In the last months, Waves started to offer a lot of new DeFi related products, starting with their algorithmic stablecoin USD-N, which can be staked inside the waves wallet (where you hold your private keys). Soon after that DeFo was launched (staking of financial products and other currencies), NSBT staking (the governance token of the neutrino protocol) and Swop.FI, an Uniswap-like exchange still in beta.
The latest product available in the Investment section of the waves exchange wallet is USDT staking, which at the moment offers a 60% APY return (the apy changes daily based on return on the last 3 days, but has never gone under 44% since launch).
In this beta product, Waves collect the USDT and use them in the most profitable farms on the Ethereum ecosystem, generating an income that is distributed to the stakers via an increased value of the USDTLP token (that can only go up!).
It's all very simple and with basically no fee. You can simply send your ERC-20 USDT tokens to your waves wallet (click on the receive tab and it will show you the Ethereum compatible address) or buy them directly on the DEX.
Then click on the investments tab in the wallet and select "STAKE USDT"
In the next tab click again on "STAKE USDT" and select the amount of USDT you want to stake and confirm the transaction, a smart contract interaction that costs 0.005 waves in fee (about 0.02$ at current prices) and you're done!
I did a test yesterday with a small amount. I sent 43.56 USDT, for which I received 42.92 USDTLP tokens; 1 day later my tokens are worth 43.63 USDT, a 0.17% increase in 15 hours!!
The only downside is that unstaking takes about 2 weeks (20160 blocks), so plan accordingly.
"When staking USDT, you receive the USDLP assets in return. USDLP is the assurance of your funds staked to the smart contract. The USDLP price is formed from the ratio of the amount of USDT in staking to the amount of USDLP assets in circulation. Income in USDT is accrued daily and added to the staking pool, while USDLP is not issued.
At any time, you can unstake USDT, i.e. exchange your USDLP assets to USDT assets at a new, increased rate. The difference in USDLP price when you start staking and exit staking will be your income. This difference can only be positive."
