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Some hate them and others swear by them and it is easy to understand why. CeFi or centralized Finance applications are one of the most polarizing things in the crypto world right now. Personally, I am of the belief that they are an important part of creating a balanced healthy crypto portfolio. Most of the CeFi's that you hear about and that people use are very secure platforms due in part to their centralized nature. When I was looking into getting into them a month or so ago I would read the articles about the different ones and did create some accounts to see how I felt about their functionality.
I was then told about one I had not heard of before but since have fallen in love with. Hodlnaut is an easy-to-use CeFi platform that is incorporated and does have a license to operate in Singapore. While it does not offer a ton of different cryptos it offers the big ones that we are accustomed to seeing lent out in this way. It offers 6 different coins that can be lent including Bitcoin, Ethereum, DAI, USDC, USDT, Wrapped Bitcoin. Their Bitcoin interest rates are also one of the highest offered on CeFi right now which is something that you love to see. With a 7.5% APY yield on Bitcoin, it is a very very nice yield and something that should be sustainable long term. Like others the more and more you hold the lower your APY becomes however with Bitcoin it does not start to decrease until you are holding 2+ Bitcoins in your Hodlnaut account. Plus they do not have lockup periods like you face with other options allowing you withdraw your crypto at any time!
Even with stablecoins, the payout is very very nice and you can decide what coin you want to be paid in. For instance, you can hold your USDC which earns a 12.7% APY, and can receive this payout in another coin offered like Bitcoin! This allows you to not have to jack with token swaps but Hodlnaut even is extremely helpful with this in that they offer zero-fee swaps! Now that is not to say that the exchange rates are going to be great but even if they are not at least there is no fee associated with it!
I realized that some people might not be a huge fan of the lack of things you can do on the website and/or the app. Both of which are very simplistic and basic in their design and function however I believe that is the best thing for them. As the saying goes keep it simple stupid and that is what they do while also paying out at fantastic rates. Interest rates are paid out weekly and the weekly amount is compounded. You also do get daily statements that tell you how much you earned that day however at least for me and my 0.005 BTC in the CeFi it is just 0.00000110 BTC a day. In the last month that I have used it, I have earned a nice 0.00002 BTC! As I add more sats from different places that they are sitting to this I hope to continue to boost this amount.
This platform requires KYC and many tend to not like that however with this being a crypto platform that is legally recognized by Singapore it does clear up regulatory uncertainty that often follows in this very field. I enjoy and appreciate the bear-bones nature of this and the ease of use. If I wanted one that had a ton more offerings or was more complex in what I could do I am sure I could find it but since I want an easy-to-use deposit and walk away platform this is by far the best thing I have run across!
Last but certainly not least this platform, Hodlnaut, is working with PUBLISH0X and when you sign up with the link below you are helping Publish0x continue its mission in providing both authors and readers the ability to earn crypto through tips! The link can be found here and here it is without the hyperlink http://hodlnaut.com/join/SsQgvcvyB
As a reminder this is not financial advise and is just something I tested out and wanted to tell yall about! Plus it helps Publish0x out when we sign up using the link below which is a win in itself!!!
