What Does DeepStake Stand For?

Achal Arya Sponsored published April 5, 2021 | modified April 5, 2021

Deep stake

What Does DeepStake Stand For?

With a rapidly expanding decentralized finance (DeFi) ecosystem, DeepStake is among the few platforms concentrating on giving users the highest staking rewards. The protocol uses a native token to keep tabs on the industry.

Its assorted cryptocurrency pools automatically adjust to changing liquidity needs. Consequently, it allows DeepStake to be both sustainable and profitable.

On the other hand, the blockchain-based protocol brings several advantages to its users. For example, it simplifies connection with the decentralized finance industry. Additionally, it provides an enhanced and secure way to stake. DeepStake calls DEST, its native currency, “the vanguard in decentralized finance.”

Notably, the token has no pre-mine and team allocations giving users a fair chance of receiving the highest yields during buying and staking. At launch, the total supply stands at one million coins which are purchasable on the project’s official website.

However, after depleting the initial supply, DEST would be available for purchase on Uniswap. For early birds, there’s a 60% discount on token purchases made before April 28 this year.

Advantages of DEST to Holders

DeepStake’s native asset gives holders a seat on the decision-making table. They vote on crucial proposals, such as the kind of cryptocurrency pools to add to the platform. Additionally, they power the network’s lending and borrowing functionality.

Borrowers receive discounted loans while lenders or liquidity providers earn a premium on deposited funds. Furthermore, DEST holders qualify for between 10 and 30% bonuses with occasional random super rewards.

With the DeFi space plagued with excessive transaction costs, DeepStake provides an easy way out through constant adjustments. Notably, this makes yield generation reliable as it keeps iterating upcoming yield farming opportunities in the DeFi ecosystem.

How to Stake and Earn on DeepStake

Staking on DeepStake starts with connecting your wallet and choosing your preferred pool. Next, hit the stake option on the pool’s interface, enter the amount you wish to deposit, and click the stake button.

You can view your yields grow over time. Note that staking rewards are distributed using the DEST token.

However, to withdraw the incentives, you need to first claim them. The claiming process requires that you first connect your wallet. Clicking the claim button shows the total number of DESTs you’ve earned. From here, you can withdraw or re-stake the yields.

Fortunately, DeepStake allows users to unstake at any time. In such a scenario, the rewards are calculated based on the total number of days staked.

DeepStake gives a lockup or vesting period of 30 days. Keeping DEST tokens locked for the entire period provides an interest rate of 333% per 24 hours.

Observe that there is a 20% membership fee charged on all DEST staking yields. However, the fees go to providing sustainability and development to keep the protocol on track and updated.

In the near future, the network’s developers target to introduce yield index products to cater to investors requiring different risk levels. Products in the pipeline are Super Yieldex which hosts high-value pools, Blue Chip Yieldex for the highest DEST-based returns, and Stablecoin Yieldex for low-risk investments.

Contract address:

Buy DEST on Uniswap

Website https://deepstake.finance/
Twitter https://twitter.com/deep_stake
Telegram https://t.me/DEEPSTAKE

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Achal Arya 390 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
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