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Online lending Platforms software
Online lending Platforms software
Online lending Platforms software
Digital Lending & Staking software development company:-
Staking is where users agree to pledge money to a network in order to help it validate transactions.
Lending is where users agree to loan their cryptocurrencies in return for interest payments.
Both concepts allow users to earn tokens but the risks and rewards are different.
Staking Digital Assets
Lending Digital Assets
As in traditional finance, lending digital currencies seems to be the most straightforward method for earning in a passive matter within the crypto world.
DeFi platforms offer lending, borrowing, staking, trading, investment, and custodial services without a centralized middleman — which means they provide financial services through trustless protocols.
The total value locked in DeFi applications currently stands at $11 billion, according to DeFi pulse at the time of writing. Of that, $4,32 billion is locked in lending.
Compound and MakerDAO, both DeFi applications build on Ethereum, are the top two in lending. Both platforms have over $1 billion secured in lending.
Most of you are probably familiar with Staking digital assets, as this is, in Proof-of-Stake (PoS) networks, a rather common thing to do. Staking is a famous avenue for earning passive income in the blockchain world.
To earn staking rewards, you need to “stake” your assets (any amount that you like) either by locking them into your wallet or delegating them. By staking your assets, you participate in block validation and earn a set percentage of stake as a reward. So, when is staking a good option for me? Staking is a good option for those who are interested in being able to contribute to the PoS network, its governance, and the future of blockchain. When you compare lending with staking, at first glance, staking looks like the obvious choice as staking rewards appear more attractive compared to lending rates. However, as with any financial activities, there are inherent risks involved.
It is predicted that with Ethereum, the second-largest cryptocurrency by market cap, shifting to PoS later this year, it will become even more popular. Especially since you will be staking digital assets that are very volatile in price, and when your rewards are paid in the same asset, a market slide puts you at more risk. Further more, most current blockchain networks, if not all networks, are highly experimental, and there is no future guaranteed. While it is more secure to stake coins with larger market caps and lower volatility, their returns are typically smaller than riskier assets.
That said, staking and PoS opens up more ways for anyone wishing to participate in blockchains’ consensus and governance. It is also an easy way to earn some passive income by holding your assets. Furthermore, it is getting more accessible and easier to stake, with entry barriers to the blockchain ecosystem getting lower
Crypto Lending
Crypto lending also involves pledging your crypto to a certain platform to earn more crypto but with three key differences. The first difference is simply how the crypto is used. As the name implies, when you lend crypto, you let the platform lease it out to crypto borrowers. The platform charges those borrowers interest and splits the earnings with you. Crypto loans are secured using the borrower’s own crypto as collateral.
The second is that staking locks up your crypto for a preset period of time, but many lending platforms let you withdraw your earnings anytime you like.
How Do You Stake or Lend Your Crypto?
The staking and lending process is pretty simple and straightforward, with one small exception that I’ll get into. Here are the basic steps
Pick your platform
Most platforms support staking, albeit with a limited selection of coins. eToro, Coinbase, Binance, Kraken, Gemini and others support staking. For lending, the two most popular platforms are BlockFi and Compound — and they could not be more different from each other. BlockFi is a centralized finance (CeFi) platform and Compound is a decentralized finance (DeFi) platform. Veteran crypto traders prefer DeFi platforms because they embody crypto’s original mission to remove third parties. Beginning lenders should stick with the support and customer service offered by a CeFi platform. Compare >> Best Crypto Staking & Lending Platforms
Pick your crypto
Next, you pick which crypto to lend or stake. In most cases, you use one that’s already sitting in your wallet. But if you buy one from scratch for the purposes of lending or staking, don’t get too fixated on a high interest rate. Remember you’re paid out in coin, not cash. So use a coin that’ll appreciate in value.
Lend or stake your crypto
BlockFi and the big staking platforms make lending and staking easy.