Holding Dai on Quidli? You’re now automatically earning interest 💸
Crypto perks just got perkier, powered by Compound
Following the recent addition of support for the Dai stablecoin, we’re excited to introduce the latest benefit for our users sending and receiving crypto perks — earning interest on Dai automatically, immediately and directly to your Quidli accounts. You no longer have to let your crypto perks sit idle when you don’t need to withdraw, spend or use your holdings.
FYI, as a quick refresher, Dai is a cryptocurrency designed to be pegged to the US Dollar (basically, 1 Dai = $1), hence the term stablecoin.
What does ‘earning interest on Dai’ mean?
We’ve kept the ‘earning interest’ part super simple: Any Dai held in your Quidli account will generate interest to be distributed back to you (also in Dai). Interest rates are variable and are shared in real-time with holders to provide transparency. Interest earned and held will compound, which then raises your yield so you earn even more as an incentive/reward for “saving.”
No minimum amount or time is required to get started or to keep your account active. Want to withdraw some or all of your Dai in order to do things other than HODLing? No problem, you’re free to use your balance at anytime and to anywhere with no fees or penalties incurred. Bitcoin, Ether, and Dai are all part of larger public crypto networks and so upon distribution holders can transact with them whenever and wherever they want.
And while you won’t get the larger potential upside you’d get for holding more volatile cryptocurrencies like Bitcoin or Ether, at least with Dai you’re not exposed to the larger potential downsides also present in Bitcoin and Ether. So if you own/have received Dai and you’d prefer to hold onto it for a while instead of spending, simply park it in your Quidli account and let it increase in value over time.
How does Quidli offer interest on Dai?
Earning interest on Dai is made possible by our recent integration of Compound, an “algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.” In short, Compound is an open-source protocol built on Ethereum with over $2b in total crypto assets currently earning interest through it.
Interest rates, as mentioned earlier, are variable; but are mainly provided at higher percentages than those currently offered by more traditional financial service providers like banks and savings accounts. To get the latest details on the Dai market rate, refer to this real-time summary provided by Compound.
Want to start sharing crypto (Bitcoin, Ether, and Dai) with team members as rewards and perks? Create your team account on Quidli to get started.
Are you an employee or freelancer who wants to receive crypto perks from your company or client? Fill out this request form and we’ll reach out on your behalf.
Visit our site, follow us on Twitter, or contact us directly with any questions or comments you may have at hey@quid.li.
