Roseon: Your one-stop crypto lifestyle app
The world is changing and there is a craving for freedom by everyone, and people are fighting against being restricted. There have been cases where the old way of doing things no longer works and there is the urge to do something new without being forced to do it. The area of finance is one big factor that is affecting everyone directly, the fact that just a few groups of people are making laws and decisions that will affect everyone.
Having a centralized authority print money to bail out banks has been happening repeatedly, this is one of the reasons why inflation happens. This was one of the reasons why decentralization in form of Bitcoin came to the limelight, to give financial freedom to people and not from a centralized authority. This led to the creation of Decentralized Finance, DeFi, a break from old and the birth of new.
Before DeFi, assets on blockchains do not have many use-cases. Mostly traded or held in wallets over a long period, these are the two major ways where profit is made. DeFi came in and the game changed, new ways of using crypto assets showed up and returns were maximised. There are lots of ways where crypto users can make income passively without having to do much over different blockchain networks.
Instead of just holding crypto assets over a long period, DeFi will put it to work even as it is just sitting in the wallet and passive income will be made. Banks offer savings accounts but with low interest, DeFi offers the same but with a higher interest. Although proper research should be done to ensure the DeFi channel is not a black hole, research is a good skill to have in DeFi. With Decentralized Finance, there is no middleman which means everyone will be in charge of their decision.
There are risks attached to DeFi too, several black holes, bankruptcy and ‘rug pulls’ (a situation where a project goes off with the assets of users). But that doesn’t take away the fact that DeFi is a good way of making passive income and also a great investment plan if and when done the right way.
What does DeFi entail and what are its advantages?
DeFi simply means Decentralized Finance. This means financial products and services that run on a decentralized network of computers without a central authority or intermediary for the execution of transactions is referred to as DeFi. It is purely P2P (peer-to-peer).
All operations supported by DeFi protocols take place on the blockchain and are executed by smart contracts, they are self-executing computer programs. Payments, loansMany potential users are interested in entering the world of cryptocurrency and Defi and whilst the amount of crypto flowing into decentralized platforms is continuously increasing, there are huge barriers to entry that dissuade them. and transfers are all possible through DeFi and happen when all conditions are met by both parties.
It is way more transparent than traditional finance, all records are available to the public, relatively cheaper and paperwork is to the barest minimum. Through the use of smart contracts, which can be audited by anyone, deals with the inefficiencies in the system, lower costs and, helps minimize the damage done by defaulting debtors. There are a whole lot of possibilities possible on DeFi, it allows everyone to make the best of their assets. It is still very growing and backed to give fiat currency a run for its money.
How to get started
The blockchain is wide, and choosing to get started in DeFi is a good move. There is no need to start with big capital, all you need is a great DeFi platform to get started. Platforms make it easy for anyone to group and follow up with their assets and the returns it brings. There is one app that ticks all the right boxes and is easy to navigate, and that is Roseon App.
With the Roseon App, your journey into the crypto world will be with ease. You will be able to participate in staking, yield farming and even lending easily. The APY (Annual Percentage Yield) for each are calculated accordingly for the feature of one’s choice. There is more to Roseon App but its DeFi feature will be explored in this article.
This works like the savings in traditional finance, the difference here is that you get high rates in terms of APY and it is also in a decentralized system. Buying crypto or depositing it is easy in the Roseon app, all you need do is follow the steps outlined in the app. Staking is a great way to earn passive income as you get Interest in return for keeping tokens in your account. These interests can be in form of the particular token staked or any other token. One thing to note is that stakers are transaction validators in the PoS(Proof of Stake) mechanism just like miners are in PoW (Proof of Work), they are important to the network’s functionality and security. They get rewarded for it.
The APY on tokens available to be staked on the Roseon app is decent. This option is great for those that do not like to move their tokens around and would also want to keep the tokens for a long while. So why not earn interest from holding it
Earning passive income with DeFi with lending is a bit similar to staking but not the same. It is similar in terms of depositing and leaving crypto tokens for a while, but the difference here is that instead of it remaining in your wallet in the app it goes to crypto borrowers. Lenders get interest on their deposits while they do not need to worry about borrowers defaulting as the smart contracts involved would have to distribute accrued interest in proportion to the number of assets you’ve locked in. The asset is always safe.
Yield farming simply means locking in your tokens for it to be used for lending while interest will be paid for doing that. On Roseon App, you are literarily depositing money for Roseon to find a trusted borrower while you get your returns. All you need to do is to be satisfied with the APY offered.
Interacting with DeFi has been made easy by Roseon, getting started is as easy as it can be. The app is offering to make investment accessible, easier and more exciting.