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RISE Personal Loans Review

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RISE Personal Loans Review

APR Depends on the state, but can range from around 36% to 299%   
Origination Fee None
Late Fee None 
Prepayment Fee None 

RISE does not charge late fees or origination fees. Origination fees are charges that are related to opening a loan account. The company also does not charge late fees, but late payments are discouraged. Late payments negatively impact an individual’s credit score and can hinder a person’s ability to obtain competitive loan rates. 

However, RISE charges APR rates that are much higher than the industry standard. An APR rate stands for the annual percentage rate and indicates the collective amount of interest charged in a year. Rise’s APR rates extend to 299%, which has the potential to overwhelm a borrower. The company’s lower APR rates are typically reserved for returning customers in states such as California. Even RISE’s lowest interest rates are still far higher than the average personal loan APR rate. For example, a good APR score for personal rates tends to hover around 20%. RISE charges higher APR rates that take an individual’s credit score and additional financial information into consideration. A person’s credit score and personal financial history has the potential to either positively or negatively impact a person’s loan options. 

RISE customer service is accessible through multiple modes of communication such as social media, email and a phone number. The company uses multiple social media platforms such as YouTube and Twitter. The website states a physical mailing address where customers are able to send payments. In terms of direct communication, the company encourages emails that can be sent directly through the website. Individuals can expect a response within 48 hours when using email. When communicating by phone, the company offers an automated system where customers have the ability to check important information such as their balance throughout the day. However, RISE maintains set hours such as weekdays between 8 a.m. and 11 p.m. EST for customers in need of direct personal assistance from a customer representative.r 

When comparing companies, consider how current and previous customers have rated their experience. Visit websites such as BBB and Trustpilot to more fully understand how a company stacks up against the competition. Seek out customer reviews and read positive and negative comments to have a more well-rounded understanding of the company and its offerings. 

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BBB Rating A+
Trustpilot Score 4.6/5
Benzinga’s Score 3.5/5
J.D. Power Rating N/A

The term options span between 5 months and 26 months depending on which state you reside in. The loans offer fixed rates, so the interest rate does not change throughout the duration of the loan. RISE provides specific personal loans that are considered a type of installment loan. It’s viewed as an installment loan because customers pay it back over a previously determined amount of time. The loan can be used to cover a wide range of needs. The company offers loans that can prove beneficial for individuals in need of a quick funding process because once an individual is approved the funds are typically available within a few days. 

RISE allows you to research its loans on the website and encourages exploring the state-specific borrowing options. The website provides a designated section where people have the ability to examine various borrowing options depending on the state. For example, the terms and rates offered in the state of Kansas are not the same as the ones provided in California. 

Loan repayment can be expedited to better fit an individual borrower’s timeline. For example, the company has no penalty for early repayment on loans. In addition, RISE offers more flexible payment scheduling. 

Avoid taking out loans that you believe will be difficult to repay in a timely manner. Defaulting on a loan will decrease your credit score and make it increasingly more difficult to obtain a loan in the future. 

Term Options Depends on the state, but generally between 5 and 26 months
Loan Amounts Available Depends on the state, but mostly between $500 and $5,000 

The loan amounts usually range between $500 and $5,000, but the exact amounts vary depending on the state. Individuals have about five days from the origination date to make a final decision. The five days act as a buffer where people can decide if such a loan is right for them. If an individual decides that a RISE loan is not the right choice, then that person must repay the principal during the grace period. The principal is the amount of money that a person agrees to pay back with a loan. For example, if an individual takes out $2,000 and changes their mind within the grace period, then that person will need to repay the principal which would still be about $2,000 if no previous payments had been made. 

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The loans are intended to be used in the event of an emergency. For example, these loans can prove beneficial during emergency events such as a medical crisis or during surprise car expenses. Personal loans can be used for a wide range of needs. These loans are expensive, and alternative methods of funding such as credit cards or borrowing from a different source might be more affordable. 

Minimum Credit Score Requirement Not clearly specified, but the website indicates that the company has no minimum score

The company does not clearly state a minimum credit score requirement. It makes it possible for individuals with lower credit scores to obtain a loan. Credit scores range between 300 and 850. Higher scores are viewed as better. Scores above 720 receive lower interest rates and increased loan flexibility. 

