How to Earn Crypto Investment Income on Compound
In part one of our DeFi series, you will discover how to earn interest on cryptoassets by placing them into the Compound (COMP) money market protocol. Compound is an autonomous, open-source interest rate protocol that allows cryptoasset users to borrow and lend digital assets on the Ethereum (ETH) blockchain.
To start earning crypto interest on Compound, you will need to take the following steps:
Next, you click on “App” on the top right of the website to access the protocol dashboard Then, you connect to the protocol with your Ethereum wallet (MetaMask, Coinbase Wallet, or Ledger) Once connected, you will be able to view all available assets, borrowing and lending rates. The stablecoins – DAI, USDC, and USDT – are favorites among DeFi investors as they ensure that the principal of the loans retain its value while investors can cash in on the interest and – in the case of Compound – also on the COMP token.
