USDT staking is a pretty new feature and just a few of platforms offer it, even if you can stake USDT with any of the well known platforms you can take max 12% APY.
Yeap, you read it right, 55% APY from USDT.
There is this platform named Waves Exchange, if you don't know about them you can check my previous article on that.
I won't be talking about Waves platform here since everything is covered in the mentioned article above so I'll only focus on their USDT staking feature!
USDT staking is a new thing in this platform and also the first DeFi interchain product. The funds that are staked get accumulated in the Waves blockchain and then they are proxied into DeFi products of the Ethereum ecosystem, including Curve, Uniswap, etc.
OK, enough with the technicalities!
You won't get USDT back!
This calls for another "WHATTTT GIF" So here I go:
You'll get USDLP
USDLP (USD Liquidity Provider) is an asset that determines your stake in the USDT staking pool.
USDLP is the assurance of your funds staked to the smart contract. The USDLP price is formed from the ratio of the amount of USDT in staking to the amount of USDLP assets in circulation. Income in USDT is accrued daily and added to the staking pool, while USDLP is not issued.
You can unstake at anytime, Waves will block your coins for about 2 weeks after you unstake them, the reason behind this is to avoid destabilization. After this you can exchange your USDLP to USDT will be at a new increased rate. The difference in USDLP price when you start staking and exit staking will be your income. This difference can only be positive.
There is no minimum amount, you can stake whatever amount you actually want.
Staking coins is always a good thing! Getting interest for your coins while waiting for their price to increase...it can't get any better. The case with stable coins like USDT is that their price tends to stay around 1$ so what's better than getting a lot of interest like in this case? 55% APY and the exchange rate can only be positive at all times, I mean common you are being like a bank here!
My conclusion is "TOTALLY WORTH IT"!
Are you going to stake your USDT with Waves Exchange?
Posted Using LeoFinance Beta