You must hear about $COMP, which price went up from $61 to $372.79 ATH. It is one of the hottest tokens in recent days, competing with $MKR for the largest DeFi token by market cap.
See the price and dapp volume performance.
Instead of just looking at this hot topic as an audience, what can you do to get some benefit from it? For example, earn something?
Here we make this tutorial to teach you how to get free $COMP and earn 7.02% USDT interest step by step.
How many $COMP will be given to users every day?
Around 2880 $COMP will be distributed to users participating in its smart contract. 50% will be given to lenders and 50% to borrowers.
How to stake and get $COMP in Compound?
Step 1 - Choose the token you want to stake
“Supply” means you can lend your tokens to others. “Available to Borrow” means you can borrow the tokens from others.
You can check the APY (Annual Percentage Yield) of each token in the Supply and Borrow column respectively and choose the one that suits you most. *The APY is changing every second.
Step 2 - Click into the token you want to stake, choose “Supply” and “Enable” with your wallet
Step 3 - Type in the amount you want to lend out and click “Supply”
Step 4 - After that, you will see your balance and real-time interest earned in your Compound dashboard
At the time I made this screenshot, I have already earned 0.000046 USDT interest. And you may notice that the APY increased from 7.02% to 7.04%. Again, the APY will keep changing.
How can you get free $COMP then?
Click the “Vote”. Then you will see your $COMP token data
The main usage of $COMP is for governance. So you will see the “Governance Proposals” on your right-hand side. You can use your $COMP token to vote for those governance issues.
In your “Voting Wallet”, there are “COMP Balance” and “COMP Earned”
When your COMP Earned amount is larger than 0.0001, you can click the “Collect” button to get your COMP (you will need to pay a gas fee). After that, the $COMP will be shown in your wallet.
Now, you have earned your FREE $COMP!
This article is to teach you how to stake in Compound and get the free $COMP. You may also need to evaluate more to decide to stake in Compound or not and also keep a notice of the fluctuation of the APY interest.
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