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 Name | GoodFi |
| Max Supply | N/A |
| Explore | Click Here To View Explore |
| Source | Click Here To View Source |
| Chat Option | Click Here To Visit Chat |
| Document | Click Here To View Document |
| Official Website | Click 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.