in Africa, inflation is ravaging our finances faster than our teams getting knocked out of the Fifa World Cup. While Zimbabwe holds the record for the highest inflation faced by an African nation, actually by any country in the world, other countries are in a drag race to the top of that list. Nigeria has been at the centre of a lot of economic doom and gloom by other IMF, the latest being a projection that sees the West African nation fall from first to fourth largest economy in Africa by GDP.

While I take anything the IMF says about Africa with a pinch of salt, it is worth mentioning that Nigerians believe their economy is shrinking. Inflation continues to jump MoM (month on month - measures a month's values by comparing them to values of the previous month) and this directly leads to hikes in the costs of goods and services. Consequently, the cost of living has inversely risen our standard of living.

We have all felt the pressure inflation has placed on the Naira, haven't we? You and I both watched the Naira fall from $1/N700 this time last year to $1/N1450. The $ just pulled a 2x gain on the Naira. Here's a chart that perfectly illustrates the degradation of the Naira perfectly.

The Naira needs a team of seasoned doctors if it will have any chance of making a comeback.

O.Y.O: Save Yourself

The best way to save your money is no longer with the banks or credit unions, it's with defi. Yes you read that right, saving your money in a dApp is the best solution to overcoming inflation.

Saving in foreign currency was the way to go, for our parents at least. They'd go to the bank, open a dom account, buy forex and just dump in the account to earn 1-3% interest max. It was a stable plan that most of them used back in the day, but that strategy has long been thrown out the window. It's near impossible to access forex from banks now, BDCs have been outlawed and international payment platforms and fintechs have been prohibited from converting Naira to other currencies. This is why DeFi saving dApps should be your go-to choice.

Not only does crypto allow you to bypass the red tape put by banks on forex, but you now have control over the dApps you want to save with and the interest you gain on your saved assets is greater. All the benefits of DeFi, entrenched in the characteristics of blockchain technology, come full circle for you.

Remember, if you want something done well, do it yourself.

Lulo: Revolutionize The Way You Save

Meet Lulo (formerly Flexlend) – the web3's secret weapon to supercharge your assets on Solana. Instead of leaving your money idle in the bank, buy stablecoins on Solana and get them to work on Lulo. It is the only lending aggregator on Solana. It periodically finds the HIGHEST rates and automatically moves your assets there. Lulo does the work so you can manage less and live more

Make your assets work by lending them to Solana's top dApps and earn higher interest rates than banks. But here's the problem: these amazing rates are never fixed. They're always changing. Manually tracking dApps and moving your assets to chase the highest interest rate is never-ending work.

You will beat inflation in 2 ways:

1. Your money will be in USD stablecoins, so the devaluation of the Naitra will not work against you. You will have more Naira to spend.

2. The rates on offer are ever-changing, but you can earn yields up to 13% per annum

Lulo supports 5 Solana dApps: Kamino, Drift, Mango, MarginFi and Solend. All these dApps have the best lending yields in the game.

Some of these dApps offer rewards for using them. When Lulo moves assets between dApps, it earns you the corresponding rewards (points, tokens, etc.) just as if you had deposited directly into that dApp. Currently, for Kamino, you can also exchange your interest rates for double rewards through Points Lift!

The best part about Lulo: IT IS FREE

Enjoy 100% of your earnings with no deductions. Currently, Lulo takes care of all the associated costs.

If you are concerned about the security of your assets, fear not. Lulo's security also got a major boost! Audited by sec3dev, the same team trusted by Jupiter, Helium, etc. This means Lulo's codes, security measures, and overall functionality were thoroughly examined and strengthened to ensure they operate as intended and are secure for users. See, you have nothing to worry about.

To get started, visit Lulo and connect your wallet. Select the token and amount you wish to deposit (minimum of $100). Click deposit and sign the transaction, voila, you have begun your savings journey.

Africa, What's The Way Forward?

Stablecoins saved on lending dApps. It's that simple

Stablecoins present a viable option as struggle with inflation eating away at the value of our hard-earned money. We can safeguard our savings from the erratic fluctuations of our local currencies by implementing these virtual currencies, thereby guaranteeing the stability of our financial future. In addition to protecting our wealth, adopting stablecoins and Lulo gives us new ways to engage in the global economy and paves the way for a more prosperous future for ourselves.