating a requisite shift in that direction.