Decentralised finance (DeFi) platform, Stakefair, has launched its innovative no-loss staking platform.
Stakefair is a gaming platform where users can predict the outcome of sports matches and other events, stake digital currency on these predictions, and earn money. Previously in beta as BetDemand, it has enjoyed great reception in its beta stage, onboarding over 6,000 users already and recording over $800,000 in stakes. With this launch, it is now set to expand its services to include a business-2-business API service.
Imagine a world where every time you invested money or staked, you were guaranteed no loss. Regardless of what the odds are, you are sure you won’t lose any money. What sets gaming apart from trading and investing is risk calculation. With gaming on traditional gaming platforms, there is an expected possible negative outcome. Stakefair’s unique proposition elevates your gaming by presenting an opportunity to eliminate losses.
Founded by Akindele Akinyemi, Stakefair operates by investing staked funds in DeFi lending pools. Stakes are converted into stablecoins, and when users stake on events and lock it within a set timeframe, Stakefair then invests this USDT into DeFi lending pools to yield interest. What this means is, if the outcome is positive, the users get their capital and some return on investment (ROI). If they lose, they get only their capital back. This method allows Stakefair to make a profit from the investments while allowing a no-loss staking system.
DeFi is an emerging financial technology that is reshaping the finance world and is the future of financial investing. It enables digital wallet creation and cheaper and faster money transactions. DeFi eliminates the need for third-party regulations and third-party fees and control. This decentralised system is democratising the future of investing and making it accessible by creating new digital assets and methods of ownership through cryptocurrency and other digital investments. DeFi provides an accessible and secure method of financial services that gives more control to the individual and takes control from central bank entities. This safe and secure peer-to-peer method makes DeFi the future of financial investing.
Stakefair is investing in this future of financial technology by creating an avenue for diversified and equitable access to gaming returns. Anyone with internet connectivity has access to the platform and control of their stake. With the no-loss method, they are also eliminating the risks that come with using traditional financial services for gaming.
Stakefair has experienced tremendous growth since its beta phase. Now it has raised $670,000 in a pre-seed fund from several investors including; Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, Echo VC Chain, Timi Ajiboye, Tomiwa Olaosebikan, Peter Kisadha, Saturn Blockchain Ventures, Thrive Africa Syndicate, Nehikhare Igbinijesu, Oluchi Enebeli and Clement Hugbo.
With this seed round, they’re taking on bigger challenges and scaling the business from just business-2-customer facing, to now include a B2B model. And with its launch, the DeFi start-up is building its own DeFi lending pool and making the API infrastructure that currently powers it in beta, available to other businesses and developers.
Stakefair is aiming to build a DeFi yield generation protocol for users and businesses and bring more profit in-house by investing funds on its own platform. Their infrastructure allows other developers to build no-loss staking platforms like theirs and other decentralised applications (dApps) for wallets, treasury management, etc. The goal is to create an ecosystem of decentralised and centralised platforms that interact with ease. Stakefair’s founder and CEO, Akinyemi says, “Due to the popularity of Stakefair during the beta period, we have decided to vertically integrate and build our own DeFi lending and borrowing pool. That way, the lending and borrowing that generates the yield that backs our no-loss pools can happen on our own platform.”
Akinyemi has a documented history of building solutions on the blockchain. He believes in the future of wealth creation and control that Web3 will provide for Africans and is building an ecosystem towards that. Starting at Interswitch, he has spent his career building blockchain solutions at world-renowned companies like Binance, EMTECH, and other blockchain development companies. He believes that Web3 is the future and is staking his claim in it and making it accessible to other Africans through easy investing and yield generation.
To find out more visit Stakefair here.