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How To Avoid Fake Defi Protocols Offering Outrageous APY. - Nairaland / General - Nairaland

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How To Avoid Fake Defi Protocols Offering Outrageous APY. by Coinfisherfx: 7:55pm On Apr 26, 2022
Cryptocurrency is now one of the major ways of making legitimate money. So many cryptocurrency platforms are being created every day and it’s important for you as a beginner to inculcate the habits of Researching on any of these platforms before getting involved with any crypto activities.

CoinfisherFX wants to share with you why it is important to avoid any unpopular Defi Protocols platform that is offering you high APY on your investment.

most of these platforms get your attention with this high APY and if you are not careful enough you may ending investing in a platform that will scam you.

I want to point out two key factors here (1) what you need to know about APY & what is actually a Decentralized Finance.

APY: simply Means Annual percentage yield (APY) acts as a cryptocurrency savings account similar to an annual percentage rate (APR) account. You can deposit your USDT (or another crypto asset) and receive a fixed rate of return over a specific period of time.
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