The company has a minimum income requirement that is not clearly stated on the website. RISE indicates that loans are provided depending on a person’s previous loan repayment history. Consider reaching out to the company for clarification before entering into a loan. 

To obtain a loan, individuals must have a valid email address, a source of income and an active checking account. Alternative accounts such as savings accounts are not accepted. 

In terms of speed, it’s possible to obtain a RISE loan within 24 hours after applying. If an individual changes their mind about taking out a RISE loan. then they have a grace period of five days from the origination date to close the loan. 

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RISE vs. Competitors

RISE offers the opportunity to obtain funding in less than 24 hours. Such expedited funding can prove beneficial for people in time-sensitive situations. In addition, the company also offers a wide range of assistance such as customer service, financial education tools and the opportunity to build credit. RISE provides customers with helpful tools that indicate state-specific borrowing options as well as offering articles that provide useful financial information.  

However, RISE maintains extremely high APR rates, which have the ability to hinder an individual’s ability to repay personal loans. When a person fails to repay a loan, it will decrease their credit score. An individual’s credit score will decrease after defaulting on a loan because RISE reports to two different credit bureaus: Experian and TransUnion. 

Best For

Best for Flexible Terms

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get started securely through Rise Personal Loans’s website

1 Minute Review

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Personal loans can provide individuals with much-needed funds to cover unforeseen expenses. Companies such as RISE offer personal loans that vary depending on factors like state laws, an individual’s financial history and personal credit score. RISE has assisted over 250,000 customers and provides individuals with the opportunity to obtain flexible payment schedules. The company offers different loan options, financial education tools and resources that allow customers to track their credit scores. Benzinga reviewed RISE’s personal loans and took into consideration several factors such as fees, customer service, term lengths and loan approval requirements. Overall, Benzinga discovered that RISE has the benefit of offering to fund individuals with lower credit scores, but loans include higher APR rates that can make the funds expensive and difficult to repay. Consider speaking with a financial professional before applying for a personal loan to better understand the best option for you. 

Best For

  • Individuals in need of expedited funding
  • People with lower credit

Pros

  • Low minimum loan amount
  • Fast application and funding
  • No origination fees

Cons

  • Loan amounts are lower than some competitors
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Best For

No collateral required

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get started securely through Axos Bank’s website

pre-apply securely through Figure Personal Loans’s website

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APR

Between 5.99% and 15%; autopay discount of 0.25%

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APR

Between 5.99% and 15%; autopay discount of 0.25%

Origination Fee

Between 0% and 5% (dependent on state and local laws)

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Term Lengths

Fixed-rate loan terms of 3 or 5 years

1 Minute Review

Figure’s online personal loan application process eliminates the painstaking process of following up your paperwork to scan or send to the lender. With an entirely online application, you can get your prequalification rate without impacting your credit score. You’ll get approval within a few minutes and await funding in as little as 2 business days — up to $50,000 you can direct toward what matters most.

Figure personal loans come with multiple fixed term options so you can map out your payment schedule so that it doesn’t strain your finances. Figure also offers some perks for spreading the word out to others. You’ll receive a $150 gift card for every friend you refer, and they too will get a $150 gift card when their loan funds.

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Figure’s home equity line of credit lets you turn your home equity into up to $250,000 cash in as few as 5 days. Rates start as low as 2.88% APR1, and you can choose among 5-, 10-, 15- and 30-year fixed term options. You can also get up to $500,000 cash-out in mortgage refinance, all with custom rate and payment options.

While you can easily land better rates with a higher credit score, Figure also has options for applicants with less than perfect credit. You may secure a HELOC with a credit score as low as 620 (except in Oklahoma where the minimum is 720).

Best For

  • Online loan application
  • Unsecured loans
  • Affordable loan fees

Pros

  • 100% online application
  • Quick funding
  • Competitive rates
  • Stellar customer service
  • Multiple fixed term loan options
  • A gift card for every referral (personal loan only)
  • Personal loan offered in all 50 states

Cons

  • Products not available in some states
  • Personal loans capped to $50,000
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APR

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Fixed between 7.95% and 35.99%

APR

Fixed between 7.95% and 35.99%

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Origination Fee

Between 0.5% and 5% of the loan amount

Term Lengths

Between 3 and 5 years

1 Minute Review

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Prosper is both a lending marketplace and an alternative investment platform where individuals and institutions can invest in various types of loans. The company was founded in 2005 as the first peer-to-peer lending marketplace in the United States. Since then, Prosper has facilitated more than $19 billion in loans to more than 1,120,000 people.

