r/Swyftx • u/wetmuffin • Apr 21 '22
Discussion so did anyone else get the stake > earn email? anyone with knowledge know how it differs?
4
u/Altruistic-Azz Apr 21 '22
Eh I’m out, I just sent my coins to CoinSpot. I got enough exposure to these lending platforms like nexo, I don’t want to risk all my crypto to it.
1
u/Due-Comfortable-3069 Apr 23 '22
Get on Zipmex Australia bro use my link and pass kyc before 30th of April to get $50 in Zipmex Token. https://trade.zipmex.com/au/accounts/sign-up?aff=tyslKhC0Kb
Or Crypto.com is good and get Cro coin and stake in Defi wallet and they support Nft's. https://crypto.com/app/bn6wn94zw3
And Binance Australia they allow so many coins to be staked from staked savings to locked in staking with some of the highest apy's https://accounts.binance.com/en/register?ref=190967665
2
u/Altruistic-Azz Apr 23 '22
I just unlocked my crypto.com coins I got a year ago, there worth like 4x what they were a year ago lol. But I’ll check out zipmex.
1
u/Due-Comfortable-3069 Apr 25 '22
Once you pass kyc $50 dollars in Zipmex Token will be airdropped into your account Friday, thats the day they roll out their Airdrops for this extended Easter Promotion or any Promotion 💗
3
u/RiseOfTheAlts Apr 21 '22
I’d say it’s for legal reasons. They called it staking but you technically aren’t staking with a validator - i’d say Swyftx are partnered with various validators, but given they pay out as APY and not APR - meaning your gains are less - i’d say they were taking a cut which legally could open a can of worms.
Making it a earn platform i guess it’s more like lending with interest. You are lending to a centralised authority who can either stake your tokens or do whatever they have in the contract and in return you earn a interest.
I think it’s important to note that it would have much higher risk. Exchanges are prone to locking down withdrawals when crashes happen.
But this is just speculation on my end
0
u/Ok_Mirror_1135 Apr 21 '22
I may be reading this wrong, and hopefully I am but here's a scenario I've put to the Swyftx team:
I have $10000 worth of BTC (eg 1 BTC). I enter the Earn program so take up a $10000 loan of TAUD while my 1 BTC is entered. The value of BTC dropped while in the Earn program to $8000. I need to exit the Earn program for some reason at this point so take my 1 BTC (plus any interest earned), but the total value is $8000). Do I now have a $2000 debt of TAUD to Swyftx?!
I could be misreading something, and this change would seem ridiculous and daylight robbery so I'm thinking I may have misinterpreted something...
2
u/HydrogenWhisky Apr 22 '22
That’s DeFi for you. I would personally never take the loan against my assets, far too risky.
1
1
u/alvoliooo Apr 21 '22
But now earning is available fewer coins right? Eg I have my sol on there at 6%… didn’t see mention about earn on sol. Am I right in my thinking?
1
u/Ok_Gold_9536 Apr 21 '22
hopefully we will get a list of all the coins being listed on the "earn" before it starts to load up
1
1
Apr 21 '22
[deleted]
2
Apr 21 '22
This is what I'm trying to find out too .. I have $50k currently staked on Axie I want to what ill be offered if I switch to "earn"
1
1
1
u/Due-Comfortable-3069 Apr 23 '22
It going to Taud like Finder app did, i bailed out stuff that crap... get on binance Australia way better https://accounts.binance.com/en/register?ref=190967665 and Zipmex Australia get Zipmex Token https://trade.zipmex.com/au/accounts/sign-up?aff=tyslKhC0Kb sign up with my link pass Kyc before 30th of April and get $50.00 in Zipmex Token, also get on Crypto.com and get on Cro coin and stake in Defi Wallet ... https://crypto.com/app/bn6wn94zw3 this is all I'll be using from now on.
9
u/[deleted] Apr 21 '22
[deleted]