updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6114hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6114\ud83d\udd25 TOP Crypto TIPS In My Weekly Newsletter \ud83d\udc49 https:\/\/signup.coinbureau.com\/newsletter
\n\ud83d\udcf2 Join The Coin Bureau Insider Channel \ud83d\udc49 https:\/\/t.me\/cbinsider
\n\ud83d\udcfa Watch my dedicated video on Dai \ud83d\udc49 https:\/\/www.youtube.com\/watch?v=wW1IEZeWY4k&t
\nBTC Tipjar \ud83d\ude4f\ud83c\udffb: 35YDYtYAB999JxiXQXewzLvMGX4ki2d3WL<\/p>\n
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\u23f0 Time Stamps \u23f0<\/p>\n
0:59 Intro
\n5:07 What Is Compound Finance?
\n9:39 What Are cTokens?
\n15:19 Why DeFi Could Trigger Insane Capital flows Into Crypto?
\n17:23 Conclusion<\/p>\n
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\u26d3\ufe0f \ud83d\udd17 Helpful Links & Sources \ud83d\udd17 \u26d3\ufe0f<\/p>\n
\u25ba Get started on Compound Finance: https:\/\/compound.finance\/
\n\u25ba Use Metamask to connect to Compound: https:\/\/metamask.io\/
\n\u25ba Keep your cDai safe whilst using Compound with Ledger: https:\/\/www.coinbureau.com\/out\/ledgernanox
\n\u25ba Compare DeFi interest rates: https:\/\/loanscan.io\/
\n\u25ba Check out the Coinmarketcap of DeFi: https:\/\/defipulse.com\/
\n\u25ba The Compound contract on Etherscan: https:\/\/etherscan.io\/address\/0x3fda67f7583380e67ef93072294a7fac882fd7e7<\/p>\n
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\ud83d\udcdd Simple Overview \ud83d\udcdd<\/p>\n
Are you one of the billions of people out there getting a raw interest deal from your bank? Well, there is now another way to get that sweet, sweet interest you deserve in defi. In this video, I tell you all about the Compound Finance lending platform and how to start earning 8% interest today.<\/p>\n
\u2753 What Is Compound \u2753<\/p>\n
In short, Compound Finance simply matches people that want to borrow crypto with those that want to supply crypto to earn interest. The platform allows users to lend or borrow a plethora of cryptocurrencies including Ethereum, Dai, USD Coin, Augur, SAI, Wrapped BTC, BAT and 0x. You should know that the stable coin Dai makes up the lions share of the lending and borrowing on Compound.<\/p>\n
\ud83d\udcb0 What Are cTokens? \ud83d\udcb0<\/p>\n
Want to compound that awesome interest rate? Don\u2019t be so hasty. It\u2019s probably a good idea to understand what\u2019s going on behind the scenes with your money. <\/p>\n
If you supply Dai to earn interest on the platform, you will get something known as cDai sent back into your Ethereum wallet. It\u2019s slightly confusing as you get a seemingly random amount cDai. So, what\u2019s going on with that?<\/p>\n
The first thing to know is that cDAI acts as a redemption token to redeem actual DAI. The same is true of any asset listed on Compound Finance. Any crypto asset you supply to earn interest on, you\u2019ll get back a cToken for that asset. <\/p>\n
cTokens are designed to increase slightly after every Ethereum block generated. This is how interest is generated on the platform. <\/p>\n
\ud83c\udfc1 How To Get Started Earning Interest On Compound Finance? \ud83c\udfc1<\/p>\n
\u25ba Make sure you have your Dai on a Coinbase wallet, Ledger or Metamask.
\n\u25ba Head over to Compound.Finance and click \u2018Markets\u2019 at the top of the page.
\n\u25ba Click the \u2018App\u2019 button and connect your wallet.
\n\u25ba Select the wallet you want to access on Compound.
\n\u25ba Choose the asset you want to supply to earn interest.
\n\u25ba If you are supplying Dai enable it on your device if you are using a Ledger and accept the Compound contracts.
\n\u25ba Enter the amount of Dai you want to earn interest on and click \u2018Supply\u2019.<\/p>\n
It really is that easy.<\/p>\n
\ud83d\udd2e Why DeFi Lending Platforms Could Trigger Insane Capital flows Into Crypto? \ud83d\udd2e<\/p>\n
Right now, banks are offering truly terrible interest rates. Lock up your money for three years at HSBC in the UK and you can expect to get only 2% interest. The point is that there are probably hundreds of millions of people around the world sitting on cash deposits in banks earning almost no interest whatsoever. <\/p>\n
In addition, other assets like equities in the stock market look overextended. Maybe some people will begin to think the risk to reward profile is just not there anymore in these assets? There are over $85 trillion dollars worth of value locked up in global stock markets. <\/p>\n
The bond markets have over $2.4 trillion worth of value stored in them. In the UK, a government two-year bond pays just 0.5% a year. The point is there is a lot of money sitting in banks, bonds and other assets that could get significantly better returns in defi. The key question is whether more and more people will start seeing opportunities like Compound as a solid alternative and reallocate their capital to defi.<\/p>\n
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\ud83d\udcdc Disclaimer \ud83d\udcdc<\/p>\n
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.<\/p>\n