MyFi Saving — Saving🐋. Earn🐋
The fact that DeFi has fully revolutionized the global financial system is evidenced by its exponential growth. People historically benefited from a low interest rate on their capital held by banks. However, with the introduction of Myfi saving, people can now earn lucrative interest simply by owning rewards in the form of $MYFI token without engaging in any transactions or trades.
How Saving Contract works?
Saving implies locking the crypto assets in a blockchain smart contract for a certain period of time at a very simple stage. Saving requires validators locking up their coins so that the protocol can randomly pick them at particular intervals to form a block. Participants who save more money usually have a better chance of being selected as the next block validator. This eliminates the need for advanced mining hardware to create blocks. Saving justifies making a direct investment in the cryptocurrency. Saving simply means holding money in a suitable wallet on a realistic basis. This allows almost everyone to engage in different network functions in exchange for saving rewards. It might also include contributing funds to a saving pool, which we’ll discuss later.
What is Saving Smart Contract?
A Saving Smart Contract is known as Saving Pools, a set of coin holders who pool their money in order to maximize their chances of validating blocks and earning rewards. They pooled their saving resources and divide the dividend to their address contributions. MyFi have four Saving Smart Contract which are in 3 days, 7 days, 30 days and 90 days. Each pool has different amounts of rewards. The longer the holder save their $MYFI token, the higher the rewards they can gain. MyFi will give rewards for the loyal holder approximately 160% APY based on MyFi.
How saving rewards are generates?
Saving rewards appear to the general public to be similar to interest income. This is due to the fact that the practice is somewhat close to depositing funds into a bank account and collecting interest based on an annual interest rate. The more money you put in, the more money you get back in interest in this case, saving. Saving incentives can mimic interest income if this principle is applied.