Homework task 7 by professor @gbenga decentralized finance
Decentralized finance (Defi) is a game-changer in the financial sector although lots of institutions are yet to embrace the new financial ecosystem.
The introduction of decentralized financial have helped build trust among investors, taking myself as an example I've been a victim of multiple scam platform where I lost money to multiple online bubbles investment platforms these have made me lose trust in any related online investment I run whenever I hear the word invest from any online platform.
As a result, of decentralized finance like staking on some wallet, I began to develop confidence and trust for the defi system.
In essence, I would say the Defi system was able to bridge the gap for users to trust the real financial system where we can make an exchange, borrow and lend, stake, and store our assets without any third-party interface.
Staking
One of the essential tools I've utilized on the decentralized finance system is staking my coins, I've managed to stake some handful of tokens which has been yielding interest daily.
Since decentralization allows users to manage their assets without third-party inference I chose to stake all my coins directly from my wallet using the trust wallet staking finance tool.
Trust wallet
It's an open-source wallet that allows its users to manage their assets using their phrase keys which makes it a none custodial wallet for users to control their and manage cryptocurrencies with their keys a user is solely responsible for the use Of his wallet.
From the wallet, you can have access to Dapps such as aave, pancake, there is also DEX for making an instant swap of coins.
Directly from the wallet, a user can stake his coin and start yielding daily interest here is an example of one of my staking coins.
The idea behind staking is to freeze some amount of coin on the wallet looking at my wallet I staked 1000 trx and be earning some trx on daily basis.
Although the generated APR is low, I chose it because it's safer as I get to control my staking directly from my wallet I can choose to unfreeze my staked trx at any moment.
Staking from the trust wallet app is easy
step one is to fund your wallet with any of the above token/coin
The above coins support staking on trust wallet.
step two is to click on the funded coin I used trx for illustration, click on more and select stake.
input the amount of trx you want to stake and click on continue.
Your trx have been staked and you will start earning some interest.
Conclusion
Generally with the use of a trust wallet a user can have access to multiple decentralized finance tools which includes staking tools, Dapps, and DEX for making exchange of coins.
These increase users' trust and confidence in the use of a decentralized finance tool since I get to manage my asset directly from my wallet there is no need to be worrying about losing my coins to scammers.
Thanks for stopping by
Thanks for being a part of my class and for participating in this week's assignment. I hope you learned from the class as the aim of the school is to teach and allow people to learn alongside.
Trust Wallet has existed for a long time that it has built trust in the heart of all.
Question
What will happen to people's funds, If Trust Wallet stops functioning?
Rating 6
Question
What will happen to people's funds, If Trust Wallet stops functioning?
Answer
This will have a big negative impact on the crypto space; trust wallet has millions of users globally and if such a scenario happens millions of dollars will be lost or locked out.
blockchain security will lose users' credibility and trust; there will be less trust from users which can lead to the withdrawal of funds from other relative wallets due to fear.
Some important info
A. users need to understand that trust wallet only serves as a gateway to blockchain which means funds are not stored on the wallet but the user's address.
With the above fundamental noted the probability of losing funds when a wallet closes is likely very hard since you have full control over your private keys there are chances of recovering funds or moving them to another wallet in case any problem may occur.
Thanks much.