Dash coin was launched in 2014 under its original name “Xcoin” which was later changed to “Darkcoin”. At its inception, the coin was developed to assure privacy and anonymity I’m currency transactions. The initial whitepaper tagged Darkcoin as the “first privacy-centric cryptographic currency” and was established mainly on the philosophy of Bitcoin’s founder Satoshi.you can visit https://www.bitcoinsmarter.org for more information.
A year after its launch, a major rebranding transpired and Dash emerged causing the central idea of the project to slightly change. Today, the team behind Dash is pushing the idea of the digital coin beinisremium method for daily transactions.
Dash is also testing new waters as it begins to experiment with cloud functionality and in the Decentralized Finance (DeFi).
Earning Interest in Dash
If you hold Dash in one of your crypto wallets or trading account, there’s an excellent way you can earn interest while hodling Dash. Rather than keep your coin ideal, you can maximize enough profit of up to 6.92% APY on Dash. To earn such profit, follow these simple steps;
Signup for an Interest Account
You will need to register and open an interesting account if you want to earn interest on Dash. Visit the registration page on the website of an interest account provider to sign up. Input your name, email address, and other information required to complete the registration process.
Verify Your Account
After complete registration, check your email for a verification link, click the link and verify your email address. After that, you must also complete a KYC process to validate your account.
Deposit Your Dash
After a complete and approved KYC process, you can go ahead to deposit some Dash coins. There are some options on how to deposit your Dash. Follow through with your preferred option and ensure your Dash coin is safely deposited.
Start Earning Interest
Once your Dash coins have been deposited in your interest account, all you have to do now is wait and watch your profit accumulate. The interest will begin to accumulate automatically and you will see your wealth grow.
Where to earn Interest on Dash
It’s evident that dash is one of the popular digital coins in the crypto market today. However, interest account providers when it comes to Dash are way too few in the market. Among the interest account providers that offer interest on Dash, your best option still lies between YouHolder and Celsius Network
Celsius Network
An interest rate of up to 6.92% APY could be earned on Dash using the Celsius Network. But before you start earning any interest, specific criteria must be met by hodlers.
You must consent to earn your interest in the form of CEL token which is the native token of the Celsius Network. Furthermore, you can only earn CEL tokens if you’re outside the United States.
As regards residents of the United States, they are barred from earning in CEL tokens by the SEC. Therefore, they do not qualify to earn these interest rates. If you prefer to earn in Dash rather than CEL you can only learn up to 5.5% APY on your Dash deposits. Residents of the United States are allowed to earn in Dash, therefore can participate in the 5.5% APY interest rate on the Celsius network.
YouHodler
YouHodler offers interest account owners 5.5% APY on Dash. YouHolder also doesn’t mandate a lock-in period which implies that you are free to withdraw your Dash Coin anytime you want. As regards payment of interest, YouHodler pays out interest on Dash coins every week without any deductions.
Is it Risky Earning Interest on Dash?
Frankly, it’s risky earning interest on Dash, however, the risk is on the low side. You must know about these risks so you can actively keep your funds safe while you earn interest in them.
The interest that accrues on your Dash coin is from the earnings that the interest account providers make by lending fiat currencies and cryptocurrencies. Given their primary business is lending, it sure involves some risks. While most of these platforms have made over-collateralized loans compulsory to help manage the risks, some of them do not compulsory over-collateralization
Conclusion
A good interest rate is never a bad idea. Instead of just hodling your coin and rendering it idle in your crypto wallet, you can always make some decent interest rate. However, you have to be cautious of the risks involved in earning these interest rates so you don’t lose your funds.