RiveX & Aave — Bringing Aave Protocol to RX Wallet, the DeFi Powerhouse!
Overview of the latest Aave Dapp integration, including a Desktop and Mobile guide
Dear Rivexians!
We are thrilled to announce that we have integrated Aave in the RX wallet — this allows you to access the Aave money markets from directly within RX Desktop wallet! Deposit and earn interest on your idle assets 💰
Let's dive right in!
aTokens Integration — Watching your balance grow by the minute!
aTokens are Aave interest-bearing tokens. The aTokens are pegged 1:1 to the value of the underlying asset that is deposited in Aave protocol. aTokens, such as aDai, can be freely stored, transferred, and traded.
RX Wallet is able to store ERC-20 tokens. Therefore RX Wallet users may choose to translate their ERC-20 tokens into aTokens and earn interest subject to Aave lending pairs. Some features of the aTokens include:
- 1 to 1 Ratio: aTokens are pegged 1:1 to the value of the underlying asset that is deposited in Aave protocol.
- Redirecting the Interest: The interest earned on aTokens can be redirected at any time to any public address, this can be managed using external platforms by exporting your private key.
- Earn interest: Earn interest on assets such as aDai, aUSDC, and aUSDT etc.
Installing the latest version of RX Wallet
In order to access the new Aave Dapp on RX Wallet, you’ll need to download the latest version from our website (or app stores for mobile). RX Desktop and RX Mobile Wallets have been updated.
**IMPORTANT** Make sure you have backups of your seed phrase/private key before updating your wallet.
Download RX Wallet here.
P.S: iOS AppStore review is pending, we will announce when it goes live!
How to use the Aave Protocol Dapp within RX Desktop Wallet
Accessing the Aave money markets is simple, you’ll need some Eth for gas as well as the assets you wish to deposit in order to earn interest. In the example below, we’ll be depositing some DAI stable-coin.
Step 1. Once you have your assets deposited, click on the AAVE Dapp on the left.
Step 2. Scroll down and click Deposit
Step 3. Scroll down and click on the asset you would like to deposit, in this case, we are choosing DAI.
Step 4. Enter the amount you would like to deposit, then click Deposit.
Step 5. Select your gas fee, then click on Approve.
* You can also set your gas fee manually by clicking Advanced Options
Step 6. Once you have clicked Approve, wait for your transaction to complete.
Step 7. Now that your asset is approved, you can now deposit your asset. Click Deposit and wait for the transaction to approve.
Step 8. Your assets have now been deposited and are now earning interest. To withdraw your assets, click on the asset name.
Step 9. Set your gas fee, then click on Confirm.
Step 10. Once your transaction has completed, your assets will be returned to your wallet.
How to use the Aave Protocol Dapp within RX Mobile Wallet
You can now access Aave money markets on the go using RX Mobile wallet! The process is very similar to the RX Desktop wallet, lets go through the flow below:
About Aave Protocol
Aave is an Open Source and Non-Custodial protocol to earn interest on deposits & borrow assets. Headquartered in London, Aave is made out of a team of innovators with the focus on creating a transparent and open financial infrastructure by creating valuable stand-alone products, which together are even more valuable. Aave aims at building an ecosystem that helps people to enjoy easy and transparent services and to get the benefits of decentralized finance. Visit https://aave.com/
About RiveX
RiveX is a chain agnostic interoperable layer-2 solution across different blockchain protocols. RiveX aims to empower the next generation of decentralized applications, decentralized finance and enterprise solutions. RiveX has comprehensive interoperable DeFi solutions such as RX Wallet which aims to integrate DAPPS from different blockchain protocols to enable an interoperable DeFi ecosystem within RX Wallet itself.
👇 More about RiveX 👇
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