A new financial product based on STEEM on Poloniex

The last few years cannot be called a period of rapid development of the STEEM ecosystem. Outside of our community, most people have forgotten about such a cryptocurrency. We are already used to the fact that when some new products and offers appear, they relate to other cryptocurrencies and we don't even expect anyone to pay attention to STEEM.

It so happened that I have been using the Poloniex cryptocurrency exchange since 2017. I can't say that it has any advantages over other exchanges, it's more a matter of habit. I used to do a little trading, but now I mostly use it to withdraw my earned STEEM.

Recently, when I was once again withdrawing some STEEM to my Poloniex account, I noticed that the exchange offers a new service for this cryptocurrency. It was a minor but pleasant surprise.

So what is this financial product? As you can see from the screenshot, you can now earn up to 5% per annum on the liquid STEEM held in your account. If we consider the proposal in a little more detail, we can see the following conditions:,

You get 5% per annum if you invest up to 1000 STEEM, and if the amount is more, then 0.5% per annum. At the time I found out about the service, I only had 49 STEEM in my account. I tried to experiment with this amount. So if I subscribe with 49 STEEM, I will get an additional 0.00671232 STEEM per day. If you activate the Auto-Earn function, the next day you will automatically subscribe with a larger amount of 49.00671232 STEEM and your investment will grow every day.

It should be noted that you can earn more from content curation. For example, let's take the account of a good permanent curator, which is @moecki:

He earned 244.58 SP of curator rewards for the week, with an Effective Power of 122,688.98 SP. It is not difficult to calculate that:

244.58 SP / 122,688.98 SP * 100 * 52 weeks = 10,4 % APY

However, the financial product offered by Poloniex can still be useful. For example, if you are in club5050 and constantly withdraw part of liquid STEEM, but do not sell it, waiting for a good price, then your STEEM may not just lie idle, but make you extra money.

But what pleases me the most is that Poloniex did not just ignore STEEM, but spent certain resources and time of its programmers to develop a financial product for it, even though it has long been familiar to other cryptocurrencies.