RingFi, an innovative auto-staking protocol platform, once again shakes the market by announcing the launch of Risk-Free Notes NFTs, a system which allows long-term investments and ensures funds are released on the exit.
Although it provides a similar service to Libero and Titano, the platform has gone a step ahead by unveiling its wRING token. RingFi multiplied by 20 the value of its $RING token by being the first to develop a wrapped token, $wRING, which in contraposition to its competitors, is an ERC-20 compatible token. This feature allows users to get the API (392,537%) while staking $wRING in other protocols, thus achieving the possibility of obtaining double rewards with a single token and a single investment.
About Risk-Free Notes NFT
RingFi will issue the first Risk-Free Notes NFTs next week, and they can only be minted by locking $wRING. This new financial product works like a guaranteed check that accumulates interest.
The smart contract contains the assets invested at the time of purchase plus rewards in $BUSD and $wRING that act as backing and interest, respectively. In addition, these NFTs may be traded on secondary markets.
The RFN NFTs allow long-term investment to obtain high interest or be sold on the secondary market for the current value of the invested tokens plus rewards. In both cases, it is profitable and not subject to risk since payment is guaranteed (assets are self-contained in the contract).
RingFi Main Concept
RingFi seems to be looking for the investors' welfare and allows them to liquidate their long-term position without losing the investment by allowing RFN NFTs to be traded on secondary markets or NFTs Marketplaces.
Although RingFi is new in the DeFi industry, it has achieved tremendous progress within a short period. Currently, it is ranked third only behind Titano and Libero.
According to the team, "The goal for RingFi is simple, to build a Crypto Reserve Currency that will still exist in the years to come and become the base for a future ecosystem that offers a range of crypto products and services, all built from a strong foundation of consistent high APY rewards.”
Trust Wallet, a crypto wallet app rated at 4.7 stars and with a total of 166,379 reviews – take from that what you will – has reported on its official Twitter page and community webpage that the app became unavailable “on March 21, 2022 at 1pm PST”, which seems to match the time of the outage reported by more than 3,000 users on Downdetector.
BTC Wires, a leading online digital platform that provides information about crypto and blockchain technology, examined possible reasons in the Trust Wallet case, and came up with steps that crypto users can take.
What Was the Reason?
It is still uncertain if the above mentioned events are related, though the company behind Trust Wallet seems committed to assuring its users that the problem will be solved in “a timely manner”, and transactions have been confirmed to be working just fine.
Another possible explanation for the sudden disappearance of the app from the store might be related to App Store guidelines regarding the use of third-party payment services, which seems to be the case, at least for Trust Wallet, with the words:
“The app does not sell any crypto, you will be redirected to a 3rd party provider” hanging over its official community post forewarning crypto adventures just as those of Dante in the famous Italian comedy.
Apple has reportedly restricted the use of third-party payment integrations when there's no physical exchange of goods or services, making adjustments to their policies whenever legally obliged and/or pressured, as is the case in the Netherlands and in South Korea. However possible for this to be the case surrounding the issue with some wallets, nothing has been disclosed by Apple or by any other company that would confirm this theory.
Are Other Wallets at Risk?
Nevertheless, many users of other wallets and wallet services embedded with exchange platforms have understandably become wary about the situation, which expands the proportion of need-to-know information one requires before trusting any amount of money to a service.
With that in mind, here are a couple of options one can rely on to not have that issue:
NOW Wallet: Since the company behind the wallet is likewise behind the exchange platform, they do not depend on a third party to execute the payments, thus they are compliant with App Store guidelines. The wallet supports nearly 400 cryptocurrencies, about 60 fiat currencies, and NFTs. Since it is non-custodial, the user has full control of the private keys and the funds. There are other benefits to this wallet as well, such as its simplicity and straightforward app design, making the learning curve accessible even to the most tech-averse person.
Coinbase Wallet: Coinbase is a staple in the crypto market by now, and its Wallet product, in opposition to the regular Coinbase service, is a DEX, thus allowing crypto swapping just as other DEXs. It supports all ERC-20 tokens (including USDC and DAI), BTC, BCH, LTC, XRP, XLM, and DOGE. Since its inception, it has been known for its appeal among beginners and is well regarded by its users.
eToro Money Crypto Wallet: Another great option for those who like stability. eToro, like Coinbase, has established itself in the crypto market as a reliable broker service and a wallet. It's trustworthy, supports over 500 crypto pairs, and is secure. On the other hand, it might be too much of a challenge for beginners.
Gemini Wallet: If you are out there looking for something different, this might be what you're looking for. Gemini offers a hot wallet insurance in case of a security breach or hack, which is an added bonus when dealing with money on the internet. There is good and bad in this wallet. Some of the fees can be quite high, and you don't get as many options of currencies (about 70 crypto assets) and they're not as variable as you would get with other wallets. Despite this, it still has a reputation as a reliable wallet.
Ledger Live Wallet: Now if you are in for something more niche, you might like Ledger Live. The wallet is powered by Ledger, the most reliable hardware wallet available, supports 1,800 coins & tokens, and uses advanced security features. The only downside is the lack of online customer support.
Those are not the only alternatives but are currently some of the most reliable ones out there. The perfect fit for you will largely depend on your crypto interests, and while the aforementioned wallets deal with a wide range of assets, you should always do your own research and see what better matches your needs.
Visit BTC Wires to find more news and other crypto-related information.
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