Hi guys and welcome to another lovely day, it’s a new week and new opportunities await us, why not start the week with an alternate investment choice or probably another source of investment.
Defi corner is hosted by TokenPocket with the aim of showcasing and enlightening users of new, trending, and developed DeFi (decentralized finance DApps).
For those not familiar with DeFi, these are platforms with the sole aim of creating financial platforms that offer decentralized nature, autonomous processes, and returns far better than any pre-existing centralized finance platform.
DeFi exists on the EOS blockchain, ETH, Tron, and many others. For today’s writeup, we are going to focus on the EOS blockchain and also steps on how one can get started.
The EOS network runs on DPOS and allows holders of the EOS based tokens to vote for nodes who governs the EOS network.
Doing this means you believe in the system and ready to lockup your coin over a period of time until you decide to unlock it, this creates some form of a healthy environment, and also you can relate this to creating a scarcity in supply of token, if for one reason or the other, the entire EOS community does decide to lock up their coins this will reduce the total amount in circulation and in turn makes supply lower than demand and from business schools, we know this creates some form of price hike.
By staking one’s coin means you get CPU and NET, both responsible for keeping you active on the EOS network, and without one or lack of one, it becomes impossible to use such accounts.
When users stake their EOS based coin, many find it hard to vote on Nodes and some tiring and that’s where GenPool comes into play.
GenPool is an EOS based DApp that houses features which allow users to easily vote on their desired node and get returns in not just EOS but also gen token, the native token of GenPool.
While the Tokenomics surrounding the GEN token is not all that clear as GenPool is still a developing project, what is clear is the team behind the development and also the total supply of GEN which is in millions.
To make it more interesting, users don’t actually give out their eos coins but rather it is done via a smart contract and your eos coins remain intact in your custody at all times.
Withdrawal is totally up to you and when you decide to make use of your coin.
How to use GenPool?
Download TokenPocket wallet if you don’t have one already.
Create or import an EOS account depending on your preference
Click on Discover mode from the asset page and search for GenPool or navigate to the DeFi section
It automatically logs you in with your preferred EOS account