As the DeFi hype is in full swing, people are always wondering how they can get more. The beauty of DeFi is that it’s providing people the opportunity to get more value from their current assets and activities than was previously available.
Whether it’s higher interest rates, access to loans, or something else entirely, DeFi has opened a lot of doors. And as with any new technology, things are always progressing. It seems like every day a new innovation comes out that adds a new dimension to the ecosystem.
Which is why today we’re going to take a look at a new initiative from Gather which can be used by DeFi protocols to provide their users with even more value – an additional stream of crypto, right into their wallet.
DeFi Application Monetization
You know ads, right? Those annoying things that websites use to keep providing the services that you love. Gather is a new technology that allows developers to earn money through their websites in a new way, eradicating the need for adverts.
The way it works is simple. A website or application can simply integrate Gather’s technology, called Gather Online, into their platform. This will then allow users to opt-in to provide their spare processing power to the Gather network.
Any DeFi website can apply, and it gives the website owners the opportunity to earn a different source of income and use Gather’s loyalty program to reward their users. The user will be able to gain cryptocurrency based on the amount of power and duration provided. It’s an opt in process so there is no obligation to take part as a user.
This seems like a match made in heaven for DeFi applications. Most of them don’t use adverts anyway, but the way Gather works fits the DeFi spirit. It’s a decentralized way for users to earn more crypto from something they aren’t even using. They won’t even notice any change other than the extra crypto showing up in their wallet.
Here’s what Gather says about the integration:
It gets better
You’re probably wondering now, what crypto will I get paid in?
Well, Gather actually has multiple assets supported by default. Gather Coin (GTH) and Bitcoin are the two default digital currencies, and there is also local fiat currency support too. This allows DeFi websites and applications to choose what currency they want to reward their users with.
Beyond this, Gather also supports the integration of other digital currencies. In short, this means that DeFi websites and applications will be able integrate their native token on Gather, which would allow users to get paid for their processing power contribution in the native token. It’s like farming while you’re farming!
Native tokens can also be added as a payout option for all other applications and websites using Gather Online, which is a great way to increase the reach and exposure of the token. One would assume that token holders would love this – it’s a new use case for DeFi tokens.
Furthermore, this is great for DeFi applications because it can be leveraged to encourage developers to build on their platform. It’s a new selling point. Developers that build on a platform that has Gather Online integrated will be able to use it for their services, therefore the developers will be able to offer their users an extra service with no more work and earn themselves some additional revenue.
How it all works
If you think this all sounds great and you want to understand how it works, keep reading!
Basically, Gather is solving two problems in one. On one side you have the website and the users. The users are providing their processing power and the website is earning money from the processing power, some of which is rewarded back to the users. In return the users also get an ad free experience.
The other side is what allows the websites and applications to earn money, which is Gather providing the cheap and reliable processing power to enterprises and businesses. On their end, the pricing and availability of cloud computing services is unacceptable. With Gather, they are able to get what they need and save a good chunk of change too.
Gather Online can provide DeFi websites and applications a whole new way to earn revenue and reward their users at the same time. It’s great for both parties because websites/applications don’t have to run ads and can still earn consistent revenue. Meanwhile, users have the option to earn crypto without hindering themselves at all. Seems like a win-win.
*This article has been sponsored. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.