DeFi Coin Launches Staking On Popular Crypto Exchange BitMart
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New crypto entrant DeFi Coin is rumbling its way into the crypto market. The decentralized finance (DeFi) protocol recently has launched its staking program for users on BitMart.
BitMart Commences DEFC Staking Today
The DeFi sub-sector has been one of the outlier sub-sectors in the crypto space this last few months. DeFi Coin, which recently launched about a month ago on centralized exchange VinDax, has received remarkable feedback from the DeFi community.
The decentralized platform which is out to educate investors on the benefits of DeFi has become a major token in a few short weeks. Popular crypto exchange BitMart started staking for the protocol’s DEFC token today on August 3. BitMart listed DEFC some weeks back, as reported by Economy Watch.
Users interested in staking to earn passive income need to deposit at least 2,500 DEFC tokens into their exchange wallet. The good news is that the staked tokens can be accessed at any time since there is no lockup period.
The first session will take place between August 3 and September during which period BitMArt will take daily snapshots of each user’s balance.
Users will be rewarded with DEFC tokens on the 9th of every month.
The interest yield is also one of the highest as DEFC holders will make up to 65% annual percentage yield (APY) from their staked tokens.
This is meant to incentivize more users to hold and not sell the DEFC token. At press time, DEFC trades at $0.868, rising 3.29% in the last 24 hours period. Staking is a profitable venture that has gathered momentum in recent months. The total market cap of all staking platform tokens is $663 billion, with over $146 billion locked in, per data from Staking Rewards.
Altcoins Gaining Momentum
The crypto market has received a breath of fresh air following rallies by large-cap cryptocurrencies Bitcoin and Ethereum.
With the market share of both digital assets, several cryptocurrencies are tied to their price action.
Crypto experts believe that Ethereum’s rally in recent days could play out in favor of small-cap assets like DeFi Coins. DeFi has become a major attraction to the crypto space given the phenomenal growth of the sub-sector.
DeFi grew 58% in six months with investments shooting from $20 billion to over $70 billion in a short period of time. This has largely been due to the triple appeal of high yields on investments, decentralized functionings, and financial inclusion.
