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Deepstake is a staking platform that eases the staking of cryptocurrencies with deep liquidity. Interestingly, it automatically conforms to liquidity needs on a 24-hour basis.
Deepstake Finance, a new protocol that powers an innovative staking ecosystem, has finally gone live, offering some of the highest yields on leading coins in the conventional crypto space and the decentralized finance (DeFi) sector.
For example, staking Bitcoin with a lockup period of 30 days results in an annual percentage yield (APY) of above 330% while providing liquidity for the COMP/ETH pool has a 335% APY.
What Is Deepstake?
Deepstake is a staking platform that eases the staking of cryptocurrencies with deep liquidity. Interestingly, it automatically conforms to liquidity needs on a 24-hour basis. The automatic liquidity reconfiguration depends on the needs of individual pools.
The most immediately noticeable advantages of using the platform are that it hosts leading virtual currency liquidity pools, has the highest APY rewards, is secure, and has some of the lowest commissions in the industry.
The Deepstake ecosystem has Ethereum (ETH) at its core, followed by other cryptos such as Tether (USDT), Basic Attention Token (BAT), Uniswap (UNI), and Curve (CRV). Currently, the project is in the beta phase and is projected to be open to the public after roughly 1.5 months from now.
Deepstake Tokenomics
Deepstake has a native currency called the DEST token. Notably, the protocol offers a 60% bonus on their purchases for early bird investors. Unfortunately, the discount ends on April 28 this year. To make it a level playing ground for all users, Deepstake developers didn’t initiate pre-mine or initial allocations such as to team members, advisors, and marketing. As such, the circulating supply starts at zero. DEST has a total lifetime supply of one million tokens.
According to developers, the base asset brings a unique perspective to the staking and the general DeFi scene. For example, it seeks to declutter the space by providing interaction through a single token allowing stakers to have a streamlined experience.
The token squarely fits into the platform’s vision of providing a beneficial and sustainable staking model. DEST is highly flexible in adapting to changing conditions within the Deepstake arena. In its own terms, the native token targets to be the DeFi’s vanguard.
How to Buy DEST Coins?
Currently, DEST can only be purchased on the platform’s official website. However, after depleting the amount allocated for purchase using this method, primarily for early investors, the functionality of buying the token will shift to Uniswap.
The Future of Deepstake
Deepstake developers have more in store for the network users. For instance, there are upcoming yield index (Yieldex) products. Notably, these offerings provide a layered growth and risk profile. Each product would be marked by an independent pool. The assets in a pool provide the distinguishing features.
Among the top pools would be the one hosting top cryptocurrencies such as Bitcoin and Ethereum. This will be called the Super Yieldex. Notably, those seeking the highest yields have their place on the Blue Chip Yieldex. Fortunately, Blue Chip will focus on rewards across the whole DeFi ecosystem. Interestingly, the Blue Chip Yieldex “will automatically source and advice” on the most appropriate incentives in the space.
Apart from the above two yield indexes, Deepstake will also have the stablecoin yield index. The product will serve those looking for a high yield without risking too much.
In the near future, Deepstake aims to introduce decentralized community governance. When that happens, the community will use their DEST holdings to suggest and vote for new features or products to add to the yield index buffet.
Community Governance and Gas Cost Are Next
More than community governance, the future looks bright for DEST holders since they will be allowed to drive the lending and borrowing aspect of the vast Deepstake ecosystem. In return, they will receive discounts of between 10 and 30 percent. Occasionally, DEST holders will receive random bonuses.
Another critical feature under the developers’ radar is the transaction fees. Using DEST, the developers already have a rough sketch of how to curb gas costs from spiraling out of control.
Above all, the platform vows to be in the loop on what’s happening in both the DeFi subsection and the entire crypto scene regarding yield farming and enhancing the functionalities of the base token. With a rapidly-changing DeFi industry, being in touch with live happenings leads to an ever-evolving, adapting, and an up-to-date yield farming platform.
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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.
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