What is the monthly calculation method for APY in the context of digital currencies?

1 answers

• Nima AbMay 24, 2022 · 3 years ago
  At BYDFi, we use a slightly different approach for calculating APY. We take into account the daily compounding effect and calculate the monthly APY based on the average daily balance. This method provides a more accurate representation of the actual return on investment, as it considers the fluctuations in the balance throughout the month. It's important to note that different platforms or exchanges may have different calculation methods for APY, so it's always a good idea to check the specific details for the platform you are using.
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