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This channel is dedicated to simplifying the concepts and best practices of Personal Finance through explainers, FAQs, tips, and educational material. We empower viewers to each become a paragon of Intelligent Finance.
Founded by a group of Stanford alumni with a strong background in banking and technology, MyMoneyKarma has been revolutionizing the Indian Fintech sector and ushering in the future of personal finance. Committed to a social mission of creating a measurable impact on people’s lives, MyMoneyKarma has empowered millions of people to reclaim control over their finances by addressing the 3 biggest issues and barriers in the sector:
Low financial literacy means most people applying for loans, mortgages or credit cards have never checked, nor heard of, their credit scores. By this time, the damage has often been done
Low information transparency means it can be difficult to know the best interest rates for each customer’s unique profile, the financial providers that offer the best terms, and how to maximize one’s chances of being approved (where a rejection further worsens the credit score)
High effort and hassle means one is too hard-pressed to shop around, try multiple options and find the best fit, instead ending up with sub-optimal decisions and a whole lot of wasted time and sweat
MyMoneyKarma’s fully online loan optimization technology helps customers with an extensive range of financial products, delivering the lowest interest rates and comprehensive service at the touch of a button.
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What is Yield Farming?
Yield farming, also known as liquidity mining, lets you make more crypto with your crypto.
First, you deposit crypto into a liquidity pool.
This pool helps create a marketplace where users can lend, borrow or exchange tokens, paying a fee in return.
This fee is then paid out to you based on your share of the pool.
Some platforms, especially new ones trying to attract users and activity, pay high yields for farming.
But yield farming comes with its risks. It requires a lot of capital, mostly attracting whales, and the underlying smart contracts are vulnerable to bugs.
Yield farmers use some popular platforms, like Compound Finance, an algorithmic money market, MakerDAO, a decentralized credit platform, Aave, a protocol for lending and borrowing, and Uniswap, a DEX or decentralized exchange for token swaps.