With the rapid development of technology, decentralized finance is becoming more and more of a trend. And not without cause, DeFi provides wonderful opportunities for various projects. Let’s have a closer look at the DeFi aspects of WorkQuest.
Liquidity mining
Liquidity mining is a way to generate rewards with cryptocurrency holdings. Basically, it means earning crypto by locking up the crypto you already have and gaining rewards.
The WorkQuest platform will also offer an opportunity for WUSD liquidity mining. Users receive WUSD for providing liquidity on automated market maker (AMM) platforms such as Uniswap. The more liquidity you provide, the larger the share you receive in the WUSD pool. Liquidity providers can participate in the WUSD seeding by providing liquidity to the WUSD/ETH trading pair on Uniswap in exchange for WUSD rewards. Earn WUSD stablecoins to provide liquidity to the Uniswap WUSD/ETH pool. A fixed amount of WUSD will be distributed every month.
Work USD (WUSD) Savings Product
After completing the work, Work USD (WUSD) can be locked on a deposit for passive income or used to buy other tokens. Regardless of the amount you can afford to save or the length of time, this will allow you to earn up to 5% per annum in Work USD (WUSD).
Retirement Savings Program
Each user of the platform can also use the retirement accumulation program, where a percentage of the sum of the completed smart contracts will be automatically deposited into their savings account after completion, bringing a profit in the form of annual interest.
P2P insurance
The core idea of P2P is that a set of like-minded people with mutual interests pool their insurance policies, introducing a sense of control, trust, and transparency while at the same time reducing costs. Each decision is made through discussion and vote. Users of the fund have the opportunity to disperse the fund amongst them at the end of the year. This way, there will be no central entity that might withhold clients’ funds. The user transfers contributions by forming an insurance fund. Part of the money goes towards payments for insured events, and at the end of the year, the fund’s team votes on whether to leave this amount in the insurance fund or if it should distribute the remaining money among the participants.
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