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OKEx Earn: Use Your Crypto Assets to Earn Passive Income on OKEx

2020.09.11 OKEx

An overview of earning cryptocurrencies using OKEx Earn

OKEx provides various ways for users to start earning cryptocurrencies, be it by availing the free Bitcoins offer, or by using services like OKEx Pool and OKEx Loans. However, as new entrants seek passive earnings in the crypto space following the decentralized finance boom, OKEx Earn serves as a one-stop location for all the earning options available on the OKEx platform.

OKEx Earn currently offers six ways for users to earn passive income in cryptocurrencies:

  • Liquidity mining with DeFi tokens
  • Savings
  • Term deposits
  • Staking
  • C2C loans
  • Earning DAI with MakerDAO

This guide will walk you through each of these products and how you can start using them.

Step 1: Go to the Earn section

Go to the OKEx homepage and navigate to Finance in the top menu and click on Earn to access the OKEx Earn section.

Step 2: Specify your digital asset holdings

On the OKEx Earn page, select the Earn tab and choose the cryptocurrency you have, followed by the amount you want to commit to earning passive income from.

Specify your crypto asset

You can also select the Market tab to view supported tokens and their returns in various services, such as savings, staking and lending.

Crypto market

In this tutorial, we will first review the steps for earning passive income via liquidity mining in DeFi protocols.

Liquidity mining with DeFi tokens

The DeFi boom and its need for liquidity has presented market participants with new avenues for generating passive income. Users can now commit their digital assets to various protocols and earn interest and/or bonus tokens.

OKEx has taken the initiative to add numerous DeFi products to the Earn section in order to facilitate users and lower barriers to entry for those seeking earning opportunities in this growing niche.

Earn crypto with Compound

Compound, one of the leading decentralized lending protocols, has gained widespread popularity in the DeFi community following the release of its governance token, COMP. The release of COMP led to massive liquidity mining in the DeFi space, where yield farmers attempted to earn COMP by supplying their crypto to the Compound protocol.

To support the Compound ecosystem, OKEx users can deposit the following tokens to earn passive crypto income:

  • Basic Attention token (BAT)
  • DAI
  • Ether (ETH)
  • USDC
  • Tether (USDT)
  • 0x (ZRX)

In this tutorial, we will subscribe to earn USDT and COMP with Compound.

Step 1: Subscribe to earn USDT with Compound

Choose USDT as the cryptocurrency in the "Earn" section to bring up the deposit period, net rate and estimated daily return for earning USDT with Compound. The net rate is calculated using the subscription interest and staking returns. Click Subscribe if you would like to proceed.

Step 2: Supply your USDT to the Compound protocol

Enter the amount of USDT you would like to supply to the Compound protocol. The minimum subscription amount for USDT is 50. If you would like to subscribe to Compound with all available balance, you can click Max. Click Continue to proceed.

Confirm the transaction details, including the estimated return and estimated bonus rate. You need to acknowledge the fact that the estimated yield does not represent the actual yield and that you have free access to your assets at any time. Click Subscribe to proceed.

Step 3: Review your transaction

Review the completed transaction under "My Assets" at the bottom of the OKEx Earn section.

You can withdraw your USDT anytime by clicking on the document icon under "Action" and then clicking Redeem to proceed.

Earn crypto with Uniswap

Uniswap is a decentralized protocol for automated liquidity provision on Ethereum. Recently, Uniswap released its governance token, UNI.

To facilitate user-participation in Uniswap, we have launched a flexible-deposit product for the project on OKEx Earn. This product will collect user funds for Uniswap's smart contract, splitting the gas fee between all participants.

Users can start earning UNI tokens by staking any of the following digital asset trading pairs:

  • USDT–ETH
  • USDC–ETH
  • DAI–ETH
  • WBTC–ETH

In this tutorial, we will subscribe via USDT–ETH to earn UNI tokens. This means we need to provide both USDT and ETH to the Uniswap protocol in order to earn UNI. However, no interest will be earned on the actual supplied digital currencies.

Step 1: Subscribe to earn UNI with Uniswap

Choose USDT as the cryptocurrency in the "Earn" section to bring up the deposit period, APY rate and estimated daily return for earning UNI with Uniswap. Click Subscribe if you would like to proceed.

Step 2: Read the terms for UNI subscription

Traders subscribing to Uniswap need to understand and acknowledge the risks involved, and only after clicking I understand will it be possible to earn UNI with Uniswap on OKEx, as shown in the image below.

