Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => DeFi tokens => Topic started by: Majamark on November 02, 2024, 02:58:16 PM
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I’ve been keeping an eye on the DeFi space lately, especially with how staking and lending are shaping up on the Bitcoin blockchain. It’s interesting to see some protocols trying to blend these features together, like BitSmiley, which aims to simplify lending and stablecoin use.
From my experience, staking can be a solid way to earn passive income, but navigating security can be tricky. Lending platforms have their own challenges; I’ve found it a bit of a minefield to identify reliable options.
Cross-chain functionality could really help users tap into different DeFi offerings, but community governance often leads to messy decision-making in practice.
I’m curious about what other traders think. Are you finding success with staking or lending in DeFi? What challenges have you faced?
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I previously staked some tokens, mainly BNB, Pancake, etc. I also participated in some lending pools although I had no success. At least not to the extent of my staking result. I think capital plays a huge part there, so there's not much I can do about it if a borrower doesn't want to take my offer because of high interest. I don't think a cross-chain app or token would help much in this regard since it relies on whether borrowers and lenders can trust the platform or not if I understood your point correctly.
I think security is the number 1 problem that we have with the staking/lending platform as of now. The average joe can't read smart contracts while the developer fails to do rigorous checks before they launch the protocol, which leads to exploits here and there. It's hard to trust them after that since there's no way to recover the funds. Maybe they can use insurance for that, but that's another minefield waiting to blow up sooner or later. CMIIW.
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Staking is a route to passive income but it's not devoid of risk, you have to do adequate research still