Weekly Staking and Yield Farming Review — 19th February 2022
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Who is your favorite shark in the show Shark Tank?
Kevin O’Leary aka Mr Wonderful is a popular figure in the world of finance. As well as taking an analytic approach to his shark tank investments he has been doing the same recently in the world of crypto. In the last 12 months Mr Wonderful has turned from a skeptic to a believer. The proof of his commitment and belief in cryptocurrency is his platform Wonderfi which has been receiving a great deal of publicity recently.
We decided to take a dive into Wonderfi, a platform that promises to open up DeFi to everyone.
Firstly, you have to register to download the app and thus get to see what assets/products the platform actually offers and the APRs that are available. That registration process involved the receipt of multiple verification codes (three to be precise) a pain in the ass for the most tolerant user.
Crypto investors are accustomed to opening a website and having the APR and TVL stating right back at them. If they don’t like what they see they quickly move on. That convenience isn’t available with Wonderfi.
Let’s assume you are a patient investor who has faith in the Mr Wonderful brand and you decide to take that shortish journey to download the app.
When you reach the promised land it is a total let down.
There are limited staking options with pathetically low interest rates — the highest being 2.4%. Also for a platform that talks about ease of use and opening up DeFi to the average person this is one to avoid for now. Navigating the app is not easy unless you know what you are doing and understand the terminology.