Sirlibz
Swipe, a payment network or protocol that allows real-time crypto-to-fiat conversions throughout its products has announced that it has launched its test network for Swipe Network Staking and also launched a Decentralized Finance (DeFi) lending/earn application on the Binance chain.
The Defi app to be built on the Binance Chain is called “SwipeFi” and will enable Binance Chain tokens to earn interest on the supply of collateral and also to borrow when they want against their collateral on the Binance chain.
Users who choose to stake will earn 12% APY (Annual Percentage Yield) for their staked SXP within the network. Swipe also plans on allowing staked SXP to earn from the Processing Fees it charges sometime in the future. Users can access the testnet : https://testnet.swipe.org while waiting on the main staking Network to launch which has been set up to be in 2 weeks time, according to a medium article by Swipe Network.
They plan on partnering with more exchanges which will allow their exchange customers to stake on their network, thereby promoting the amount of usage Swipe Network will have. Users are allowed to grab a few testnet-SXP and then use them on the testnet network staking on the Decentralized Fiance (Defi) Application.
