- Kiln, a staking platform, has introduced “Kiln DeFi,” which makes it easier for users to obtain stablecoin rewards and gives them the opportunity to earn more money from their digital assets.
- Crypto.com The first to integrate with the new service is DeFi Wallet, which enables it to provide stablecoin incentives to its users through industry-leading DeFi lending protocols.
Kiln, an institutional cryptocurrency staking platform, has introduced “Kiln DeFi,” which aims to make stablecoin rewards easier to obtain and provide customers the opportunity to earn more money from their digital assets.
Kiln claimed in a statement that earning non-custodial rewards for stablecoin assets typically requires users to deal directly with DeFi protocols, which can be difficult, time-consuming, and risky. The researchers stated that many customers instead only choose custodial solutions from centralized platforms, which could raise regulatory risk and related costs.
Kiln DeFi, on the other hand, allows its integrators to provide stablecoin rewards to their users using native workflows within their wallets or platforms from top DeFi lending protocols like Aave, Morpho, and Compound.
The CEO and co-founder of Kiln, Laszlo Szabo, states that access to non-custodial reward opportunities for stablecoins is an essential next step in our mission to democratize digital asset value creation. We are providing our integrators and users with access to the advantages of DeFi by removing an additional layer of complexity by enabling them to easily arrange rewards using blue-chip lending and borrowing protocols.
Stablecoins that use the DeFi protocol can earn rewards ranging from 4.5% to 8% on reputable decentralized lending platforms.
Integrating the DeFi Wallet from Crypto.com
Crypto.com The centralized cryptocurrency exchange created the non-custodial web3 wallet DeFi Wallet, which is the first integrator to use Kiln’s new service.
According to Crypto.com SVP Esther Wong, the integration with Kiln DeFi is a major advancement in our mission to give our users more transparency and simpler access to DeFi options. Our users will be able to generate revenue from their assets with confidence and ease if there are more stablecoin reward options available.
Kiln: What is it?
Institutional clients can utilise Kiln’s staking platform to stake assets and provide white-label solutions to their clientele. Kiln allows native ether staking below the 32 ETH level, although the majority of its staked assets are on Ethereum, valued at over $3.9 billion, according to its Dune Analytics dashboard. Kiln supports several proof-of-stake blockchains. According to Rated, it is also the biggest operator of Ethereum validator nodes, accounting for about 4.4% of the Ethereum network.
Kiln allows cryptocurrency users to stake smaller amounts with the use of specialized smart contracts. It allows stakes to be pooled in order to reach the 32 ETH minimum. Lido and Rocket Pool, which worked with Crypto.com on a similar integration last year, provide an alternative to comparable flexible staking solutions.
Kiln’s Ledger Live dApp was used to introduce liquid staking token (LST) restaking on EigenLayer in May.
Kiln stated earlier this year that it had raised a total of $35 million to fuel its goals for worldwide expansion, having secured a $17 million funding round led by 1kx, with involvement from LBank, IOSG, KXVC, Wintermute Ventures, and Crypto.com.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
