The cryptocurrency challenge: My favorite a DeFi Project: SteemitsteemCreated with Sketch.

in Project HOPE2 months ago

This is my entry into the Week 2 Steem cryptocurrency challenge, deep into DeFi.

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This is my entry into the Week 2 Steem cryptocurrency challenge, deep into DeFi.

The rise of prominence of DeFi

Because of the global financial crisis, which preceded Covid-19 banks were paying less then 1% on deposit accounts, and the Covid-19 pandemic saw a crash in the American stock markets. These events lead many investors to invest in assets like gold, platinum and silver. But others outside the cryptocurrency world have come into cryptocurrency to invest in DeFi because of the attractive interest rates on DeFi investment applications.

The types of DeFi

Decentralized Finance applications are quite varied or diversified, but include simple staking of liquid tokens into i liquid forms in exchange of interest payments, actual deposits in platforms which loan your cryptocurrency for interest payments, credit debt facilities, which allow you to deposit funds, then borrow against them to earn interest, or more complex things like being a liquidity provider on a decentralized trading exchange.

The main change with DeFi in cryptocurrency can be described as a change from buy low sell high, to buy and earn dividend or interest payments, while also waiting to sell high.

In this respect cryptocurrency is maturing, and evolving away from a purely speculative type of investing with investors hoping to buy the next Bitcoin, that will increase in value 1000 times. It has matured to the point where investors are seeking cryptocurrency tokens which can used to make profits while you hold them. If you look at the spectrum of DeFi investments they are all about income producing tokens.

The amazing thing about Steem is Steemit, and Steemit was one of the first buy and earn projects.

Because of the application Steemit, investors in Steem are already investing in an income producing asset, which provides multiple ways to make income off your investment without selling it. Steemit has always allowed investors to earn interest on deposited Steem, which is common in DeFi. Additionally, DeFi is all about yields or income produced by different methods with purchased tokens and Steemit has always provided investors multiple ways to make money on their deposits.

The Ways Steemit allows investors to make income similar to current DeFi applications.

First, Steemit has a baseline yield of 6.5% inflation payable in the native Token Steem tokens powered up as Steem Power.
Second, Steemit allows you to earn curation rewards, directly proportinate to your investment.
Third, Steemit allows you to earn curation rewards on your upvotes of comments.
Fourth, Steemit allows you to earn author rewards by writing comments on others posts.
Fifth, Steemit allows you to earn author rewards by writing posts.
Sixth, Steemit allows you to earn curation rewards, by delegating SteemPower to other individuals or teams that focus on upvoting profitable authors or by supporting good content with upvotes.

Steemit is a very mature and secure project. New DeFi Programs are new, some are vulnerable to theft, Steemit wallet security is time tested.

Steemit is over four years old, most current DeFi projects are weeks, months or barely a year old. Steemit protects your cryptocurrency wallet with not one, but four types of passwords. Steemit Wallets have a masterpassword and three other less powerful alphanumeric keys for specific functions. This provides an unequally level of security.
Steemit code has been audited and been attacked by hackers, and it has become safer over time with no major hacks or thefts of cryptocurrency by hackers.

Steemit was doing decentralized finance before decentralized finance was cool.

@shortsegments

Questions?

Contact me here or on discord shortsegments #8903

Steemit has fast free accounts, I can help you set up your account without knowing any of your passwords!

Fast Free Accounts

  1. Create a new account via Steem Instant Sign-up LINK

  2. Buy Steem on one of these exchanges: Binance, Upbit, Bithumb, Huobi Global, HitBTC, Binance, Bittrex, Bitvavo, VCC Exchange, MXC, CoinDCX, Gate.io, WazirX, Poloniex, Upbit, RuDex and Altilly.

  3. Transfer the Steem to your new account wallet on Steemit

  4. Power up your Steem to Steem Power.

  5. Start earning interest on your Steem 8.5%

Do you want to earn more? Yield Earn addition returns while your Steem stays safely in your wallet!

Delegate your Steem Power to Steem-Staking

Delegate the amounts below you want to delegate by clicking the number
25 50 100 250 500 1000 <- these are links

After clicking the link, you will be asked to confirm your username and the amount of SP you like to delegate.
Please sign with your active private key.
Remember to leave at least 50SP in your account.

Delegate 100 SP

Delegate 250 SP

Delegate 500 SP

Delegate 1000 SP

Delegate 2000 SP

Delegate 3000 SP

Delegate 4000 SP

Delegate 5000 SP

Delegate 7500 SP

Delegate 10,000 SP

Delegate 15,000 SP

Delegate 20,000 SP

Delegate 25,000 SP

Delegate 30,000 SP

Delegate 35,000 SP

Delegate 40,000 SP

After clicking the link, you will be asked to confirm your username and the amount of SP you like to delegate.
Please sign with your active private key.
Remember to leave at least 50SP in your account.

Your done!
Your account will start receivIng weekly payments starting in about seven days.
Steem-Staking will list your delegation in the Steem-Staking Report, and the expected date of the first interest payment.

@shortsegments

The Steemit Platform did DeFi Before DeFi was cool!

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Mentions;

@steemitblog
@steemitcurator01
@steemitcurator02
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@steemitcurator05
@steemitcurator06
@steemitcurator07
@steemitcurator08
@johndoe

@stephenkendal
@cryptokannon
@steemingcurators
@crypto.pior
@ciska
@stef1
@oppongk
@beautychicks
@focusnow
@yohan2on
@mariita52
@tarpan, @toufiq777
@rishabh99946
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Hello @shortsegments

Honestly, it was in the COVID-19 period I got to discover items that had real value. You see silver? I was shocked that it was so valuable. A lot of people where running in that direction. At a point when Mexico wanted to shut down their mines, it was news here in Nigeria. Crude oil fell flat like it was no man's business. I think I'll consider precious stones in future. This period, they have proven to be a very valuable form of storing money.

Also, DeFi is simply interesting. Earning from your deposits why waiting to sell is something I've not seen anywhere. It's one of the reasons why I think DeFi has a great future. I'm still learning about DeFi but with the little I've known, I'm going to be hanging around longer than I expected.

I'm very grateful to @steemitblog for this challenge. It will help people to discover more about DeFi as those who know more begin to share their knowledge.

Thanks for sharing yours sir. I really appreciate.

#twopercent #nigeria

[email protected]
Thank you for your comment. I share your interest in precious metals and I feel like a student of DeFi also. Part of my journey and education is to right, so I am glad you found this information valuable.
Steem On!

This is a great template to write a post:

  • What DeFi is...
  • A specific DeFi project (Steem/Steemit)...
  • How to generate income within the project...
  • And how to create an account...

Outstanding post @shortsegments!

I think I know a little about DEFI and I love the way you made your points in comparing steem with it. The points are cool. This write up is enough to convince an investor to invest in steem. Thanks a lot for this wonderful content.

Thank you very much for the compliment.

Indah pak posting yang bagus semoga berjaya selalu salam dari saya

A lot of great future steemit boast in the future.
So much just that some people are still yet to recognize it

True, the future looks very bright!

Those challenges help people to learn about this vital trend.

Congratulations you are one of the winners of the Steem Crypto Challenge Month...

Thank you for taking part

The Steemit Team

Thank you very much for the recognition and support. I appreciate it.

Hi @steemcurator01, I am a new user.I have no idea about the Steam crypto challenge.
Please help me.

Wonderful post... quite insightful. Of a truth, steemit has stood the test of time and I must say that you cant call defi without mentioning steemit. I enjoyed reading the post. i have a question. is chainlink also a defi crypto?

#onepercent
#nigeria

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