Through Prosper, people can invest in each other in a way that is financially and socially rewarding. Borrowers apply online for a fixed-rate, fixed-term loan between $2,000 and $40,000. Individuals and institutions can invest in the loans and earn attractive returns. Prosper handles all loan servicing on behalf of the matched borrowers and investors.

Best For

  • Borrowers with a good credit score
  • Joint loans
  • A quick turnaround
  • Loan investors

Pros

  • The option of joint loans
  • No minimum income requirement
  • Minimal Credit History Required

Cons

  • High fees
  • Limited repayment term options
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Best For

No origination fees

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get started securely through SoFi’s website

Disclosure: Fixed rates from 6.99% APR to 22.23% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 6/15/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

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Best For

Consolidating Debt

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Origination Fee

0% – 8% of the target amount

1 Minute Review

Upstart is a lending platform that’s centered around melding artificial intelligence and finance. The company focuses on more than just a credit score when considering an individual’s ability to repay a loan. A person’s financial history is also taken into account when deciding on final loan amounts. Upstart combines technology and financial expertise to effectively lower both the risks and costs associated with lending. Upstart maintains close relationships with partners such as banks to effectively offer different loans. Research loan options and lenders to have a better grasp on available options. Consider if a loan or alternative mode of funding such as a credit card can effectively address your financial needs. Benzinga reviewed Upstart’s personal loans and found that the company can help people with new credit and lower credit scores achieve faster funding while avoiding prepayment fees, but the company has room for improvement in terms of additional fees. 

Unsecured loans begin relatively low around $1,000 and reach as high as $50,000. APR rates range between 5% and 35.99%. One main benefit of Upstart is that it requires a low minimum credit score. Upstart offers term lengths that span between 3 and 5 years. In some cases, borrowers receive funds in less than 24 hours. Upstart also allows for new borrowers with limited credit experience.

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Best For

  • Consolidating Debt
  • Borrowers with new credit
  • People interested in flexible payment dates

Pros

  • Up to $50,000 loans
  • No minimum credit score
  • No prepayment fees
  • Allows interested individuals to check possible loan rates using a soft inquiry

Cons

  • Charges origination fees
  • Only 2 repayment options
  • Co-signers not allowed
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Overall, RISE earns 3.5 out of 5 stars. RISE provides quick funding for personal loans and maintains a strong reputation in terms of customer service. In regard to customer service, RISE Credit has multiple modes of communication such as a phone number and email. Customers can reach a customer representative and ask questions during business hours.  

The company charges no additional fees. For example, RISE doesn’t charge origination fees or prepayment fees. However, RISE charges extremely high APR rates. The company has APR rates that can extend to three digits. Elevated APR rates have the potential to make it difficult for people to repay their loans in a timely manner. 

RISE has APR rates that can reach up to 299% which can prove nearly impossible to repay for people in tight financial positions to begin with. The company also has lower APR rates, but the more approachable APR rates are typically reserved for return customers in specific states such as California. When examining different loan options, people should contemplate if they will be able to repay such high APR rates before taking the loan. 

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RISE offers personal loans that could prove beneficial for individuals in need of fast emergency funding. However, other less expensive funding alternatives have the ability to provide more manageable APR rates. 

Frequently Asked Questions

When examining personal loans, consider writing down questions that seem important to you. Research questions online or reach out to a customer service representative that’s affiliated with the company. If possible, speak with a representative of the company that provides the loan you are interested in receiving. Keep in mind that personal loans should not be taken lightly. Research the multiple available options and think about speaking with a financial professional before applying for a loan. 

Is it possible to have multiple RISE loans? 

Individuals are not allowed to have more than one RISE loan at the same time. It is recommended that a person first pays off their initial loan before applying for another. In addition, it’s possible to refinance a current RISE loan depending on the information detailed in the account. For example, a customer can find an option to refinance a RISE loan once fully signed into their loan account. 

Does RISE operate in all 50 states?

