DeFi touching $1 billion collateral is a huge milestone: Simon Yu

CEO and Co-founder of StormX Simon Yu said DeFi touching a billion dollar collateral will soon be the talk of the town. “DeFi just recently reached over $1 Billion in collateral which is a huge milestone. A billion dollars might seem like a lot, but with trillions of dollars of potential capital available, the opportunity is endless,” Simon Yu wrote in an article in linkedin. He also went on twitter and made a prediction that Ethereum will touch $500 by next week.

Simon Yu’s project StormX raised $32 million in December 2017 ICO. StormX is a payment platform that supports freelancers.

Simon Yu further stated: “Outside speculation, there are many reasons why you actually need to buy and hold crypto now. Survivors will make a huge impact over the next decade.”

During the ICO phase, Korea-based Hashed invested $1.4 million into StormX. StormX is ranked 301 in market cap currently.

Simon Yu said: “CeFi products like BlockFi are offering 8.6% for a stablecoin and 5.1% for Bitcoin compounded monthly. Whether you want to hold BTC or a more stable value, you can accrue interest every month rather than having it sit in your bank account with almost no interest.”

On the evolved utility token models, Simon Yu said: “Companies like Binance, Metal, Celsius Network, and Crypto.com designed a model where the more tokens you own and use, you receive higher benefits in their products. Outside of speculation, there’s a real demand.”

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Cult Today

Cult Today

CULT is a collective for NFT lovers. We are passionate NFT hoarders, we love minting our own collections and we are always on the lookout for collaborations. Most of our work can be found on StakeCube Marketplace

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