Noncustodial lending/borrowing mechanisms are popular and newbie-friendly protocols designed to allow cryptocurrency holders to generate yield on their assets. Onyx addresses the challenges of this segment in a completely new manner.Launched in March 2023,allows cryptocurrency holders to earn yield from lending and borrowing operations on its noncustodial platform:
Simply put, Onyx is an example of a community-governed noncustodial DeFi machine with feature-rich lending and borrowing toolkits.Decentralized finance, or DeFi, is a type of finance protocol with no centralized governance. Technically, every DeFi protocol is a combination of smart contracts designed for various finance operations, including lending and borrowing, collateralization and cross-asset conversion.
Also, some DeFi protocols offer payouts in mainstream altcoins, including Ethereum and Binance Coin . Yield farming's popularity spiked in 2020 during the so-calledYield farming went mainstream thanks to its newbie-friendliness: you can just lock some crypto and start generating rewards instantly.
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