Protocol of the Week
Nexo, founded in 2018, is a centralized lending institution. Now, Nexo manages assets for over 2.5M users across 200 jurisdictions. It’s is a comprehensive crypto platform that includes an exchange, a Nexo credit card, crypto-backed loans, and crypto interest accounts. NEXO token, the platform’s native coin, governs the protocol.
DeFi Strategy of the Week
Borrowing and earning interest via Nexo.
For this newsletter, we’re going to focus on only two facets of Nexo’s platform: their crypto-backed loans and crypto interest accounts. First, let’s look at their crypto-backed loans. According to Nexo, crypto credit is better than a typical bank loan due to four primary factors – cost-efficiency, flexibility, speed/convenience, and accessibility. You can learn more about these advantages here.
Currently, Nexo supports 20+ collateral options and 40+ fiat currencies and stablecoins to borrow in. To start borrowing, you simply need to log in to the Nexo platform or Nexo Wallet app. Then, top up your crypto assets and complete your account verification. After that, you can withdraw your cash or stablecoins instantly.
But, if you’re not looking to borrow, you can still take advantage of Nexo’s crypto interest accounts to earn some passive income. Through Nexo’s interest accounts, you can make up to 12% interest on your crypto assets. One way Nexo differentiates itself from other interest accounts is through compounding daily payouts.
Plus, if you set fixed terms on your assets, you can earn bonus interest from Nexo. And Nexo never charges hidden fees or commissions for adding, withdrawing or holding funds. Finally, you can earn this interest worry-free as a $375M insurance plan backs all assets held in a Nexo account. So, there’s no need to worry about hacks, theft, or the loss of private keys.
Your Nexo Loyalty Tier determines your individual interest rate and the type of interest payout you receive. So, you can generate higher interest rates based on your allocation of NEXO tokens. Also, if you accept interest payouts in NEXO, you can earn an additional 2% bonus on top of your loyalty tier bonus.
To begin earning interest with Nexo, you must first connect your crypto wallet. After connecting your wallet, you transfer your assets and top up your account. Once Nexo receives your assets, they’ll automatically add to your corresponding Savings Wallet, and you’ll start earning interest the next day!
Click here to view an in-depth guide on connecting to a Nexo Savings Wallet.
Yield Farm of the Week
Farming through the Fantom Network.
Given its spooky season, it seems apropos to talk about one of the ‘scariest’ yield farming opportunities right now – the Fantom Network. Don’t let its ghostly name fool you; there’s nothing actually scary about this platform. Fantom is a high-performance, secure smart-contract protocol that’s permissionless, decentralized, and open-source. FTM, Fantom’s native token, is used to govern the platform.
Because of its speed and low fees, Fantom Network offers some positively juicy yield farming opportunities. Yield farms on Fantom include Curve, SpookySwap, Beefy Finance, Scream, Tarot, and Reaper Farm. Plus, Fantom has experienced a steady increase in Total Locked Value (TVL) due to Fantom’s allowance of micropayments and minuscule transaction fees.
To begin farming via Fantom, you must first connect your crypto wallet and bridge your assets. Once your tokens are bridged, you can start yield farming right away.
Click here for an in-depth guide on how to start yield farming through Fantom.
News & Industry Updates
1.) ‘DeFi Will End Poorly’ Without Protections: SEC Chair Gary Gensler
According to Gensler, DeFi is pressing up against some financial innovations and brings to mind the peer-to-peer lending revolution of 15 years ago.
2.) How Does Crypto Fit Into a Passive Investment Strategy?
As more firms offer futures-based Bitcoin ETFs, it’s worth considering how cryptocurrencies can fit into a passive investment strategy.
3.) DeFi Blue Chips are Lagging ETH by the Most Ever Amid Record-Breaking Rally
Amid a record rally for Bitcoin and ETH, DeFis other blue chips are also growing, but at a rate that’s comparatively lower than ever before.
4.) ‘Free Bitcoin to Everyone’ Project Aims to Make 1B Crypto Owners in 2 Years
Backed by a 16z and co-founded by Sam Altman, Worldcoin will give free crypto in exchange for an eye scan.
5.) Pro-Crypto Congress Candidates Push for Easier Crypto Donations
Congressional candidates, from both sides of the aisle, are pushing for easier ways to receive cryptocurrency donations from their donors.
