Decentralized finance has brought with it numerous opportunities for active investors to grow their investment portfolios. Early adopters of DeFi lending protocols have seen their investment grow from almost nothing. Chipz, a new decentralized staking platform, takes DeFi to the next level by providing users with NFTs and a scintillating flash loans experience.
Chipz flash loans are executed through smart contracts; this eliminates any third parties and guarantees reliably fast transactions.
How to earn with Chipz flash loans
The Chipz platform aims to offer what is undoubtedly the best staking experience — with users given the freedom to create their betting odds and staking limits. What’s more, you’ll now be able to stake and bet on your favorite sports even when you run out of CHPZ tokens.
How is this possible?
The flash loans feature scheduled to roll out in the future versions of the platform. The platform will be supported by liquidity firms that enable users to request a loan delivered using your ETH wallet balance as collateral.
The team at Chipz is planning more user-friendly features in the platform’s ecosystem. The features include rolling out the CHPZ loan, which will run beyond your ETH wallet.
Besides using your ETH, you’ll have more tokens to use as collateral for obtaining a loan on the platform — Chipz plans to partner with more cryptocurrencies. This platform will provide endless betting opportunities for people holding various crypto wallets but with zero CHPZ token balance.
The platform will set a percentage of the CHPZ amount you can take as a loan. The loan amount in CHPZ will be equivalent to the amount set as collateral and is set to attract a fixed interest rate. So if you set 10 ETH as collateral, you’ll receive its equivalent in CHPZ as a loan that you can use to stake your bets.
Loans on the platform will be executed via smart contracts. Users can enjoy quick disbursement of loans for bidding on possible outcomes. During the early development phase, Chipz users will only use the loaned CHPZ to bet on a single outcome at any given time. However, plans are underway to enable early Chipz adopters to take a loan and bid on multiple outcomes at any single time.
So, what happens to the loan after the outcome?
The Chipz lending system is set so that if your bet wins, the smart contract is executed, and earnings are distributed to cover the loan amount. The rest goes to your account as a share of the prize pool.
In case your bet losses, the loan recovery will be initiated. Here, the collateral is taken to cover the loan by distributing it to the winners of that particular outcome.
This low-risk lending should give betting players a new and unforgettable gambling experience.
The decentralized platform also plans to introduce non-fungible tokens, such as cars, in August 2021. NFT enthusiasts can leverage additional assets to diversify user investment portfolios.
Advantages of the Chipz flash loans
The Chipz platform is offering something new in terms of a lending protocol that is low risk. Adopters of this DeFi protocol will enjoy the following benefits:
- Low fees charged on the borrowed amount.
- CHPZ loan executed by a smart contract without third parties such as banks.
- The loan attracts a fixed interest rate that will favor those taking a high amount of loans.
- The lending protocol is built into bets.
- Fast processing of earnings
Chipz is a first of its kind decentralized platform with the potential to grow as more users buy the CHPZ token. The CHPZ presale already began on June 11, 2021, while the public listing on Uniswap is scheduled at 6 PM UTC on 6th Aug 2021, at $0.05/CHPZ. As more updated versions of the platform rollout, CHPZ holders will have the chance to become bookmakers, enjoy CHPZ loans and play a part in the governance of Chipz.To receive announcements, follow Chipz on Twitter and Telegram.