Inflation is increasing, and alongside them are growing interest rates. That is, on everything but your savings held in the bank. The sad reality is in 2021, the average American savings account is only paying 0.06% interest annually, with neighboring countries, including Canada offering little more. Since banks don’t want users’ money, those who have their life earnings in a savings account have little hope to grow their wealth. For this reason, traditional finance is quickly being beaten out by decentralized finance (DeFi), a concept that eliminates the middleman, thereby reducing fees, and opens the door to many in need of leverage, and ultimately resulting in the opportunity to earn higher returns.
Unfortunately, as it currently stands,
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