Step 3: Supply your USDT and ETH to the Uniswap protocol

Enter the amount of USDT and ETH you would like to supply to the Uniswap protocol. If you would like to subscribe to Uniswap with all your available balance, you can click Max. Read the warning message at the top and the Q&A at the bottom for answers to any questions you may have. Click on Continue to proceed when ready.

Step 4: Confirm transaction details

Confirm the transaction details, including the estimated return and service fee. You need to acknowledge the fact that the estimated yield does not represent the actual yield and that you have free access to your assets at any time. Click Subscribe to proceed.

Step 5: Review your transaction

Review the completed transaction under "My Assets" at the bottom of the OKEx Earn section.

You can withdraw your USDT and ETH anytime by clicking on the document icon under "Action" and clicking Cancel to proceed.

Earn crypto with Curve

The rise of automated market makers, such as Curve, has attracted a lot of interest from the DeFi community. Curve is a decentralized AMM designed to facilitate low slippage stablecoin trades. While the trading volume of Curve spiked following the issuance of its governance token CRV, the high gas fee for using Curve has been an obstacle for its adoption.

To facilitate user-participation in Curve, we have launched a flexible-deposit product for the project on OKEx Earn. This product will collect user funds for Curve's smart contract, splitting the gas fee between all participants.

Users can start earning interest and CRV tokens by staking any of the following supported digital assets:

  • USDC
  • USDT
  • DAI
  • True USD (TUSD)

In this tutorial, we will subscribe via USDT to earn interest and CRV tokens.

Step 1: Subscribe to earn CRV with Curve

Choose USDT as the cryptocurrency in the "Earn" section to bring up the deposit period, net rate and estimated daily return for earning USDT with Curve. The net rate value is calculated using the subscription interest, and staking returns and is not static. Click Subscribe if you would like to proceed.

Step 2: Supply your USDT to the Curve protocol

Enter the amount of USDT you would like to supply to the Curve protocol. The minimum subscription amount for USDT is 50. If you would like to subscribe to Curve with all available balance, you can click Max. Read the Q&A at the bottom for answers to any questions you may have, and click Continue to proceed when ready.

Confirm the transaction details, including the estimated return and service fee. You need to acknowledge the fact that the estimated yield does not represent the actual yield and that you have free access to your assets at any time. Click Subscribe to proceed.

Step 3: Review your transaction

Review the completed transaction under "My Assets" at the bottom of the OKEx Earn section.

You can withdraw your USDT anytime by clicking on the document icon under "Action" and clicking Redeem to proceed.

Earn crypto with YFII

Following liquidity mining hype driven by Compound in June, yield farmers turned their attention to YFII, a fork of yearn.finance. YFII is a DeFi platform that aims to build products on aggregated liquidity provision, leveraged trading, automated marketing making and more.

To support user-participation in YFII, we have launched a flexible deposit product for the project on OKEx Earn. The product will function like the Curve deposit described above, with support for the following tokens:

  • USDT
  • DAI

OKEx plans to continue supporting DeFi

Apart from introducing new products for Compound, Curve and YFII, OKEx will continue to support the DeFi space and more products will be rolled out in the future. OKEx users interested in the DeFi initiative should read our Earn DeFi service terms.

Savings

The Savings product enables OKEx users to earn interest by depositing their digital assets on the platform. The deposited assets are lent as margin loans to traders, and OKEx then collects and distributes the interest income to users.

The interest income is accrued daily, starting from the second day of the deposit, and there is no minimum amount or period for the deposit. Users can follow the steps below to get started with Savings.

Step 1: Subscribe to Savings

In this example, we will deposit 5 USDT in our savings account. To start, you need to navigate to the OKEx Earn section (as mentioned above) and click on the Earn tab.

Now, you will see the various options available to you, and one of them is "Savings."

Depending on your selected digital asset and the amount you wish to commit, you will see figures for rate (APY) and estimated return per day. Click Subscribe if you would like to proceed.

Step 2: Enter and confirm the transaction details

Now, you need to confirm your subscription amount and deposit period. Click Continue after you have entered the details.

You will now see a Savings User Agreement, read it and, if you agree to it, click Continue to proceed.

Review the transaction details once again, and click Subscribe to confirm.

