Last week’s episode of The Market Report focused on what every BitQL is trying to figure out right now. The YouTube show, hosted by Cointelegraph analysts Jordan Finneseth, Sam Bourgi, and Benton Yaun, discussed the best APYs for high stablecoin yields.
Various platforms have been created and added to blockchains following the growth of the cryptocurrency industry. This increase in platforms has investors confused over which platform to pick or which offers the best low-risk yields. In this episode of the market report, resident crypto experts and Cointelegraph in-house analysts give their insight on platforms with the best stablecoin APYs in Decentralized Finance, also known as DeFi.
Before the main agenda was tabled, Marvel Pechman, a crypto market expert, carefully examined and broke down the current trend in the Bitcoin and Ether markets. He also gave his personal view of what the next few months will hold for both assets, whether or not they will be bullish or bearish.
The debate between Yaun, Finneseth, and Bourgi has been anticipated for a long time. Each had different picks for the best platform for high Stablecoin yields. It’s up to the investors to do more research to determine which works best for them.
Yaun Selected Beefy Finance
Beefy Finance is one of the numerous De-Fi protocols hosted on the Binance Smart Chain. The platform works as a cross-chain yield farming aggregator that enables investors to grow their portfolio (crops) automatically through its listed strategies. The platform also works on the HECO and Avalanche blockchains. Some of the unique and attractive features offered by this platform include liquidity pool pairs and cross-chain functions. This Defi-protocol is easy to navigate and understand. To maximize stablecoin APYs, investors can select one of two products offered by the platform. They are the Vault products, including stables, liquidity pools, and single-asset vaults. The other product is called the “Barn of Trust.”
Finneseth went with Anchor Protocol.
The upside of Anchor Protocol is that it pays out yields in TerraUSD (UST), the fourth largest stable coin based on supply. It also offers up to 20% interest on all stablecoins invested. Anchor is hosted on the Terra blockchain and only accepts UST coins. It is more or less a savings protocol, but in this case, a “high-interest savings account.”
Experts claim Anchor operates just like a traditional bank. Customers or savers deposit UST to earn monthly stablecoin yields, while borrowers borrow USTs after paying a fee. The significant difference between Anchor Protocol and banks is a few cool features, one of which is its high APYs.
The anchor can sustain its high-interest rates by earning revenues through the charges paid by borrowers or on their liquidated collateral and by earning staking rewards on all bonded assets on the platform.
Bourgi picked Convex Finance
The platform is hosted on the stablecoin exchange curve finance, and all its stakeholders are regularly rewarded with extra DeFi yields.
Convex Finance has a renowned reputation in a sizable community. The platform offers multiple ways to earn stablecoin APYs. Investors are offered a chance to participate in the Curve Token boost program with no requirements. They also stand to earn more rewards through these revenues.
Many crypto investors are drawn to Convex Finance by its simplicity. The platform’s primary focus is targeted at Curve (CRV) holders and liquidity providers. Simply put, the platform offers CRV users boosted stake opportunities.
Currently, Convex and Yearn Finance are in a cold war for Curve Finance (the world’s largest decentralized financial exchange with a value of $8.76 billion).
There you have it!
Three different DeFi protocols with unique revenue-earning products and high APYs. The show’s host has asked viewers to comment and vote on which of the three they feel has the most potential. To get more information about the other things discussed on this week’s show, you can head to their YouTube channel to watch the show.
Insights were also provided for crypto traders on staying ahead of the market. The analysts used Cointelegraph Markets Pro to point out the two altcoins that showed the most potential this week: Secret Network’s SCRT and Ocean Protocol’s OCEAN.
Perhaps you would like to tune in to future videos and updates of Cointelegraph’s Market Report. The program streams every Tuesday at noon ET on their YouTube channel.
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