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Wednesday, February 28, 2024

Goodfi Defi Coin Review: It Is Safe Or Not? Read Our Full Review

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About Goodfi

GoodFi is a not-for-profit, founded to make your first steps into Decentralized Finance (DeFi) as easy as possible. With so much choice out there, working out how to get started can be stressful. They are here to demystify DeFi.

GoodFi DeFi is a global decentralized market place of financial services, like loans, trading, and investments, which anyone can access at any time from anywhere. Today, DeFi investment returns range from 10% APR on pure savings products, to 61% APR for the more adventurous applications.

GoodFi Defi Coin Facts

Tectonic Facts
Defi Coin NameGoodFi
Max SupplyN/A
Explore Click Here To View Explore
SourceClick Here To View Source
Chat Option Click Here To Visit Chat
Document Click Here To View Document
Official WebsiteClick Here To View Website

Getting Started

Over $166Bn of cryptocurrency is already invested into DeFi applications on blockchains like Ethereum. To access DeFi, you use cryptocurrencies. These are easy to buy, and while some like Bitcoin vary in price, others are called “stable coins” as their value is tied to things like the US dollar.

How it Works

Billions of dollars worth of trading, lending, borrowing and saving happens every day in DeFi

DeFi lets you earn passive income by lending cryptocurrencies to these markets.

Real Returns

Providing your cryptocurrency (“liquidity”) to DeFi apps enables others to borrow and use those assets for trading or investing.

When a speculator uses a DeFi app, the app charges a fee. By providing liquidity to these apps you earn part of these fees.

Protection

DeFi doesn’t rely on humans, it relies on “smart contracts” that keep your money safe.

Anyone who wishes to use the cryptocurrency you provide must FIRST provide assets of greater value as collateral. That way, you’re covered for any potential loss.

Make your money work harder

Lower fees, higher yield, no bureaucracy

The DeFi market is open 24/7. When you’re ready, here are three broad approaches you might take.

Stay Stable

Returns from 3% to 14% Per Year DeFi lending applications like Aave, Compound and Yearn offer you the ability to earn interest on stable coins. A stable coin’s value stays fixed to a real-world currency like the USD. Examples include USDC, USDT and DAI. Due to their stable value, these are a great starter-asset to try DeFi for the first time.

Maximise Yield

Returns from 1% to 61% Per Year DeFi exchanges like UniSwap, SushiSwap and Bancor let you earn a yield on more volatile assets like wBTC and ETH, while still keeping some stable coin exposure as well.

To maximise your returns you can even use services like Yearn which will automatically move your assets to the best opportunities.

Maximise Profit

Returns can have very large variations

Experienced DeFi users have 100% of their exposure in volatile asset (such as wBTC and ETH) and then put those assets to work within DeFi to earn even higher returns.

While this can get the biggest returns, it is also the most risky strategy. If you already have a large portfolio of cryptocurrency, this strategy might be the best one for you.

Let’s get started

To enter the world of DeFi you will need: (1) a DeFi compatible cryptocurrency wallet, (2) some cryptocurrency in that wallet, (3) some ETH to pay transaction fees.

This wizard will help you decide what wallet and how to buy your first crypto.

What type of wallet do you want to use?

Mobile Wallet

Easy to get started but you can’t access all DeFi products, just the ones in the wallet.

Desktop Wallet

Access all DeFi products on Ethereum, but the user experience is a bit more complex.

How much do you want to invest to start with?

Buy your crypto in the wallet  – worse exchange rate, but save on network fees.$1000+
Buy your crypto on an exchange  – better exchange rate, but more administration.

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Disclaimer

Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

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