thecryptobasic.com
Yield App, a prominent digital asset platform, has added support for XRP and five other crypto assets, allowing its users to earn passive income from a broader offering of tokens.
The team behind the platform announced the development in a recent post on X. Besides XRP, the Yield App also included support for Polygon (MATIC), Solana (SOL), Cosmos (ATOM), Polkadot (DOT), and Chainlink (LINK).
📣 We’ve listed 1, 2, 3, 4, 5, 6 new assets!
Earn up to 5% p.a. on $XRP, $MATIC, $SOL, $ATOM, $DOT, and $LINK.
Explore six new ways to make your crypto work harder for you: https://t.co/4SdQ9tCEJ8 pic.twitter.com/KoN03mftni
— Yield App (@YieldApp) October 23, 2023
Their official press release sheds more light on the respective yield opportunities awaiting investors for each newly introduced asset. Typically, the Yield App features two types of products for XRP and other assets. These products are Flexible and Earn+.
Interestingly, the platform also offers four membership tiers, with an opportunity to earn more as the tiers move up. The tiers range from Bronze to Diamond, and any customer’s position depends on the amount of YLD, the platform’s token, that the user holds.
XRP Earn Opportunities
Notably, with Flexible staking, users can redeem their assets anytime they wish. However, with this product, there are less favorable rates. For instance, XRP sees an earn rate of 0.25% to 1.50% for the Flexible product, depending on the tier of the user.
On the other hand, Earn+ presents an opportunity for higher rates, but the product mandates the user to lock up their assets for 30 days. With XRP, the rates for Earn+ range from 0.50% to 3.00%. These rates also depend on the user’s tier. Note that all rates are on a per-annum basis.
Yield App is a DeFi protocol allowing customers to earn yields from staking their crypto assets. The project claims to get its yields from arbitrage trading, exposure to other DeFi protocols, and a market-neutral strategy. The recent development brings their total supported assets to 14.
The Need for Yield
XRP investors cannot stake their tokens directly on the XRP Ledger to earn rewards for contributing to its security due to the unique consensus model of the network. As a result, proponents resort to third-party protocols to earn rewards on their holdings.
However, it is important to exercise caution and conduct thorough research before committing to any platform. The XRPL is on the verge of giving investors a chance to earn rewards on the network by introducing a native AMM. However, the feature is still undergoing governance voting.