DeFi: UNI Now Compounded
compound finance added UNI to their asset.
There was a proposal to support UNI token on compound.finance and it was passed so UNI support has been implemented on their app so that... 👇
You can earn interest on UNI!
Supply/Borrow APYs are not that great right now, but it seems like they went up a lot in a few days.
Here is the twitter
and more details here
I had UNI sitting in my wallet doing nothing so I supplied my UNI and earning some interest on it.
This is the result after few days...
You can check your interest in the "Vote" page here. (you don't have to setup for voting to earn interest on your asset, but if you like to vote on proposals, you can do it on this page too)
My interest amount is pretty small, but I am already earning some UNI. Hopefully I will be able to earn more in the future. Maybe I will supply more UNI from my farmer.
I am also farming UNI and farming is producing a lot more UNI than this interest, but either way, it is a nice to way to earn some passive income.
Compound interest, you can just click on "Collect" and receive your interest manually, but if you earned enough UNI, I think it was like 0.01 UNI, UNI will be delivered automatically to your wallet, so you don't have to manually collect it and pay gas fees for it. (i wish UNI farm would do the free delivery too, but oh well, not everything can be free i guess)
Supply and borrow UNI is easy
Just go to Dashboard and click on "Uniswap". You can supply and borrow UNI in the pop up window.
You can also withdraw UNI anytime you want. They don't lock up your asset or anything so you are always in control of your own asset.
ETH gas fees seems to be cheaper these days so I was able to supply for cheaper gas.
But still I had to do 2 transactions, one is to approve UNI to be used and another one for the transaction. I think I picked the right time for transaction, it only costed me like $0.66 🤯 🤯 🤯
If the gas fee stays down, I will be able to get back to DeFi space more often!!!
How is your UNI doing? 😉
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Thanks for the entry making it much explicit to user Defi system is an open source protocol which can be used to borrow crypto asset and in return earn from holding such token.
There are multiple features to be explored on Defi system such as fast transaction, more interesting passive income, security system control over asset.
Welcome to world unlimited scalability.
#onepercent
On holding UNI in wallet we dont get anything,if we lend those we get good returns ,your are very luck you pay very less Gas fee now.
Hope you get good returns soon
Thanks for your valuable post . Have a great Day Ahead.
#twopercent #india #affable
Are those unicorn 🦄 wings?
😂😂😂 yes just fishy