How to get a Compound interest in your crypto?
Compound is a blockchain-based decentralized protocol that allows you to lend and borrow cryptocurrencies and it is an algorithmic money market protocol, Compound uses smart contracts to automate and manage the capital being added to the platform. Any users around the world can earn interest by connecting web 3.0 wallets like Metamask.
Compound Token - COMP
COMP is the native token for a Compound protocol. COMP is earned by users for lending or borrowing assets and it is an ERC20 token, by putting ETH or other ERC20 tokens like USDC in the protocol users can get an equivalent amount of COMP tokens and they also can borrow crypto tokens. COMP token using on Ethereum wallet such as MetaMask, Coinbase wallet.
How to get a Compound interest in your crypto?
Compound allows people to interact with crypto in a new way, Once you can complete your quick KYC process in Compound protocol, you will get access to earn interest, If you are a lender you can earn up to 12% of interest on your crypto, If you are a borrower you have to put up 100 percent of the value of your borrow in an asset which compound supports, Compound takes off 10 percent what lenders earn in interest.
What type of assets are supported by a Compound ?
The supported assets for lending and borrowing on Compound which includes:
l ETH
l USDC
l DAI
l USDT
l ZRX
l BAT
l REP and more
Being a Pre-eminent DeFi Development Company, Developcoins helps to develop your own decentralized protocol like Compound and also became expertise in DeFi lending and borrowing development which helps us to provide the lending protocols with innovative features!
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