Hello guys, this is my first blog post in the platform of publish0x, please be nice to this newbie .In this article you'll learn how you can earn interest on your DAI stable coins, so if you've got DAI you can keep on reading. The following method involves the compound.finace Dapp.
- Head over to the dapps in the trust wallet and click on compound.finance app.
- Click on the right side of the screen
- Click on app button to connect your wallet to the trust wallet and you will be greeted with the compound.finance screen which shows a lot of different collateral cryptocurrency assets that are available, however ( for me ) the only one that is worth supplying is the DAI cryptocurrency.
- Click on collateral button to the right of DAI
- Click on approve, then a pop-up window appears and you have to confirm that you are supplying DAI. Click on enable, then click on approve.This will continue as you are supplying DAI to the compound.finance DAI liquidity pool.
- When finished click on supply to broadcast the transaction to the compound.finance protocol. Then click on approve to confirm this transaction( it will cost you some cents ) and you are finished
That's how you can supply DAI on to the compound.finance decentralized app. Now if you go again on the compound.finance interface you will see that it went through and at the top you will see the collateral balance. The DAI will have a different color since now it's a seed token which means from now you will be earning interest as long as you keep the seed token on your wallet.
Please bear in mind that the interest you will be earning is a floating interest rate, which means it might change based on the amount of liquidity available in the compound.finance At the time of writing of this article the interest rate is 8,2% which is a fantastic annual ROI and it is compounded every 15 seconds .
I hope you found this article useful , and if you did please follow me so you will get notified every time I post a new article.
