Hong Kong-based Crypto.com reveals a 5% reward program for two of its DeFi Projects.
As announced earlier this week, crpto.com has announced that Uniswap and Polkadot staking will get rewards of up to 5% per annum. In a tweet by crypto.com on Twitter, it has called on both UNI and DOT holders to take advantage of this new development.
Users can now earn about 3% annually on deposits, while its private users will earn up to 5%. These rewards will be paid in UNI and DOT. The private users, also known as “prime users,” are entitled to a debit card as stated in crypto.com’s product, which enables them to get attractive offers such as Cashbacks and rewards points on travel expenses and shopping.
Crypto.com already waived 3.5% of credit card fees around June
Notably, Crypto.com waived off up to a 3.5% credit card fee for crypto purchases until June this year as part of the organization’s three measures to provide support from the harsh economic impact of the coronavirus pandemic. They also ensured that customers who purchased essential products with the Plastic MCO Visa card got 5% back while those who made purchases with its Metal MCO Visa card got up to 10% back.
Crypto.com has continued to show its positive interest in the investments of its customers with this new offer. Staking and passive earning currently lead the narrative of the expanding crypto space, and it is opening up newer tools for users.
In the light of this boom, CeFi products like cypto.com are not shying from capitalizing on this advantage. In its history, the crypto exchange has provided staking and passive earning products on many of its assets, such as CRO tokens, etc.
However, this new advancement will allow users to stake and earn rewards in Uniswap(UNI) and Polkadot(DOT). This offer is a reward program tied to the organization’s “Crypto Earn!” benefits, which will see users earn 6% and 12% returns for altcoins and stablecoins, respectively. Also, users can earn as much as 36 altcoins in the reward offerings.
DOT and UNI now two of the largest tokens in the DeFi sector
For a beginner, Polkadot is a distributed web protocol to connect private and consortium chains, public and unauthorized networks, oracles, and future inventions. While Uniswap, whose governance token is the UNI, is a protocol employed in exchanging ERC-20 tokens in an automated liquidity provision manner on Ethereum.
It abolishes trusted intermediaries and unnecessary forms of rent extraction, allowing a swift and efficient trading system. Earlier in August, the founder of Uniswap, Hayden Adams, announced that interest in the Defi had gone up. The process as much as 100,000 transactions a day, amounting to about 35% of Bitcoin’s daily transaction count.
This came as a shock considering that interest in Uniswap was very low in 2018 when it was created and the year after. The two Defi cryptocurrencies have grown to be it’s largest in the last few months. According to its Defi data page records, UNI market capitalization stands at $800million while DOT is worth over $4Billion.