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The decentralized finance (DeFi) explosion in 2020 was driven in a large part by decentralized applications (DApps) with astonishing annual percentage yield (APY) estimates for cryptocurrency staking. Some of the newer platforms advertised 1000%+ yearly interest, but of course, these unreal estimates eventually nosedived towards more reasonable figures. 

The insane APYs offered by DApps have mostly collapsed, and many investors are moving to centralized platforms like BlockFi. Interest-bearing accounts are not the only service BlockFi provides. You can also purchase cryptocurrencies on the platform and even get a USD loan backed with your tokens. BlockFi and Binance Exchange’s tweaked copy of Ethereum, Binance Smart Chain (BSC), prove that complete decentralization isn’t always the best solution. 

What Is BlockFi?

BlockFi is a cryptocurrency exchange and lending platform available in nearly every U.S. state and most countries worldwide. Few platforms apart from BlockFi have both digital asset trading and lending services. It’s probably the closest thing to a cryptocurrency bank you can find. Unlike regular banks, however, it offers high interest rates on your holdings.