Lately, we see a lot of innovation in the crypto space where you can make interest or borrow crypto. It is the replication of what the banks have been doing for centuries and made them a lot of money.
You know people are looking to invest their money and it is cool to make an income with it. Also, some folks need to borrow for many reasons like:
- A great trading opportunity.
- Investing in a hot project.
- An unplanned urgency.
In any case, it is the foundation of a modern economy and we need to have that implemented in the crypto sphere.
Compound is one of the pioneers in the DeFi niche that has a lot of potential in the Ethereum ecosystem. The buzzword DeFi means decentralized finance and it is always common to short the words to create something easy to say.
What you need to remember about Compound, it is the foundation of a DeFi ecosystem. It is an interface where you can borrow and make interest with your crypto. A vibrant and easy place to make your money grow or borrow some for an urgent need or opportunity.
It is a revolution and I believe it is what will make the crypto space reach the mainstream population. Forget about bitcoin where the price is manipulated with extreme volatility. We need stability for the business world, we need to have access to DeFi solutions and let everyone have access to the same opportunity.
I invite you to discover the Compound protocol by yourself.
What excites me about Compound
It is possible to build DAPPS over it and take advantage of its core interface to borrow and make interest. Developers can create innovative solutions like Dharma where you can save money with stablecoins.
I created a vlog about Dharma and you can find out about it by watching this video.
Dharma is a DAPP that runs over the Compound ecosystem. I believe it is a solution that has the potential to allow anyone to generate 6% without much effort. You buy stablecoins over their wallet and you start to accumulate interest right away. I made a test with $1 and it worked like a charm.
The DAPPS on Compound
As you can see in this picture, some potentials DAPPS exist on their list. I have only embrace Dharma so far and TokenSets is another one that picks my interest to try.
This is only the beginning and more will be added to this list for sure.
The Compound is a great solution in the DeFi niche and will be one that might help with the mass adoption of crypto. It is an exciting time to discover it and try some DAPPS that you can adopt.
You can explore the idea to make interests with Dharma as an example.
Chesatochi.com – For the love of crypto and coffee
PS: I am not a financial adviser, and this is only my own opinion. Always do your own research before embracing investment in the crypto space