With interest rates going down to zero in the U.S., DeFi yields may present opportunities for yield-hungry investors.
Hey, Linen App Gang!
It’s been an eventful month in financial markets across the board: stocks, bonds, cryptocurrencies, and private investments. All these markets have been hammered lately. The Federal Reserve cut its benchmark interest rate to zero, and there has been a lot of volatility in Decentralized Finance (DeFi) rates ranging 0.3-20% APY over last week. Both of these present an opportunity for yields generated by blockchain-based liquidity pools like Compound and others.
In the second week of March, arguably a turbulent week, there was an influx of USDC deposits to the Compound Liquidity Pool, a pool connected to Linen App. This may imply that the digital dollar USDC pool is more attractive during volatile times on the risk-return adjusted basis. In the future, Linen App will be providing access to additional lending liquidity pools and more complex DeFi primitives.
Linen App updates
Regarding development work, we have been fixing bugs, testing, and designing new features.
iOS and Android app
Our 260 beta testers on iOS are truly amazing! They are providing invaluable feedback that allows us to fix bugs, improve the app, and prepare for the official launch. Here is what we are working on now:
Certain Android members cannot complete registration due to the denied permission to Google Smart Lock (Google Password Manager). This is close to being fixed. For those who reported this issue to us, expect a follow-up email so that you can complete registration.
We are finishing up the integration of manual bank linking for those members who are experiencing errors while connecting their bank accounts and for those whose banks are not currently listed. This will be implemented on iOS first, and Android will follow. Expect an email from us. This fix will allow you to complete registration and earn Rewards.
An updated design is coming, and our members will be able to see their Rewards balance not only in the Republic dashboard but in Linen App, too ;). This is something many have requested, so we are implementing it.
We launched the Learn section that explains digital money and programmable finance (Decentralized Finance) and other under-the-hood workings of Linen App. If you are interested in us covering a particular topic, please email us at [email protected], and we will take your suggestion into consideration or point you in a direction to get more information. Also, if you are familiar with DeFi and would like to write a guest post, reach out to us!
The next big feature will be a self-custody wallet upgrade. This will allow us to invite Android members to beta test Linen App and position us for advanced features and additional DeFi liquidity pool integrations.
Active community members
We have members who deposit to the Compound Liquidity Pool daily. In the future, we will implement auto deposits.
The Ambassador program
We received almost 300 applications for our yet to be launched Ambassador program. Many applicants are new to DeFi, while others are already actively participating in DeFi. Regardless of your DeFi or crypto experience, we encourage you to apply. The Ambassador program is for early adopters who want to spread the word about Linen App. Perks for joining the program will be decided at a later time. Learn more here.
Stay tuned for the April update. As always, use in-app chat if you have any questions or just want to say “hi!” We’re always excited to hear from our members.