OKEx CEO Jay Hao: The Crash of a Token Is Not the End of DeFi, but a Lesson in Overheated Market Sentiment
Curve and YFII Now Available for Investors to Make a Passive Income on OKEx Earn
Malta, Sept. 15, 2020 — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange has announced that investors can now make a passive income on popular DeFi protocols Curve and YFII through its OKEx Earn platform. Starting from 1:40 pm UTC on Sept. 15, users can earn interest by subscribing USDT and DAI on the YFII on-chain protocol, as well as USDC, USDT, DAI and TUSD on the Curve on-chain protocol, via the OKEx Earn feature.
This announcement follows OKEx's addition of Compound to its Earn feature last week, allowing users to earn interest on more of their favorite DeFi tokens. In addition to supporting DeFi protocols like Compound, Curve and FYII.finance, Earn allows users to accumulate additional governance tokens and rewards by depositing BAT, DAI, ETH and others.
"We are extremely pleased to be able to expand the capability of OKEx Earn further by interfacing with Compound to enable the addition of Curve and YFII today. In this way, we can help support the development of the DeFi space while giving our users even more flexibility when it comes to managing their crypto wealth," said OKEx CEO Jay Hao.
He went on to say:
“Savings, staking and DeFi lending are all avenues that can provide crypto interest income to users on a regular basis. Making a passive income through Earn is simple and does not carry the same high levels of risk when compared to futures, options, or other derivatives. This, in turn, increases its accessibility.”
More about OKEx Earn
OKEx Earn consists of three different pillars: Savings, C2C Lending and Staking. Savings enables users to share in OKEx’s income from margin loans. A portion of the interest collected from margin traders is allocated to savings, and income is accrued every day from the second day after deposit. OKEx Earn currently supports a total of 32 assets in savings.
C2C Lending is the process of locking up funds in Earn for a period of time to earn tokens as interest. Users can passively lend and rely on smart contracts' liquidation thresholds to preserve their initial loan amount and receive interest through a relatively simple process. Interest rates can be fixed or variable based on the current market rate and users can select the highest interest rates depending on their assets.
Staking is the process of storing tokens in a specific wallet and performing various network functions to receive a reward. Staking on Earn allows users to stake on OKEx Pool, a comprehensive mining pool created by OKEx. It supports mining of a range of PoW, PoS and PoS-variant assets, including BTC, BSV, ETH, LTC, EOS, ATOM, XTZ, DAI and many more.
“Passive income allows our users to put their capital to work, instead of letting it sit around by simply HODLing. Now, even the most risk-averse investors can earn passive income on their cryptocurrency holdings,” Jay added.
DeFi lending has significant advantages over traditional finance, including trustless transactions, low requirements for entry and significantly higher return rates. Using OKEx Earn, for example, users can obtain APY rates of up to almost 60%, on average in the past three days, according to different tokens, by press time, when compared to the current near-negative yield on a traditional savings account.
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.