DeFi App Tutorial Compound: Earn Interest On Your Cryptocurrency
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DeFi App Tutorial Compound: Earn Interest On Your Cryptocurrency

By tomoyan | tomoyan | 2 Mar 2020


Compound is DeFi (Decentralized Finance) app and it runs on Ethereum, and it's protocol and markets are algorithmic and autonomous.

No signup. No KYC (know-your-customer).

You can earn interest on Ethereum assets that are deposited into the Compound protocol, or you can borrow assets against your deposits.

List of available assets and APY:

BAT, DAI, ETH, REP, USDC, WBTC and ZRX

assets

Right now DAI's APY is pretty good (8.08%), but these rates are not locked in they are based on supply and demand in real-time so these rates change frequently.

If you have other tokens that are not available here or you want to swap tokens? 👇

DeFi App Tutorial Uniswap: Easy Way To Trade Ethereum Based Tokens

How to check rates

You can use Compound Finance Bot on twitter to see which assets are up/down or Hot.

bot

How to earn Compound interest on your assets

  • Go to Compound Interface Here

https://app.compound.finance/

Or you can use these community-built interfaces 👇 (Here is the list)

list

  • Connect your wallet.

I use Coinbase Wallet so click on that.

Popup message will show up, and authorization request will be sent to your wallet.

connect wallet

  • Authorize the request on wallet app.

app auth

Your wallet is connected to Compound Interface and ready to Compound once you authorized the access.

connected

  • Click on a token to ENABLE it so that Compound will be able to supply that token. (I picked DAI because of the APY.)

enable

  • Click on MAX to supply all your token or you can manually type in how much you like to supply and then click SUPPLY.

supply

That is it.

Supply Balance is updated and you are ready to earn interest!

done

What is next?

Just wait and hodl, let your crypto to work, and earn some tokens.

hold

If you want to pull out your assets, you can withdraw at any time.

 

cover image

 

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tomoyan
tomoyan

Crypto DIYer - tomoyan.github.io


tomoyan
tomoyan

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