BitMart launches the staking of DeFi Coin (DEFC) on August 3rd, 2021. This attracts 65% APY earnings for users, paid in DEFC tokens. The BitMart exchange was launched in 2017, and since then, it has grown a lot to record above 2 million users globally.
For the past 4 years, the exchange has grown and expanded its services and product to include lending and staking for rewards.
Now, DeFi Coin investors will also stake the coin through the BitMart intuitive interface. Also, the mobile app will ensure staking with a click of a button.
DeFi Coin (DEFC)
DeFi coin is a token that you can lend, borrow or stake on decentralized applications without third-party interference.
Through the DeFi Coin Protocol development, users can directly trade with one another without third-party control. Also, the protocol offers rewards for staking, just like the traditional dividend earnings. This means that your earnings are directly proportional to the amount you contribute to the liquidity pool.
The native token for the protocol is the DeFi Coin (DEFC). It runs on the Binance Smart Chain and has a total supply of 100 million tokens. The coin can undergo a wallet-to-wallet exchange between users.
The project runs with a 10% fee for exchange transactions. The fee doesn’t only increase volatility but also creates huge price fluctuations. In addition, 5% of the fee is distributed to the DEFC token holders for their staking. The remaining 5% provides liquidity on decentralized platforms.
The DEFC protocol provides three functions.
- Automatic liquidity pools – Through the staking process, users contribute to the liquidity pool.
- Static rewards – By distributing 5% of the fees to users for staking, the customers receive some rewards.
- Manual Burning Program – Through the burning process, the token gains more value.
Features of DeFi Coin (DEFC)
The DeFi Coin (DEFC) has the following outstanding features:
- First, it gives users the opportunity of earning passive income through staking their coins. Like traditional dividend earnings, the more your contribution to the liquidity pool, the greater you earn.
- Its burning program increases the token.s price through a reduction in total supply.
- The burning also increases the token’s value by creating a feeling of scarcity.
- Its high transaction fee of 10% for exchange or sale discourages holders from trading the coin. This will invariably encourage users to hold the tokens on a long-term basis, increase volatility, and reduce price fluctuations.
Staking DEFC Via Bitmart
You will first sign-up for an online account with Bitmart by visiting the official website. Then, deposit a minimum of 2,500 DEFC in your exchange wallet on the Bitmart platform. While staking your DEFC, you won’t lock your funds during the set period.
The first season for the DEFC staking will run from August 3rd to September 3rd, 2021. During the period, Bitmart will calculate your due staking reward through daily snapshots of your account balance.
Users who will participate in the staking processing will get their monthly rewards on the 9th of each month.
The recent staking earnings are meant to incentivize users to hold, buy more, and not sell the DEFC tokens. Though the current DEFC/USDT is $1.25 per token, we believe this staking rally could push the price to the $2 level.
A general review in the cryptocurrency markets shows a historical bullish for August and September. Also, through yesterday’s pump of ETH/BTC to over 0.065, there should be more benefits for decentralized platforms.
Ethereum’s sudden surge above $2,500 is a potential lead in expecting an ‘altcoin season’ very soon. Thus, more people may shift their resources to small caps.