An Ultimate Step-by-step Guide to Lend Cryptocurrencies on DeFi Protocols and Start Earning Interests
Introduction to +Earn v3
Crypto lending has become such an attractive space for users to start earning interest on their cryptocurrencies which the users are holding on their wallets. Billions of dollars worth of cryptocurrencies have been lent on DeFi lending protocols like Aave, Compound Finance, and MakerDao.The interest rates the crypto lending platforms are providing to the users are remarkably higher than what the banks can provide their customers on their saving accounts or even fixed income securities.
Now imagine all these top lending protocols are aggregated on a single platform, the benefits you are getting on their platform are also now multiplied.
+Earn v3 didn’t just come out as another crypto lending platform. Earlier named ‘Lend and Earn’, +Earn enables users to deposit their cryptocurrencies and earn the best available interest rates across multiple DeFi platforms like Aave, Compound Finance, Yearn Finance, Fulcrum, and dydx. Currently, users can generate passive income by earning interest rates on their stable coins like USDC, USDT, BUSD, and DAI and altcoins like MKR and CRV.
Compared to its v2, our developers brought a bundle of remarkable improvements and fixes out of which 85% were demanded by our community. Here are the improvements listed below
- Reduced Gas Costs by 90%
- Zero Platform Fees
- Responsive Design
- Additional Protocols: Curve.fi, Yearn, Fulcrum
- Additional Currencies: BUSD, MKR, CRV, USDT
- Integration of Mini Balance Positions
- Simplified Deposit/Withdrawal Process
How to Lend Crypto and Earn Interest
Now comes the most important part of this guide, how to use +Earn to deposit your cryptocurrencies for lending on crypto lending platforms and start earning interests. These interests are generated daily with no lockins. You can deposit and withdraw your tokens back to your connected wallet. When freedom and privacy were the two most in-demand features of DeFi and decentralization in financial services, this is exactly what the visionaries meant. This vision is shared by ADD.xyz’s cofounders and we have built a product that has made it possible.
Here we start a step-by-step
To start lending and earning, navigate to the home page and click on “Connect Wallet”.
Once you have clicked on “Connect Wallet”, users will be presented with a choice of connections either via Metamask’s Browser Extension with Chrome or Ledger.
Once you have connected, navigate to the Lending Platform found here
Select a Protocol
The following DeFi protocols allow you to deposit DAI, USDC, USDT, BUSD, MKR and CRV.
One you select Start Lending, simply use the deposit pop-up to select the protocol of choice, a number of currency options which are enabled on that specific protocol will be shown in the drop down. Simply enter the amount you which to deposit to earn APY and set your gas cost.
We recommend using standard gas settings determined by the dApp when the network is not congested, otherwise, when the Ethereum Network is busy, we recommend setting a higher gas fee.
Once you have set your deposit amount and gas settings, you will be prompted to confirm transactions to approve permissions for the lending protocol you selected and another transaction to finally deposit your specified amount into the protocol.
Your currency will now enter the protocol’s lending contract and automatically accrue interest. You can see your specific individual balances per currency and protocol in our quick view balance position.
You can view your recent activities at the bottom of your dashboard to see where you are and the status of your transactions live on the main net. Not only this, your private dashboard will provide you insights, analytics, and information about all your activities which you have done using the same connected wallet on any of our partnered protocols.
Isn’t this amazing? DeFi Analytics Aggregator!
Do you know — We are also available on Uniswap V3. You might be wondering what’s new on Uniswap V3.0, here is a blog to help you understand all the new changes.
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