FIREDAO unveils a novel DeFi protocol for financial independence

FIREDAO unveils a novel DeFi protocol for financial independence

One of the top community-run platforms in crypto industry, FIREDAO has recently added a golden feather to its cap of innovations following a launch of new DeFi protocol for financial independence.

The idea behind financial freedom has always been an inspiration for many, but in reality, less than 1% of Americans retire before age of 50 years. Achieving financial independence from the usual 9 to 5 job and having an opportunity to work optionally is the concept behind the FIRE movement, which stands for Financial Independence, Retire Early.

Apparently, this idea has attracted millions of followers across the world. Moreover, in their online communities, FIRE supporters narrate their success stories, support each other and share some practical advice on reducing the living expenses and making effective investments to lead a prosperous life ahead.

It would be imperative to note that for investment, most FIRE influencers prefer a passive strategy based on stock index funds. Although these strategies work well in developing economies, many investors are quite skeptical about the trade and money exchange due to unfavorable economic conditions caused by the novel coronavirus pandemic.

This has eventually led the FIRE enthusiasts to look out for alternate investment strategies to take control of their retirement funds.

Unpredictably, the blockchain industry, which is said to be associated with increased investment risk and price volatility, is expected to currently offer effective instruments for long-term strategic investment with support of stablecoins.

For the record, stablecoins are cryptocurrencies that allow making investments and payments measured in US Dollars. Besides, the holders of stablecoins are stated to be free from the risks linked with Bitcoin’s fluctuating prices.

Furthermore, stablecoins also boast of major advantages over other cryptocurrencies as they can be used by self-executing contracts; these are the algorithms that produce revenue from cryptocurrency exchange and lending operations.

Source Credit: https://aithority.com/technology/blockchain/firedao-launches-a-new-defi-protocol-for-financial-independence/