RISE offers services to a wide range of states, but individuals should research the specific financial tools available before applying. For example, states such as California and Illinois only allow certain loans for individuals that were previously RISE loan customers. In states such as Nevada and Arizona, the loans are funded by FinWise Bank. Depending on the state, the loans and financial services are offered and provided by different banks. 

When examining features such as term lengths and APR, keep in mind that the information depends on each state. The term lengths and even the total amount of the loans depends on additional factors such as individual state laws. The RISE website assists interested individuals in navigating state-specific loan offers. 

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When examining loans, keep in mind that RISE provides loan options with higher interest rates. The increased rates have the potential to make it difficult to pay off loans. 

Sources

  1. RISE Credit. “Why RISE?” Accessed June 2, 2022.
  2. RISE Credit. “Frequently Asked Questions.” Accessed June 2, 2022. 

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Albania To Start Taxing Crypto-Related Income From 2023

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Albania To Start Taxing Crypto-Related Income From 2023

Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency investments. The government intends to begin imposing the levy in 2023, after adopting the necessary legislation which has been proposed for public consultations.

Albania Set to Impose Crypto Tax as Early as Next Year

The Albanian state should begin collecting taxes on income from crypto assets as of 2023 in accordance with a new income tax bill, the local English-language portal Exit News reported on Friday. The government also hopes to pass a number of other laws and bylaws this year in order to comprehensively regulate the matter.

The special tax legislation is currently open for public consultations. It introduces the concept of taxing crypto holdings and income derived from virtual assets. The latter have been defined as “a digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange, including but not limited to cryptocurrencies.”

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However, the definition does not cover central bank digital currencies (CBDCs), the report notes. That’s despite a growing number of monetary authorities around the world developing a digital version of their national fiats. The list includes major powers such as the United States, the European Union, China, and the Russian Federation.

The Albanian law also defines cryptocurrency mining as an activity using computing power to confirm transactions and gain virtual assets in exchange. The extraction of cryptocurrencies has been a grey area although law enforcement has been going after illegal mining facilities in the country and pressed charges against some of their operators.

Under the new legislation, any income from crypto transactions or mining will be classified as corporate income when it’s received as a result of business activity. And when the beneficiaries are private individuals, they will have to pay capital gains tax of 15%.

Financial Watchdog Tasked to Expand Crypto Regulatory Framework

Earlier this month, the Albanian parliament ordered the Financial Supervisory Authority (AFSA) to prepare and adopt new regulations regarding cryptocurrencies by the end of 2022. Albanian law allows crypto trading platforms to legally work in the country but no licensed entities are currently operating in Albania, Exit News remarked.

Two years ago, Albania also adopted a law titled “Financial markets based on distributed ledger technology.” While many have welcomed the legislation, critics have questioned whether the small nation in South East Europe, still an EU hopeful, is capable of properly regulating its crypto sector to prevent it from being used for money laundering, something it’s struggling to achieve in the fiat space.

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The legislature referenced a recent report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), which recommended additional steps regarding the risks associated with cryptocurrency. In November 2021, the AFSA approved its first two regulations implementing the crypto markets law, which introduced capital and licensing requirements for entities working with digital assets.

Do you expect Albania to adopt comprehensive regulations for its crypto space by the end of the year? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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NHL enters the NFT space partnering with Marketplace Sweet

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NHL enters the NFT space partnering with Marketplace Sweet Abdulrasaq Ariwoola · 42 seconds ago · 1 min read

The NHL partnership with Sweet will offer a variety of digital collectible experiences to its fans, tradable in the marketplace

1 min read

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Updated: June 25, 2022 at 3:59 am

Cover art/illustration via CryptoSlate

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The National Hockey League on Thursday announced its partnership with NFT Marketplace Sweet. This partnership will be the league’s first dive into digital collectibles.

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The partnership, of which the NHL’s players and Alumni’s association are part, will go live in October to mark the start of the 2022-2033 NHL season.

The NHL Marketplace

The NFT marketplace is expected to offer a range of experiences to NHL fans. Including digital collectibles that showcase historical moments, past and present season game highlights, and NHL stars top plays.

The marketplace will also feature gamified collection experiences, specialty packs, and 3D interactive trophy rooms where users can display their collections. Among these offerings there are also dynamic NFTs designed to change based on current team data.

