Bitrue Yield Farming Bags Multi-Million Dollar Investment
- Bitrue has launched its Yield Farming hub.
- The crypto exchange has partnered with hundreds of coins to set up staking pools.
- Users have already invested tens of millions of dollars in the project.
Cryptocurrency exchange Bitrue has recently launched its Yield Farming hub. The exchange partnered with hundreds of both new and established coins to set up staking pools similar to DeFi. However, the difference is that Bitrue handles everything; therefore there is no risk of impermanent loss.
Users only need to stake their cryptocurrency for a fixed period of time and wait for it to grow so they can profit. Annual Percentage Rates (APR) vary depending on the coin with investors obtaining roughly 60% on average.
Users have already invested tens of millions of dollars in the new service. Eventually, Bitrue will also add support for both XRP and XLM with 25% APR available for both of them.
Bitrue has supported XRP in the past, going so far as making it into one of its base pairs. Likewise, XLM is an incredibly popular point that users are eager to add to their portfolios to grow.
The Yield Farming hub is already the second investment feature Bitrue has launched within the last year. Prior to that, Bitrue launched the BTR Vote recently.
The BTRVote is a governance process where holders of Bitrue Coin BTR are able to stake their coins to support a new coin of their choice. If the chosen coin reaches a threshold of votes, it graduates and is listed on the exchange.
As a result, the users who voted for the coin get to enter a 7-day staking phase of mining for the coin they voted on. The more BTR the user pledged, the more rewards he or she can receive. The rewards are dependent on the coin; however, receiving APRs of 80% is possible.
Both these features are powered by BTR, which is the only dedicated yield token available.
Bitrue notably launched Power Piggy in 2018. This started an industry-wide trend for investment products. Now, the passive earning feature is a staple on exchanges worldwide.
Read more: https://coinquora.com/bitrue-yield-farming-bags-multi-million-dollar-investment/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
