This post will be a continuation in my series called “DeFI Diaries” where I will be reviewing the popular options in DeFI. I already wrote about AAVE, TrustSwap and COMPOUND, in case you missed those posts you can access them on the links below:
In this post I will be covering how you can use COMPUND directly on Exodus wallet through their built-in app.
What’s so Special about the COMPOUND app on Exodus Wallet?
Currently if you want to use any of the popular DeFI platforms like AAVE, MAKER, COMPOUND etc there are many prerequisites to be met before you get going. You need to have a Metamask configured. Purchase some crypto for lending like DAI, USDC, USDT, BAT. Purchase some ETH to facilitate all the transactions. If you are planning to lend a large amount then you need to get a hardware wallet like Ledger or Trezor and then connect it to your Metamask. After all this is in place comes the most critical part that is to educate yourself about the different DeFI options their Pros and Cons and the risks involved. Once you weigh the rewards against the risks involved you go ahead and start using the DeFI platforms of your choice.
For someone who has been around in crypto space for sometime these steps might seem straightforward and easy. However imagine how daunting and confusing it can be for someone who is very new to crypto. I think this COMPUND app integration by Exodus is a great initiative by Exodus to introduce crypto newbies to the concept of DeFI without getting involved in the complexities. It can be a stepping stone for the newcomers to familiarize themselves with DeFI while they learn the ropes of Metamask, Ledger, Crypto Lending, ETH processing fee involved and are ready to start using the DeFI platforms directly.
This is also a matter of convenience for those who just want to load up their DAI on a wallet and start earning interest without going the Metamask way. The way Metamask transactions keep getting slower with each day and the risk of having crypto on a web plugin are additional reasons.
Is this Beneficial for Advanced Crypto Users?
This my friends is a big NO in my opinion. While I admit the COMP app on Exodus is very smooth and intuitive to use I have decided not to use any more. My rationale is that the process to claim COMP on Exodus in my personal opinion is very complex. On the COMPOUND platform you can easily track and withdraw the COMP you get rewarded but on Exodus the COMP you are earning is not visible in fact I understood they are not handing over the COMP as I could not see any COMP being added to my account. It was later someone brought to my attention that there indeed is a way to claim COMP on Exodus but I still maintain that this process is a bit twisted and not as straightforward as on COMPUND site.
Do let me know in the comments if there is any specific DeFI platform you would want me to try out.
In the video below you can see how the COMP app on Exodus works.
Cheers,
SamBTC
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