Decentralized finance, or “DeFi” is one of the hottest trends in crypto right now. And for good reason: DeFi offers a way to earn interest on your crypto holdings, trade cryptocurrencies without giving up custody of your coins, and even borrow against your crypto holdings.
The world of decentralized finance is filled with a myriad of platforms and protocols all vying for a piece of the pie. With so many options available, it can be tough to keep track of which products are worth your attention.
In this blog post, we’ll introduce you to five new and exciting DeFi products that you should definitely check out. From “trade mining” to “income-generating NFTs”, there’s something here for everyone. So, whether you’re a pro DeFi user or just getting started, read on to learn more about these five DeFi products that have emerged in recent months and show promise for the future of finance (and your earnings).
1. Income-generating NFTs
Income-generating NFTs are non-fungible tokens (NFTs) that generate passive income for their owners. For example, some NFTs may give their owners a share of the transaction fees generated by a decentralized application (dApp). Others may provide their owners with interest payments based on the underlying value of the NFT itself. Some NFTs can also be locked up in exchange for a share of the platform’s revenue.
NFT staking gives collectors a new way to make money off of their NFT holdings. The goal of HODLers who stake NFTs is to obtain rewards without having to sell or relinquish possession of their collection by locking their NFTs in decentralized finance (DeFi) systems. This is a great way to diversify your investment portfolio and maximize your earnings potential. NFT staking is a relatively new phenomenon, but it has already caught the attention of many investors. If you’re looking for a way to earn passive income from your NFTs, be sure to check out the NFT staking options on different DeFi platforms, such as StakeDAO, Biswap, or Pandora.
What’s unique about Pandora is that staking NFTs on this exchange is simple and rewards are given out immediately. NFT staking rewards are paid out in BUSD as soon as your NFTs are staked and keep adding up by the second. There is no limit to how long an NFT should be staked to earn rewards. This makes Pandora a great platform for those looking to earn passive income from their NFTs.
2. DeFi Derivatives
DeFi derivatives are financial instruments that are used to hedge or speculate on the price of DeFi assets. They are similar to traditional financial derivatives, except that they are based on DeFi protocols instead of centralized exchanges. The most common type of DeFi derivative is the futures contract, which allows two parties to agree to buy or sell an asset at a specified price and date in the future, without having to purchase the actual asset itself, in the hope of booking a profit. Other types of DeFi derivatives include options, prediction markets, collateralized loans, and synthetic tokens, to name a few.
The market for DeFi derivatives is just in its infant stages at this point. At the moment, the total value of the market for DeFi derivatives is $27.03B
The derivatives market is booming with new innovative products that offer traders more opportunities to trade their assets. Some of the most popular DeFi derivative protocols include Synthetix, UMA, Hegic, Opyn, Perpetual, dYdX, and BarnBridge.
3. Decentralized Lottery
Decentralized lottery is an exciting new development in the world of online gambling. A blockchain-based decentralized lottery system is not affiliated with any central authority or casino. Instead, it is held on a decentralized platform, such as a blockchain-based Dapp, and powered by smart contracts. This makes decentralized lottery much more secure and transparent than the traditional lottery and allows anyone in the world to play, regardless of their location. Decentralized jackpots have the potential to be much larger than traditional jackpots, as geographical boundaries do not limit them.
Pandora is a DeFi exchange that allows users to win giant jackpot prizes through lottery drawings that occur every hour. To date, over $250K has been won by many users of this Dapp, either through purchasing lotto tickets that cost $1 each or getting free tickets just by using other products and services on this Dapp, proving that it is possible for everyone to achieve their lottery dreams with DeFi.
The platform integrates Chainlink VRF (Verifiably Random Function) to ensure that all drawings are fair and transparent, all winning numbers are truly random, and cannot be algorithmically predicted.
4. Trade Mining
Incentives are the backbone of any thriving crypto community, and DeFi protocols have found a new way to provide them in droves through trade mining. Trade mining is a process in which traders earn rewards in the form of tokens for buying or selling specific tokens on a DeFi platform. Trade mining is a relatively new concept in the world of decentralized finance. By providing these incentives, DeFi protocols are able to attract more traders to their platforms and incentivize them to trade more frequently, which can lead to increased liquidity and volume, as well as create a more vibrant and liquid ecosystem.
Some of the most popular protocols that currently offer trade mining rewards include ApeSwap, BabySwap, and Pandora. Pandora is the first decentralized exchange that offers compound interest on trading. The way trade mining works on Pandora is that you trade a certain amount of cryptocurrency via the exchange, and in return, you receive PAN rewards. Pandora pays out trade mining rewards every hour. If you don’t claim your trade mining rewards, you can hold them on the platform itself for as long as you want to earn compound interest automatically.
5. User Level
Decentralized finance is slowly but surely becoming more mainstream as it offers a number of advantages in terms of freedom, security, and speed. However, one of the issues that has plagued Dapps is the lack of engagement from users due to the extremely niche and complicated technology adopted by them. In order to combat this, some Dapps are now incorporating User Level systems into their platforms.
Under this system, users are rewarded for participating in DeFi protocols. The more active a user is the higher his or her User Level, and the greater his or her rewards. This system not only helps to increase user engagement but also gives users a sense of ownership and responsibility for the success of the Dapp.
Pandora is the pioneer in adopting the User Level system into DeFi. On pandora.digital, users may earn badges, avatars, and other benefits, such as boosted staking and farming rewards, and reduced NFT upgrade fees, to name a few, for their level of engagement.
This gamelike system offers a sustainable way to encourage users to participate in the DeFi ecosystem by providing a constant stream of rewards. User Level also aligns with the interests of users and protocol developers, as users are incentivized to contribute to the growth of the protocol. Ultimately, the User Level system is a win-win for both users and protocol developers and is a promising new approach to rewarding users for their participation in DeFi protocols, and Pandora is leading the way.
In the coming months, we will likely see more Dapps implementing User Level systems in an attempt to resurrect the fun of decentralized finance.
Conclusion
Investors who want to boost their earnings should stay updated on the latest trends and products in DeFi. By doing so, they can identify opportunities to invest early and reap the potential rewards. Additionally, by keeping abreast of developments in the DeFi space, investors can make informed decisions about where to allocate their funds. Those who fail to stay up-to-date with the latest trends and risks are more likely to miss out on lucrative investment opportunities and see their earnings stagnate. Therefore, for investors looking to maximize their earnings, staying updated on the latest trends and products in DeFi is a must.
Sustain your finances with Pandora — your favourite DeFi companion!
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