CryptoLocally – the first P2P platform to provide a DeFi feature, has announced the debut of version 2 (V2) of their Finance Wallet, which follows the release of their first DeFi feature and Finance wallet V1 back in September of this year.
This upgraded version of their Finance Wallet comes on the back of a strategic partnership with Idle. Both parties have come together with the shared vision of a product that will provide a path to financial inclusion, enabling users to earn more passive income on their crypto than ever before.
Despite a global pandemic causing almost never before seen market chaos, the disruption of the traditional market economy saw many investors choosing to invest in alternative asset classes which fared much better in the third quarter than most traditional assets. The keen interest in both DeFi projects and yield farming has resulted in greater investment in products that provide greater accessibility to these assets.
Accessibility and Inclusivity
At the heart of the CryptoLocally platform is the belief that trading should be inclusive and accessible to everyone – regardless of their location or access to traditional finance. There are currently 1.7 billion people living without access to financial services, which is why platforms such as CryptoLocally are so instrumental in pushing inclusivity and accessibility for all so-called “developing nations” who form a key part of the global economy. Integrating the trading platform with DeFi features has allowed users from around the world, who might not otherwise have access to financial products, to have a viable pathway to financial inclusion.
CryptoLocally’s first DeFi feature, their Finance Wallet, was set up to provide access for all users – particularly the unbanked, who would not typically have access to financial products. The Finance Wallet also allows the user to earn passive income, whether they want to trade or simply hold their cryptocurrency on this platform, narrowing the gap between traditional finance and DeFi.
Strategic Partnership with Idle
As anyone remotely interested in yield farming knows, the strategies involved in successful yield farming have become increasingly complex. The partnership between Idle and CryptoLocally has resulted in the Finance Wallet V2 that makes yield farming easier than ever before. One of the most attractive offerings from this partnership with Idle is the automation aspect, which takes away the stress from yield farming and eliminates the need for the individual to undertake complex yield strategies.
V2 offers a higher yield for users and is powered by Compound, Aave, Maker, and dY/dX through Idle. The Idle platform was designed to allow users to sit back and watch the interest on their funds grow. The Idle technology allows users to increase their yield without having to constantly find new strategies themselves. By automating this process, Idle and CryptoLocally have made yield farming accessible for everyone.
New Features in Finance Wallet V2
While the initial release of CryptoLocally’s Finance Wallet in September was the first leap into providing DeFi opportunities for users, what new features or upgrades does this new version of CryptoLocally’s Finance Wallet have?
The first version was designed to allow users to earn staking rewards on ETH, DAI, USDT, USDC, as well as their native token, GIV. Since then, they have added Uniswap’s token (UNI) to the Finance Wallet as well. Version one of the Finance Wallet was only powered by Compound, while V2 is powered by Compound, Aave, Maker, and dY/dX through Idle. By integrating with the most popular platforms in the DeFi market, the Finance Wallet V2 makes yield farming easier than ever. Going beyond simplicity, V2 also offers a higher yield than V1 (see the current APY rates in the following example images).
Version 1 APY example:
Version 2 APY example:
When it comes to security and transparency, CryptoLocally is non-custodial and uses a smart contract escrow to provide additional security for their users. Nothing has changed with regards to the security aspect since V1, and the user still will be able to maintain full control of their crypto assets.
Another new feature to the Finance Wallet V2 is that users can now see the total value (TVL), in USD, of all assets that are staked on the Finance Wallet. It is important to iterate that if you are an existing user of V1 and you have staked your crypto on this version, you will need to unstake on V1 and then restake on V2 in order to use the newer version.
Concluding Thoughts
With the current DeFi landscape maintaining its upward curve and the financial quarter picking up after a rocky first quarter, 2020 is coming to a close with a positive outlook for cryptocurrencies and those investing in them.
The release of the first CryptoLocally Finance Wallet in September was significant as it was the first P2P trading platform to provide a DeFi feature, marking a step forward in the platform’s mission to provide a truly inclusive and decentralized product. The platform’s strategic partnership with Idle has enabled the birth of the CryptoLocally Finance Wallet V2, which allows anyone to gain exposure to yield farming and earn the best possible yield, without having to be an expert in this area.
Idle’s technology greatly simplifies the process of yield farming and allows users to maximize returns across DeFi protocols. Apart from marking a stepping stone for CryptoLocally, the announcement of the Finance Wallet V2 also speaks more broadly to the health of DeFi and the continued interest and support for financial products that make banking and trading more accessible for everyone.
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