Grow Your Idle Stablecoins with Our New Savings Vaults
Nov 17, 2023
We are excited to unveil our latest feature, the Savings Vaults! It is designed to help you maximise returns on your idle stablecoins by offering access to some of the best and reliable vaults available in the market.
Our first vault is powered by Compound III, offering an approximate 7.86% APR (as of the current writing) for your stablecoins. Please be aware that the APR is subject to change based on the utilization of the lending pool.
Read the docs for more information: https://docs.compound.finance/
Understanding Compound III
As a decentralized protocol, Compound III eliminates the need for traditional financial intermediaries like banks, allowing users to engage in lending and borrowing directly.
The protocol facilitates the use of various crypto assets as collateral, enabling users to borrow the base asset (USDC). Users will also earn interest by supplying the base asset to the protocol.
In simple terms, users can deposit USDC into lending pools, providing a resource for borrowers, and, in return, lenders earn interest on their deposited assets.
Earning Interest in USDC and COMP
When you deposit USDC, you not only receive interest in the form of USDC but also in COMP, the primary governance token for Compound. COMP holders actively participate in the decision-making processes of the protocol, further enhancing the decentralized nature of Compound III.
Here's an illustration of how Compound calculates rewards. With an APR of approx. 7.86%, you can receive 5.2% interest in USDC and an additional 2.65% in COMP.
How to deposit?
Login to your BasedApp account and navigate to the Invest menu. Then click on “Savings Vaults”.
2. Select the Compound v3 vault. In future, there will be more vaults to select from.
Key in the amount you wish to deposit and click on the “Invest USDC” button. And that’s it!
Give it a day or so for the vault to start computing your rewards, and check back in again! The amount displayed for “Rewards Earned” is the value of the rewards received in USDC and COMP. You should be able to claim your COMP rewards too! After claiming COMP, it will be reflected in your BasedApp wallet and you will be able to swap it for other assets of your choice.
Before using the Saving Vaults feature, please read this Risk Disclosure.
We are excited to unveil our latest feature, the Savings Vaults! It is designed to help you maximise returns on your idle stablecoins by offering access to some of the best and reliable vaults available in the market.
Our first vault is powered by Compound III, offering an approximate 7.86% APR (as of the current writing) for your stablecoins. Please be aware that the APR is subject to change based on the utilization of the lending pool.
Read the docs for more information: https://docs.compound.finance/
Understanding Compound III
As a decentralized protocol, Compound III eliminates the need for traditional financial intermediaries like banks, allowing users to engage in lending and borrowing directly.
The protocol facilitates the use of various crypto assets as collateral, enabling users to borrow the base asset (USDC). Users will also earn interest by supplying the base asset to the protocol.
In simple terms, users can deposit USDC into lending pools, providing a resource for borrowers, and, in return, lenders earn interest on their deposited assets.
Earning Interest in USDC and COMP
When you deposit USDC, you not only receive interest in the form of USDC but also in COMP, the primary governance token for Compound. COMP holders actively participate in the decision-making processes of the protocol, further enhancing the decentralized nature of Compound III.
Here's an illustration of how Compound calculates rewards. With an APR of approx. 7.86%, you can receive 5.2% interest in USDC and an additional 2.65% in COMP.
How to deposit?
Login to your BasedApp account and navigate to the Invest menu. Then click on “Savings Vaults”.
2. Select the Compound v3 vault. In future, there will be more vaults to select from.
Key in the amount you wish to deposit and click on the “Invest USDC” button. And that’s it!
Give it a day or so for the vault to start computing your rewards, and check back in again! The amount displayed for “Rewards Earned” is the value of the rewards received in USDC and COMP. You should be able to claim your COMP rewards too! After claiming COMP, it will be reflected in your BasedApp wallet and you will be able to swap it for other assets of your choice.
Before using the Saving Vaults feature, please read this Risk Disclosure.
We are excited to unveil our latest feature, the Savings Vaults! It is designed to help you maximise returns on your idle stablecoins by offering access to some of the best and reliable vaults available in the market.
Our first vault is powered by Compound III, offering an approximate 7.86% APR (as of the current writing) for your stablecoins. Please be aware that the APR is subject to change based on the utilization of the lending pool.
Read the docs for more information: https://docs.compound.finance/
Understanding Compound III
As a decentralized protocol, Compound III eliminates the need for traditional financial intermediaries like banks, allowing users to engage in lending and borrowing directly.
The protocol facilitates the use of various crypto assets as collateral, enabling users to borrow the base asset (USDC). Users will also earn interest by supplying the base asset to the protocol.
In simple terms, users can deposit USDC into lending pools, providing a resource for borrowers, and, in return, lenders earn interest on their deposited assets.
Earning Interest in USDC and COMP
When you deposit USDC, you not only receive interest in the form of USDC but also in COMP, the primary governance token for Compound. COMP holders actively participate in the decision-making processes of the protocol, further enhancing the decentralized nature of Compound III.
Here's an illustration of how Compound calculates rewards. With an APR of approx. 7.86%, you can receive 5.2% interest in USDC and an additional 2.65% in COMP.
How to deposit?
Login to your BasedApp account and navigate to the Invest menu. Then click on “Savings Vaults”.
2. Select the Compound v3 vault. In future, there will be more vaults to select from.
Key in the amount you wish to deposit and click on the “Invest USDC” button. And that’s it!
Give it a day or so for the vault to start computing your rewards, and check back in again! The amount displayed for “Rewards Earned” is the value of the rewards received in USDC and COMP. You should be able to claim your COMP rewards too! After claiming COMP, it will be reflected in your BasedApp wallet and you will be able to swap it for other assets of your choice.
Before using the Saving Vaults feature, please read this Risk Disclosure.