DefiBids represents a fundamental shift in the way cryptocurrency auctions function. Unlike the competition, DefiBids allows users to stake their tokens, even while actively using these coins to bid on auction packages. As such, DefiBids adds a DeFi Twist to the traditional auction strategy.
This new approach means that you don’t have to win the auction to profit. Anyone can secure a passive income bidding on DefiBids via its next-gen staking protocol. In this network, a percentage of every bid (1%) and the total auction profits (15%) are sent to staking pools and redistributed to users via a rewards protocol.
Unlike most staking protocols, there are no lockup period restrictions and your rewards are paid out daily. Daily staking rewards are a big plus because many platforms can make users wait over a month to receive their profits. DefiBids users start earning the moment they join the staking pool.
Importantly, staking protocols are more popular than ever. These systems allow users to lock their cryptocurrency into smart contracts. These contracts are designed to pay out rewards based on the total amount of coins staked and the length of time you stake your coins. To earn more, you can simply stake more coins or stake your tokens for more time.
Staking is Better than Trading
For new traders, staking is a smart option to consider versus trading. To become a profitable trader you need to have some understanding of the market and who are the key platforms worth your investment. Both of these prerequisites require you to invest a significant amount of time researching your investments. Even worse, the market is volatile and there is no guarantee that no outside factors, beyond the scope of your research, spoils your trading profits such as regulatory changes or whale dumps.
In comparison, staking protocols allow you to keep your digital assets and still earn profits. There is not much research involved other than ensuring the platform you are staking on is legit. Notably, every staking platform has its own lockup periods, rewards, and technical aspects that may or may not make it ideal for your investment strategy. Luckily, DefiBids integrates a straight-forward staking mechanism that anyone can utilize.
Staking is Better than Mining
Staking protocols are preferred to mining coins as well. Primarily, staking systems are better suited for the masses because there’s no upfront investment into hardware such as expensive mining rigs. Additionally, your rewards are guaranteed. In the mining environment, depending on the network, there is no guarantee that you will ever receive a reward for your efforts.
Staking on DefiBids
Staking your tokens on the DefiBids platform is as easy as it gets. You simply need to convert your ETH over to the network’s native token — BID. Notably, the BID token is ERC-20 compliant. As such, it’s compatible with most DeFi systems that support the Ethereum ecosystem. There will be 50,000,000 BID tokens available throughout the life of the project.
Scarcity is King
DefiBids avoids inflationary concerns via a combination of strategies. For one, the network’s BID tokens are finite in nature. The more users on the network, the more demand BIDs will experience. Additionally, the developers behind this next-gen platform wisely decided to pay out rewards in ETH rather than BID tokens. This decision was brought on by the recent spat of inflationary concerns voiced by early DeFi platforms that followed a native reward token issuance policy.
A Deflationary Network
DefiBids is a deflationary network that integrates various burn mechanisms to ensure that the demand for BIDs remains positive for investors. In this system, every transaction has a 2% fee. From this fee, 1% gets burned. These tokens are removed from circulation forever by sending them to address 0x0. The other 1% goes into the staking pool to increase the liquidity of the project.
DefiBids has gone to great lengths to demonstrate its commitment to investors. The platform’s launch includes a one year token lockup period. Specifically, all foundation tokens are set to be locked for one year. Developers also have locked a large portion of marketing funds. These funds are to gradually be released into the network over the coming months. In total, 250 ETH and 2.5 million BIDS have been locked up since the project launched.
Choose the Auction that Fits Your Style
DefiBids introduces a bunch of new and exciting auction options. There is your normal auction, like what you would see on eBay, where the highest bidder wins the package. There’s also the “Lowest Bid Auction” option. In this scenario, it’s actually the smallest bid that wins the tokens. One of the coolest auction types by far is the Price Reveal Auction (PRA).
PRA auctions start off with a hidden price. Users pay a small fee to see what that price is at. Every time a new bidder reveals the price, it drops the listed price down slightly. The goal is to eventually reach a price point that is acceptable to one of the bidders. When this occurs the bidder can accept the price and the auction is closed. What’s really cool about this approach is that the more people who use this style of auction, the lower the price of packages.
Another way to earn on DefiBids is via its referral package. This referral program is one of the most aggressive in the market currently. You receive 5% of your referral’s bid placed on an auction. Just like the staking rewards, your rewards are paid out directly in ETH.
DefiBids — A Complete Defi Auction Ecosystem with Perks
DefiBids provides users with savings and excitement. You can secure a variety of different incomes just by participating in the network. Additionally, the deflationary measures and the fact that you receive all your staking and referral rewards in ETH is a huge plus. For these reasons, DefiBids could become a serious contender for investors seeking access to the DeFi sector.