Additionally, fans would be able to buy, sell, collect and trade the collectibles on the marketplace.

However, the announcement did not state which blockchain would host the marketplace.

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NFTs in the sporting space

The NHL  joins a long list of sporting institutions that have embraced digital collectibles.

In 2020, the NBA launched Top Shot NFTs, its digital collectibles marketplace, in partnership with DapperLabs. Likewise, the NFL launched its play and own NFT game while the MLB is to launch its NFT game soon.

However, the extreme sell-off in the crypto market has seen crypto companies pull out of sports deals. This is so as crypto companies strive to stay afloat as the severe sell-off continues in the market.

FTX recently pulled out of a partnership deal with Los Angeles Angels. Similarly, sources suggest a patch deal between NBA Washington Wizards and a crypto company has crashed.

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What Lido staking dominance may mean for Ethereum’s future

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What Lido staking dominance may mean for Ethereum’s future Abdulrasaq Ariwoola · 2 hours ago · 2 min read

The Ethereum community has raised fears of lido staking dominance leading to centralization. What does that mean for ETH 2.0?

2 min read

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Updated: June 25, 2022 at 3:33 am

Cover art/illustration via CryptoSlate

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Lido DAO token holders have commenced voting to determine whether the DeFi platform should reduce its staking pool. The vote is a follow-up to a governance proposal released on June 24.

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The voting process results from a month-long deliberation over Lido’s staking dominance and whether it should limit itself to curb potential centralization risks.

Lido currently holds 31% of all staked Ether on the Ethereum proof-of-stake blockchain, the Beacon chain. The staking dominance has raised fears within the Ethereum community, and critics fear it will threaten Ethereum’s decentralization.

The vote is expected to end on July 1, and the result will determine whether Lido will self-limit or not. Should the majority of voters vote in favor, another vote will take place on how the self-limiting process should work.

Concerns over stETH dominance

In the governance proposal, Lido stated that its staking dominance would give it more voting power once the Beacon chain goes live. As a platform that started to counter centralized exchanges, it argued that such centralized voting power poses an existential threat to the blockchain.

The Ethereum community has raised similar fears about the centralization of voting powers. The DeFi platform currently has around one-third of all staked Ether, which could give voting leverage once the transition to the Beacon chain is complete.

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Vitalik Buterin, the Ethereum co-founder, has argued that no single protocol should have a majority in staking ETH. He opined that such dominance, combined with Lido’s governance structure, is potentially a dangerous point of centralization.

Further, it stated the proposition is premised on the belief that other liquid staking protocols would also limit their exposure. This would effectively allow smaller protocols to meet the supply shortfall.

What Lido staking dominance means for ETH2.0

Ethereum’s transition to a PoS blockchain means it will rely on validators to validate transactions on the blockchain. Unlike a PoW blockchain that requires miners to expend excess energy to solve complex mathematical problems.

However, to operate a validator node, a user must deposit 32 ETH, which is a long shot for many users. Lido, on the other hand, as a staking service provider, allows users to bypass this requirement and earn staking rewards.

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According to data from Etherscan, roughly 12.6 million ETH is staked in the ETH2.0, which amounts to 10.6% of the circulating supply of ETH. Of the 12.6 million ETH staked, approximately 4.2 million have been staked through Lido by 73,369 stakers, making Lido the most used staking pool on Ethereum.

This means, should Ethereum transition to its PoS blockchain with Lido still having the lion’s share of the staking dominance, it would give the DeFi platform excessive influence over transaction verification which many warn could pose a risk. Some concerns include validator slashing, governance attacks, and smart contract exploits.

On the other hand, Lido’s staking dominance could help prevent a takeover by a centralized exchange and ensure the blockchain remains decentralized.

stETH remains depegged

The staked Ether, which is supposed to be pegged to ETH, remains depegged after a wave of massive sell-offs. Speculations have profused about the security of the token and whether its depegging could spell more chaos for the crypto ecosystem.

On June 16, Alameda Capital, one of the largest holders of stETH, dumped its stETH holdings, a massive $57 million. This is coupled with the continued financial troubles of Celsius and Three Arrows Capital, both large holders of stETH.

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As of the time of press, stETH has not gained parity with ETH and is trading at $1,173.

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