Gemini Exchange Review & Tutorial 2021: Beginner Friendly Crypto Exchange
Cryptoexchange Gemini offered interest on cryptocurrency deposits
The Winklevoss brothers offered traders to earn interest on deposits
Called Gemini Earn, it offers 7.4% annualized return
This is most likely a response to the growing popularity of the DeFi segment..
Cryptocurrency exchange Gemini has offered customers a new product: now traders will be able to receive interest on their deposits in cryptocurrency
The new functionality, called Gemini Earn, offers interest income of up to 7.4% per annum on some cryptocurrencies.
“We are glad to announce the launch of Gemini Earn. Now you can earn up to 7.4% per annum on some cryptocurrencies. Interest is charged daily, you can pick up coins at any time. Please note that the interest rate depends on the cryptocurrency “.
Apparently, the service has no restrictions: no minimum balance, no commission, no freeze period. Earn supports 26 cryptocurrencies and is already available for US customers.
Gemini gets into competition with DeFi
The move was a response to the growing popularity of decentralized finance (DeFi) Decentralized finance (DeFi) – this is financial services, built on blockchain technology, which offer users access to open, efficient and … More) built on the blockchain (ETH). In a world with zero interest rates, Aave protocols offer cryptocurrency investors an attractive alternative opportunity to earn passive income
Aave, for example, now offers dollar-pegged stablecoin deposit rates ranging from 10% to 15% per annum. Anonymous ETH Investor Tetranode Sees ETH Outflows To Ethereum 2 Staking Contract And DeFi.
$ ETH outflows, this is before the WSB crowd shows up.
Coinbase, Kraken, Binance is clogged from the signup volume.
We haven’t even started. $ ETH #ETHEREUM pic.twitter.com/NuiTolwfGR
– Tetranode (@Tetranode) January 31, 2021
“ETH on the exchange is ETH that does not generate double-digit returns. The outflow will continue until CEX starts paying their market makers “.
According to DeFi Pulse, the total value of blocked funds (TVL) in the DeFi industry continues to rise. Users face escrow risks on centralized exchanges, limiting profit potential.
Big risk – big profits
Before you run to your crypto wallet and look for the platform with the highest annual income (APY), you need to consider all the risks. DeFi is a fast-growing but still high-risk segment.
There are bugs in smart contracts, they are sometimes hacked. At the end of January, hackers stole 81 ETH from the SushiSwap decentralized exchange (DEX).
Read also: Over 10 years hackers robbed cryptoinvestors for almost $ 7.7 billion
In December 2020, a white hacker hacked into an insurance protocol created specifically to cover the risks associated with such hacks. Protocols will improve over time, but so far, DeFi websites and apps say “use at your own risk” everywhere.
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