DeFi lending sector of the crypto industry has been growing exponentially, and many platforms are looking to leverage this growth. One of such platforms is the ADD.xyz DeFi lending aggregator. According to Forbes, the growth of the DeFi market accelerated in 2020 and has continued ever since. The market went from $700 million in 2019 to a whopping $13 billion in 2020. In 2021, Forbes also highlighted that the DeFi industry has grown to a $40 billion market.
Such market growth is currently witnessing the influx of many DeFi projects, which are mostly groundbreakers. ADD.xyz is one of these new DeFi lending aggregators looking to disrupt the industry.
ADD.xyz DeFi Lending Aggregator
ADD.xyz is a private DeFi lending aggregator that is designed to accommodate all DeFi products in one platform. The company recently announced the launch of V3 of its decentralized lending aggregation platform known as +Earn. Formerly called “Lend and Earn,” +Earn helps users to deposit their crypto coins and earn mouthwatering interests across multiple DeFi platforms like Aave, Compound Finance, Yearn Finance, Fulcrum, and dydx.
Users of +Earn can generate passive income by earning good interest rates on their stabelcoins like USDT, DAI, BUSD, USDC, and altcoins like MKR and CRV. According to the statement from ADD.xyz, more tokens will be added to the platform in the future, and it will be based on customers’ demands.
According to Arnie Hill, the CEO of ADD.xyz, “our +Earn V3 rollout is important for the lending community within DeFi. We have managed to achieve 90% reductions in gas costs by moving away from expensive “small wallets” present on other lending platforms. In addition, we have 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 (DeFi) with privacy is a belief in absolute freedom. This is why we are on our road to building a full-stack DeFi aggregator, plugging in multiple products and DeFi applications like Lending Privacy, Mixing, Aggregated Governance, and much more into a single platform.”
Currently, ADD.xyz has partnered with leading DeFi and blockchain companies like DIA, Metamask, Sentinel, Curve, and ANKR. In addition, ADD.xyz is also backed by some leading venture capitalists like Nabais Capital, NGC Ventures, Touchlight, and SMC Capital.
ADD.xyz $ADD Token
The ADD.xyz DeFi lending aggregator has a native token, the $ADD token fueling the ecosystem. It is designed to power the internal operations and protocols of the ADD.xyz network. $ADD is built with high utility and value generation, and users can buy, hold, and stake $ADD to earn higher rewards on the ADD.xyz DeFi Lending aggregator. To stake and earn $ADD, all you have to do is hold $ADD tokens in your wallet. By holding these $ADD tokens, you are contributing to the security and governance of the ADD.xyz network.
Ways ADD.xyz Is Disrupting The DeFi Lending Industry
Reducing gas fees by up to 90%. Most users on some of the automated lending platforms find it difficult to deposit their cryptocurrencies on these platforms. The major challenge is often the high gas fees charged by the blockchain networks and smart wallets used on the platforms. The launch of +Earn V3 eliminated the small wallet functionality and replaced it with a different connecting mechanism. As a result, any user can connect their MetaMask or ledger wallets directly to the platform to make deposits and withdrawal easier and directly to their own wallets. This process reduced the number of transactions users need to execute, hence drastically reducing gas fees by up to 90%.
Seamless interaction with multiple DeFi lending platforms. With the +Earn V3, users can easily navigate to any DeFi lending platform within the ecosystem of ADD.xyz. Once your wallet is connected, and the deposit is approved, the cryptocurrency will automatically enter the selected protocol’s lending contract and begins to accrue interest.
As a general DeFi aggregation platform, ADD.xyz is undoubtedly in line to disrupt the DeFi market. However, being a relatively “young” platform in the DeFi industry, only time will tell the full impact in the industry.