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DeFi YoBit.net: Comprehensive Review, Swaps, Pools and Contest

UTC by Benjamin Godfrey · 5 min read
DeFi YoBit.net: Comprehensive Review, Swaps, Pools and Contest
Photo: YoBit

YoBit has devised new means to further reward its DeFi market customers in a more direct way through trading competitions.

The decentralized finance (DeFi) ecosystem is expanding and has driven a whole new product suite for top cryptocurrency exchanges operating in the space. According to DeFiPulse, the total value locked in DeFi smart contracts has topped $82 billion, a figure that was up from $13.4 billion as of December 1, 2020.

The observable growth showcases how engrafted DeFi products have grown in our world today and moreso, within the past year. In order to bring additional value to DeFi enthusiasts, YoBit.net has launched its DeFi product, introducing a whole new opportunity for producing earnings.

What is DeFi by YoBit.net?

DeFi by Yobit.net is a new product from the Panama-based digital currency trading platform that promises high and consistent yields from such products including liquidity provisions. The DeFi by Yobit product takes a positive detour from the norm as it offers broad range of flexibility to all users.

The historical records of exchange in terms of performance has a big impact on future products such trading platform will offer. Yobit was launched back in 2015 and remains one of the top exchanges to be expanding in product listings and userbase. The exchange boasts one of the largest numbers of trading pairs (about 8,801) amongst modern trading platforms, with enough liquidity backing all the pairs.

The safety of YoBit has never been debated as it remained one of the few exchanges that has never been hacked by cybercriminals. Without compromising its security infrastructure, YoBit lets you open an account in a few simple steps and without the need for Know Your Customer (KYC) completion. This helps guarantee the safety of user’s data, and is also not a requirement to access the DeFi product.

Through DeFi by YoBit, users can:

  • Provide liquidity to earn income from fees generated from each trading pool you back,
  • Swap various assets with ease and convenience.

Both of these products come with no hassle as the exchange has generally lowered the barrier of entry for all users.

Benefits of the YoBit.net DeFi Market

Considering the plethora of platforms offering DeFi related products today, YoBit has a number of incentives designed to benefits its users. Some of these benefits include the unique user interface of the DeFi product. The platform lets users access all of the offerings on one single screen. This eases navigation and improves the experience for users, irrespective of their level in trading.

The convenient interface of YoBit.net gives additional flexibility as it functions without connections with mNetamask or other wallets. Everything fits on one screen, no third-party apps needed. This is a big shift from the mode of functioning of almost all DeFi protocols which depends on third-party apps to allow users to provide liquidity.

Latency on YoBit exchange is very low and transactions takes place instantly. The DeFi products are not dependent on the Ethereum network, which works slowly. The YoBit DeFi product operates with real assets as against the wrapped versions of top assets on decentralized exchanges. This implies that Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Litecoin (LTC) amongst others are traded in their original states without need for them to be transformed to forms compatible with a specific blockchain network. On YoBit.net, you do swaps and get rewards for providing liquidity in real assets.

YoBit’s DeFi product is also renowned for its commission model with only 1% of the transactions being charged. Out of these, 0.1% goes to support the internal Yo token of the platform. This will be positive for HODLers of the Yo Token in the long term. Additionally, 0.8% of the commission goes to payments to liquidity providers, that is, rewards to those who throw their coins into the pools.

YoBit also offers the ability to withdraw to fiat. All users can conveniently make a Bitcoin swap for dollars, and then anonymously withdraw cash without KYC. This ease of cashing out your earnings is designed to function with a more convenient gateway to receive fiat money. All these benefits come at the lowest fees applicable in the industry.

Daily Giveaways in Trading Competition

YoBit has devised new means to further reward its DeFi market customers in a more direct way through trading competitions. The competition is targeted for all DeFi swaps with a daily reward pool of over $30,000 earmarked. The top 20 users with the most trading volumes on Defi receive prizes ranging from $100 to $20,000. The conditions are as simple as being a part of the traders with the highest volume and you may be amongst the lucky winners.

YoBit supports a wide range of DeFi trading pairs, and the payout rate is fast. While many DeFi product offerings around cannot match what YoBit has in store, there is a promise for additional programs to bring many more people into the world of decentralized finance. You can be amongst the early adopters by opening a YoBit.net exchange account today.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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