Compound, Ethereum platform DeFi application:
Compound is a platform to earn interest and borrow cryptocurrencies.
This is a walkthrough of what it loos like to use.
Compound website
https://compound.finance/
Current market size screenshot as of April 5 2020, 114m USD total supply, is not big.
Earn interest by locking ETH (or other asset you choose) as collateral
1: Go to
https://app.compound.finance/
2: Connect to your wallet
I am using Metamask for this walkthrough.
Current market asset and APY (Annual Percentage Yield) below, 0.01% interest by collaterizing ETH.. Not much. 2.07% for DAI
3: Click Ether to deposit
Collateral factor: Percentage of asset collateral price that you can borrow
e.g. 1000 USD ETH collateral = you can borrow 750 USD of asset.
It is different each crypto asset.
e.g. Augur = 40%
For more info:
https://medium.com/compound-finance/faq-1a2636713b69
Metamask or your connected device will ask you to confirm the transaction.
The screen it looks like this now. Yes I deposited only a little.
That's it. I can earn 0.01% of annual interest now.
Additionally, this is what it looks like to borrow.
Click Dai in the "Available to borrow" and you will se below.
APY is 4.24%.
I have disabled as collateral at the end of this tutorial and withdrew to Metamask.
Share