TORTOLA, British Virgin Islands, June 09, 2021 (GLOBE NEWSWIRE) — ADD.xyz, a UK-based Private DeFi Aggregator that aims to bring all DeFi products under a single roof, announces the launch of V3 of its decentralized lending aggregation platform, +Earn. Earlier named ‘Lend and Earn’, +Earn enables users to deposit their cryptocurrencies and earn the best available interest rates across multiple DeFi platforms like Aave, Compound Finance, Yearn Finance, Fulcrum, and MakerDAO. Currently, users can generate passive income by earning interest rates on their stablecoins like USDC, USDT, BUSD, and DAI and altcoins like MKR and CRV. According to the company’s announcement, more tokens are expected to be added to the platform in the future based on the customers’ demand.
Users on automated lending platforms face tremendous resistance to deposit their cryptocurrencies. The biggest challenge comes from high gas fee charged by the blockchain networks and smart wallets on the platforms. +Earn v3 removed the entire functionality of smart wallets and replaced it with a wallet connecting mechanism where users can just connect their Metamask or Ledger wallets directly to the platform and facilitate deposits and withdrawals directly from their own wallet. This reduced the number of transactions and steps users need to take to start earning passive income, which in turn, also resulted in the drastic reduction in gas fees by 90%. +Earn v3 doesn’t charge any platform fee on top
On +Earn v3, all users need to do now is connect their wallets and navigate to the main lending platform. Users can select the lending protocol they wish to use and the cryptocurrency they want to deposit on the platform. Once user approves the deposit, the cryptocurrency automatically enters the selected protocol’s lending contract and automatically starts accruing interest. The entire flow and smart contract automation are secured with regular stress testings and smart contracts audits conducted by partnered organizations.
Arnie Hill, CEO of ADD.xyz says “Our +Earn V3 roll out is important for the lending community within DeFi, we have managed to achieve 90% reductions in gas costs by removing away from expensive ‘smart wallets’ seen on other lending platforms. We’ve worked night and day into simplifying the UI and product processes while increasing functionality by enabling more protocols and more currencies.
“ADD.xyz has never had small dreams. To us, Decentralized Finance (or DeFi) with privacy is a belief in absolute freedom. This is why we are on our road to build a full-stack DeFi aggregator, plugging in multiple products and DeFi applications such as Lending, Privacy Mixing, Aggregated Governance, and much more into a single platform.”
ADD.xyz is a full-stack DeFi aggregator, which is bringing a complete suite of DeFi products and applications into one single platform, focusing on User Experience, Design, Privacy, and Anonymity. Privacy and security are the two most primarily focused features that the organization aims to retain in all its products and services. ADD.xyz is developing solutions to achieve a total decoupling and true sovereign wealth for everyone with our strong focus on anonymized privacy at the protocol level. Other than the partnered integrations, ADD.xyz is already partnered with some of the leading DeFi and blockchain companies like DIA, Metamask. Sentinel, Curve, and ANKR. ADD.xyz is backed by some of the leading venture investors like Nabais Capital, NGC Ventures, Touchlight, and SMC Capital.