Since its inception, Everex has always strived to stay ahead when it comes to understanding and adopting the latest and most innovative developments in blockchain fintech. Amid the growing list of technologies, instruments, and concepts that have entered the market, one that has caused a considerable amount of buzz among industry leaders this year is decentralized finance — also known as DeFi.

In short, DeFi is a set of autonomous lending protocols (debt markets) that is available for anyone with a basic blockchain wallet to use as a way of lending and borrowing money in USD stablecoins without the need for pre-approval or a long list of documents to be submitted. DeFi lending protocols can be used regardless of where users are in the world and settle transactions within seconds.

But that’s not all! DeFi lending protocols also provide the following perks:

1. Lenders can start earning interest within 20 seconds after contributing funds to the pool;

2. Funds are not locked in, lenders can withdraw at any time;

3. Rates are normally much more competitive than those found in conventional banks. Annualized returns can go from 5 to 10%, and borrowing rates range from 9 to 13% APR;

4. All loans are over-collateralized with Stablecoins bound by smart contracts that monitor lending positions. These will automatically liquidate the collateral in the event of a market risk.

A feature that is particularly notable is how DeFi protocols allow participants to simultaneously become a lender and a borrower. For example, if a lender was to place $10 (DAI) in the pool, they could start earning, on average, 8% annually, with their available credit instantly being set at $7.50. This means that not only are they able to borrow up to $7.50 at any given time, if they choose to borrow less, say $5, then they would receive 8% interest on the remaining balance of $5! Truly an incredible feat considering all this can be done without the need to visit a bank and prepare tons of paperwork.

Using Everex’s stablecoin wallet

What makes DeFi systems great is that it is for everyone — and it is Everex’s job to make sure that all users, regardless of whether they are experienced financiers or newbies to the crypto space, have full access to the benefits of decentralized finance through our wallet.

Due to the nature of technology, DeFi lending protocols operate only with selected Stablecoins, with the most popular being USDC and DAI, both are USD pegged and valued at $1. What Everex essentially offers is convenient and fast conversions between conventional fiat currencies, such as USD or EUR to USDC or DAI tokens and the fiat-crypto gateway to DeFi lending protocols. Users can simply buy USDC or DAI stablecoins with their local bank account connected to their Everex wallet, then send us a request how much DAI or USDC they want to lend out and start earning passive income with the first closed Ethereum block. Likewise, users can also borrow up to 75% from the DAI or USDC they have contributed to DeFi lending program, which will be deposited to their Everex wallet. Then withdraw the proceeds in available national currencies via our service. It’s that easy! If you find that interesting, please visit our page for more details.

In offering this, our platform promises users instant transactions that are settled within one minute. Everex charges no additional fees and does not require funds to be locked in order to participate in the service.

If you wish to make use of Everex as a way of transferring or receiving funds, please feel free to visit our website for more information. Our mobile app is also available for iPhone users and in Google Play Store.