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Crypto Twitter Freaks Out over KuCoin’s 300% BTC Yield, Exchange Explains How it is Generated By DailyCoin

by Index Investing News
November 29, 2022
in Cryptocurrency
Reading Time: 2 mins read
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© Reuters. Crypto Twitter Freaks Out over KuCoin’s 300% BTC Yield, Exchange Explains How it is Generated

Tweet

  • Users on Twitter were shocked when they saw KuCoin offering up to 300% APR on (BTC), (ETH), (USDT), and other deposits.
  • KuCoin explained that high yields are generated by dual investment strategies and depend on a variety of factors.
  • Other Twitter users weren’t convinced by KuCoin’s explanation and said that astronomical APRs are always a bad sign.

Fear in the crypto industry is running wild these days. On Tuesday, users on Twitter were shocked when they saw that KuCoin, a centralized crypto exchange, is offering almost 300% APR on Bitcoin (BTC), 200% APR on Ethereum (ETH), and 100% APR on Tether (USDT).

Alex Valaitis and other users shared a screenshot of KuCoin’s investment products and their massive projected APRs, questioning how such big yields could be achieved in a bear market, or for that matter at all.

Usually, yields are very high when an exchange or any other platform is running out of certain assets and needs them to cover their liabilities or for any other reason. However, yields of hundreds of percent are almost impossible to achieve, and so crypto Twitter was right to assume something sketchy was happening.

But KuCoin was quick to react. The centralized exchange explained that the high APRs are part of its dual investment strategies, which involve depositing one crypto asset with the possibility of earning yields based on two assets. How much the depositor will earn depends on how the deposited asset performs at maturity.

Needless to say, it’s a risky investment, hence the astronomical APRs.

However, some were not convinced by KuCoin’s explanation. A Twitter user named Bitfinexed, known for continuous criticism of Tether, said that centralized exchanges are “desperate for new deposits, and are resorting to underhanded tactics.”

On the Flipside

  • It’s not entirely clear how KuCoin’s dual investment products work.
  • It’s not the first time that a centralized exchange or a lender offers high yields before announcing bad news.

Why You Should Care

KuCoin is a large centralized crypto exchange. While it’s not entirely clear how its dual investment products work, astronomical APRs are never a good idea to succumb to.

You Might Also Like:

Another One: Crypto Lender BlockFi Files for Bankruptcy as FTX Contagion Spreads

See original on DailyCoin



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Tags: BTCCryptoDailyCoinexchangeexplainsFreaksGeneratedKuCoinsTwitterYield
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