YouHodler Month in Review: August 2020
August is a month of change. A month of renewal and thoughts about the future. As we look towards the beginning of Autumn, we remember all the wonderful memories from this summer with friends and family. YouHodler’s summer evolution paralleled that of the world as we strengthened our platform, evolved with the times, and prepared for the final few months of the year. We’ve noticed our community has grown immensely during this month and there are many people who need to catch up. So let’s get started with this month in review.
YouHodler 2.0: The birth of a new era
At the beginning of August, we launched our most ambitious update yet. YouHodler 2.0 “Affinity” was a community-inspired overhaul of the platform’s most popular features and has made the platform more efficient, more user-friendly, and more powerful than ever.
Click here to read the full blog post about the first phase of YouHodler Affinity but if you are short on time, here is a recap of what Affinity brings:
All-in-one wallets: Affinity features savings, wallets, and also Multi HODL all in one convenient wallet. No more moving funds around to different accounts and features. Simply deposit funds into the wallet of your choice and immediately start earning interest on those funds. From there, it’s easy to multiply the fund via Multi HODL, exchange funds between crypto, fiat and stablecoin and send funds to any wallet in the world. All this happens in one powerful location.
Limitless savings accounts: The default limit one can earn interest on in their wallets is $100,000. However, YouHodler wallets are actually limitless if using the wallets in conjunction with our Multi HODL tool.
For example, let’s say you have $100,000 in your USDT savings account. You then open a Multi HODL worth $50,000. For the entire duration of that Multi HODL, you will earn 12% interest on the entire $150,000. Hence, giving users more control over how much they can earn in their savings accounts.
Upgraded Multi HODL: New charts, featuring line and candlestick varieties are now available in addition to hourly, daily, weekly, monthly, 90 day and yearly data sets. Furthermore, the Multi HODL page is more advanced, yet simple, allowing users to easily choose:
- An asset to multiply (list of coins)
- Direction (up or down)
- Multiplier (now up to x10)
- Customizable Take Profit and Margin Call levels
- Detail Box explaining the internal mechanics of each Multi HODL position
How to Lock Trade in a volatile market
August picked up where July left off in terms of crypto market volatility. Popular coins and tokens like BTC, ETH and LINK all had a hot start to the month with a couple of corrections involved as well. This up and down volatility inspired us to show our users how to open multiple Multi HODL positions at once and benefit from different price movements.
In traditional finance, a “lock” is simply the name for when you hold two or more positions at the same time in various directions with the same account. This is actually not possible in the stock market which is why Multi HODL has a huge advantage over traditional trading. Lock trading on YouHodler has a variety of uses cases such as:
1. A unique trading strategy
2. A method of saving a losing position
3. Using it as a “stop-loss”
Using the “UP” or “DOWN” buttons on Multi HODL means you can open a “long” Multi HODL or a “short” Multi HODL simultaneously. Something you will not find anywhere else.
Click here to read the full article and learn everything about Lock Trading.
The art of “shorting”: How to benefit from a market correction
For those who want to keep it simple and just focus on one direction of the crypto market, this month we covered the wonderful world of short positions. Using Multi HODL to open a short position has a wide variety of benefits for many crypto traders of all skill sets. For example:
- Opening a short position on Multi HODL gives users unique access to tools and assets they otherwise never would have access to. Regardless of the size of one’s portfolio, they can benefit from a decrease in a crypto asset's value without actually owning that asset.
- Using Multi HODL’s multiplier sliding tool, users can manage their risk effectively and open positions up to 10 times larger than their available capital.
- Short selling is better than just HODLing. If you HODL Bitcoin and it goes down $1,000, then you lose $1,000. However, shorting BTC in that situation would turn a negative situation into a positive one.
- Shorting on Multi HODL comes with a full range of management features like adjusting “Take Profit” and “Margin Call.” This gives the user more control over their position, allowing them to exit the market at the most profitable time (see the image below).
0% Revenue Share Fee on All Profitable “Down” Multi HODL Deals
In August, we introduced a new promotion for all those using the “down” button on Multi HODL deals. For those that get a profitable deal on a down position, we will waive the revenue sharing fee completely. That means you’re getting more money when you profit. This may be a limited time offer so take advantage of it while you can only on Multi HODL.
Thank you for your patience; more great things to come!
We are acutely aware that YouHodler 2.0 came with a bold new change for some that didn’t expect it. Also, we know these updates were not without a bug here and there. That’s why YouHodler would like to thank each and every one of you for your immense patience these past few weeks as we iron out the kinks and improve ourselves all for you.
Now we are focusing on phase two of the Affinity release that comes with Dark Mode, new coins/tokens, and additional enhancements we know you’ll love. Stay tuned for more updates on that coming soon and have a great month!