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Please keep in mind, anything in crypto is inherently risky, so please do your own research before investing. The following is not a recommendation, just a summary of the project. This is not financial advice.
VyFinance is one of the first DeFi projects on Cardano.
- What Is VyFinance
- How It Works
- Future Prospects
What Is VyFinance
[VyFi] really make themselves standout from the DeFi fray with their NFT staking option.
Despite contracts already being rolled out, many questions still surround Cardano and DeFi. But those appear to be getting answered by a slew of projects defying expectations and producing quality results. One of those projects on Cardano is VyFinance.
VyFinance (Or VyFi for short) promises the usual DeFi offerings with some rare ones too. Of course, they’ve got your classic yield farming and swapping features for DeFi traders, but they really make themselves stand out from the DeFi fray with their NFT staking option, which is currently live (more on that in a bit).
Along with its nifty features, the DeFi protocol aims to produce a platform with easy to use UI (user interface) that even recent crypto adopters can feel comfortable with. Take a look and see for yourself how friendly and unintimidating their design is.
How It Works
VyFi works similarly to any other DeFi play out there. In order to use it, you need to connect a Cardano wallet. In this case, VyFi uses Nami. If you don’t already have a Nami wallet, you’ll have to sign up for one.
Once you’ve signed up, all you have to do is click “Connect Wallet” on the VyFi site, and you are set to go.
So far, the features are limited because not everything has launched on the protocol quite yet. One feature that’s ready to go is their NFT staking. NFT staking is a revolutionary new way to make some extra money for HODL’ing NFTs.
To learn more, check out their app.
As well, [VyFi] are prepping their fiat onramp for the first quarter of 2022.
VyFinance has plenty of promising features coming. For one, they have the upcoming release of their DEX. Not to mention, they eventually plan on developing a CEX for increased adoption from mainstream users.
In addition, they are looking to launch their auto-harvester as soon as early 2023. Auto-harvester is their hedge fund-like option where you can earn interest on money that’s reinvested into the crypto community. As well, they are prepping their fiat onramp for the first quarter of 2022.
After having already completed their successful ICO and a public team standing behind the project, the future looks bright for VyFinance — and Cardano DeFi. For more on this exciting Cardano offering, check out their whitepaper!