after celsius network hit the headlines via abruptly pausing all withdrawals, a rival crypto lending and savings platform tells cointelegraph how it is one of a kind.
a crypto platform is stressing that it has a totally specific commercial enterprise model than the embattled celsius community — and strives to make its users’ money paintings for them in a sustainable way.
in a live ask-me-something consultation on cointelegraph’s youtube channel, youhodler ceo ilya volkov said the hobby charges presented thru his business enterprise are sustainable — and unlike others in the space, the exchange isn’t exposed to third-birthday party hazard.
volkov said youhodler is “self-sufficient” and hasn’t been backed by means of an preliminary coin supplying or challenge capitalists, with consumer budget by no means placed underneath a person else’s control.
explaining how the buying and selling platform can have enough money to provide hobby rates that beat banks, the ceo explained it stocks a “widespread component” of its revenues with customers — and while requested approximately the current bear market, defined disaster as a time of opportunity.
“it is a pleasant time to prove that the whole lot is up and going for walks, we’ve a sustainable commercial enterprise model, we’ve got right chance management,” volkov stated.
illustrating how this works in exercise, the ceo pointed to how the modern climate had caused youhodler to reduce the most amount that every consumer should earn interest on — from $a hundred,000 to $25,000 — with the prospect this may increase in destiny.
and on the topic of sustainability, he burdened that youhodler has no connections to different defi protocols — some thing that has led to extreme complications for some of rivals.
volkov mentioned that the crypto winter is tough for many, but pointed to the fact that different asset instructions also are struggling as excessive inflation and key price hikes from the u.s. federal reserve make a contribution to “numerous panicking in the marketplace” — with fears growing that a recession is probably on the horizon.
he explained that youhodler gives merchandise for passive and active crypto traders alike — catering to folks who absolutely need to shop for or swap virtual property, people who want cash to pay bills without selling off their crypto, and superior traders who intend to apply lending for leverage.
giving his vision of building a bridge among defi and cefi, youhodler’s ceo was confident that the destiny is shiny for the enterprise.
“we all witnessed a transition from private garage to cloud garage. now, we’re 99% cloud-based totally. i trust that, in a few years from now, we will all be blockchain primarily based in phrases of storage of facts, in phrases of virtual identities,” volkov stated.
he went on to reveal that youhodler’s very first defi product is slated to release in july — and that it will likely be easy to apply without a staking or pooling it truly is connected to 0.33 parties.
no longer your keys, now not your crypto?
a commonplace refrain with crypto wallets and lending structures pertains to an antique saying from bitcoiners: “not your keys, no longer your crypto.”
even as volkov is a company believer in hardware wallets and makes use of one in my opinion, he believes that companies like youhodler can and have to keep a place within the atmosphere.
he said: “an alternative to banks is cash. how desirable is it to have coins for your kitchen? of path it is going to be secure until a person steals it someway. cash need to work. cash need to make cash, it is a chief principle for money management. that’s why it’s higher to distribute it — it’s better to use part of your funds in cold storage and in a hardware pockets, and some other part operating within the market.”
looking ahead, youhodler is making plans to launch its own credit card and establish connections between hardware wallets and its utility for ease of get admission to.
“the closing mile is constantly the most complex and the maximum hard,” volkov said.