DeFi High Interest account: the Future of Banking
Once again it is time to take a look my DeFi crypto account. If you are going to HoDL crypto why not get interest on it? With the next crypto bull run less than a year away an important question to ask is this – is the DeFi high interest account the future of banking? Let’s go through some numbers & you can decide for yourselves.
For the month of July 2020 (click here for the last update) we have – $57.27 in interest Paid & $19.70 accrued for a balance of $4,936.02:
Bitcoin (BTC) Breakdown:
APY for BTC is 6.0% – Deposited .0.0461 BTC from June through July for a new balance of .21637045 BTC. earned int .00295403 BTC = ($30.38) accrued int = 0.00081957 ($9.14).
Litecoin (LTC) breakdown:
APY for Litecoin is 3.8% – .03226004 int was paid in may – .04466077 int paid in June – .04335720 int paid in jul – with 4.0 LTC deposited at the April, that makes a total new balance in July of. Total balance is 14.14896653 LTC ($698.96).
Total int paid .14896653 ($7.35.) – Accrued .03624200 ($1.93).
Ethereum (ETH) Breakdown:
APY for Ethereum is currently 4.5% .01125672 int was paid jun & .01093440 in jul for a balance of 3.03590071 ETH
Total int paid .03590071 ETH ($10.23) & accrued .00914500 ($2.61)
USDC Stable coin Breakdown:
APY for the stable coin USDC is currently 8.6% int was paid jun & .01093440 in jul for a balance of 1,024.22448418 USDC ≈ $1,024.22 .
Total int paid 7.848000968 USDC ≈ $7.85 & accrued 5.42202189 ≈ $5.42. For more information on stable coins click here to this blog post.
I predict more money printing from the FED. This means of course lower interest rates on savings accounts. With the epidemic still in full swing, I would caution against putting all of your eggs into the stock market basket.
The arrival of DeFi savings gives us all a worthwhile alternative to the traditional ways of earning interest through savings & investing.
A note of caution: these new technologies do present a higher level of risk. Look into this on your own & do your own due diligence before putting your money into this exciting new space.
Get started and earn up to 8.6% interest now!
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Note: This is not financial advise & is for edutainment purposes only. Securities trading\speculation involve a level of risk & Crypto investing\speculation is a highly volatile market place, please only invest money that you are comfortable losing. Remember to ALWAYS use stops