How to benefit from EFG
Decentralized Finance or DeFi is one of the hot crypto trends these days and it is now available on a decentralized network. Just so you know, DeFi is not just about lending, borrowing, and trading, it can be more than that. In this article, we are going to explain about how to benefit from DeFi. Especially for EFG, let’s get to know on how it works.
EFG is a decentralized currency created from ECOChain developers. It is built on ECRC-20 and sharing same interface of ERC-20 (Ethereum). EFG aims to simplify DeFi for general users and help boost their profit at the same time, even for the digital asset novices. Actually, EFG can also be both a platform for borrowing asset and giving the benefit for users. Users can first deposit their ECOC into the system as collateral to borrow. Then, if they wish to stake EFG in the system, daily staking reward will be generated in the form of GPT token. So, what is GPT?
GPT stands for “Grace Period Token” which is another token created from ECOChain developers. This token is created in order to be given as a reward for EFG communities, EFG stakers will be rewarded GPT depending on the duration and amount of EFG stake.
GPT can be used for delaying liquidation of the collateral in the system, this is in case of the collateral price dropped. So, if we deposit GPT, the delay process will start and end 7 hours later and the amount to be used will depend on the collateral amount. In the meantime, users can buy more EFG to redeem their collateral back. If not, their collateral will be lost and they can just keep their EFG. In order to avoid this situation, let’s grow the GPT!
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