WonderFi Deployed Ethereum Validator Nodes To Better Support DeFi Ecosystem

WonderFi Technologies Inc (NEO:WNDR), a platform providing the masses exposure to a finance model that replicates market-making, borrowing, lending and exchanging without expensive institutional middlemen, established and deployed proof of stake (PoS) validator nodes on the Ethereum network.

What Happened: According to a release on the matter, staking Ethereum (CRYPTO: ETH) through validator nodes — which are responsible for ordering, securing, and validating transactions, as well as creating new blocks — yields approximately 6% APY on staked assets.

“Staking ETH with our own validator nodes is an excellent way to utilize our balance sheet while supporting the DeFi ecosystem,” WonderFi co-founder and CEO Ben Samaroo told Benzinga. “WonderFi continues to evaluate opportunities like this which provide secure ways to generate yield on our assets.”

Why It Matters: The development comes as WonderFi looks to build out a blockchain-based gateway to a new decentralized financial ecosystem — defined by lower cost and better access — addressing many social issues that flow through traditional finance.

“The current financial system doesn’t provide equal opportunities for people, whether it’s people from lower socioeconomic rungs, women, or visible minorities,” Samaroo said in a prior conversation.

“It’s all rooted in how the financial system is opaque and tightly controlled.”

WonderFi’s curated app experience challenges the system, allowing the masses — in a regulatory- and tax-compliant manner — to buy and earn interest on new, emerging assets.

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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


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