Step 3: Review your transaction

Review the completed transaction under "My Assets" at the bottom of the OKEx Earn section.

You can withdraw the assets in your savings account anytime. If you would like to do so, you can click on the document icon under "Action." Now click Transfer Funds and enter the withdrawal amount to proceed.

Term deposit

Term deposit allows users to deposit cryptocurrencies that they earn returns from at an agreed rate of interest. Compared to Savings, users need to select the duration for a term deposit and cannot withdraw cryptocurrencies during that period without paying a fee.

In this example, we make a term deposit of 10 EOS for 30 days.

Step 1: Subscribe to term deposit

Firstly, choose EOS as the cryptocurrency under the "Earn" section and go to the "Term Deposit" box and open the dropdown menu by clicking on Full List to view all periods available for the term deposit with their respective rates of return. Click Subscribe to proceed.

Subscribe to term deposit

Step 2: Enter and confirm details of the term deposit

Enter your desired amount and select a term deposit period for subscription. For EOS, the minimum subscription amount is 10 EOS.

If you would like to subscribe to the term deposit with all available balance, you can click on Max. Click Continue to proceed.

Confirm the transaction details once again, including the deposit period, and acknowledge the fact that the estimated yield does not represent the actual yield. Click Subscribe to proceed.

Confirmed Term Deposit - EOS

Step 3: Review your transaction

Review the completed transaction under "My Assets" at the bottom of the OKEx Earn section.

If you would like to withdraw the cryptocurrencies during the term deposit period, you can click on the document icon under "Action" and click Terminate to proceed. However, please note that a penalty fee is applied for early termination of a term deposit.

Staking

Staking is a popular way to earn passive income in the cryptocurrency space. By staking your cryptocurrencies, users may participate in block validation — similar to what miners do for Bitcoin — on a proof-of-stake blockchain and earn a set percentage as a reward.

Users can earn cryptocurrencies via staking using OKEx Earn or OKEx Pool. In this tutorial, we will walk you through the process of staking in OKEx Earn.

Step 1: Subscribe to staking

We will use v.systems for staking in this example. Choose VSYS as the cryptocurrency in the "Earn" section and go to "Staking" to view the available options for VSYS. Click Subscribe to proceed.

Step 2: Enter and confirm the details for staking

Enter the amount of VSYS to stake. For VSYS, the minimum subscription amount is 100 VSYS. If you would like to subscribe with all available balance you can click on Max. Click Continue to proceed.

Confirm the transaction details such as the amount used for staking and acknowledge the fact that you have read the Staking User Agreement and that the estimated yield does not represent the actual yield. Click Subscribe to proceed.

VSYS - Confirm Staking

Step 3: Review your transaction

Review the completed transaction under "My Assets" at the bottom of the OKEx Earn section.

You can withdraw your staked cryptocurrencies anytime by clicking on the document icon under "Action" and then clicking on Redeem. Please note that it takes up to one day to process the transfer of staked crypto or earned interest.

C2C Loan

OKEx C2C Loan is an open marketplace for borrowers and investors to give or take loans, with flexibility in choosing investment amounts, redemption dates, load durations, etc. Compared to a term deposit, a C2C loan gives users more options.

With OKEx Earn, USDT is the only cryptocurrency available for C2C loans.

Step 1: Subscribe to C2C loan

Choose USDT as the cryptocurrency in the "Earn" section and go to "C2C Loans" to click on Full List to view all available periods with their respective rates of return. Click Subscribe to proceed.

C2C loan

Step 2: Choose a loan offer to invest in

You can view all the available loan offers with different rates of return, loan periods, minimum and maximum investments, etc. In our example, we will select the loan offer for 50 USDT, with a return rate of 8.03% APY for a period of 90 days. Click Invest to proceed.

Step 3: Enter the subscription amount

For the USDT C2C loan in our example, the minimum amount for subscription is 50 USDT and the maximum amount is 500 USDT. Under the "Subscription Amount" tab, you can enter the amount for subscription in multiples of 50 (e.g., 100 USDT, 150 USDT, etc.).

Step 4: Read the risk-control section

Before you proceed to initiate the C2C loan, it is advised to read the details under the Risk Control tab. There are three important pieces of information in this section, namely pledged assets, loan-to-value and late interest rates.

"Pledged assets" refer to the collateral held by a lender in return for lending funds. Collateral value refers to the amount of assets accumulated to secure the loan. When the collateral value falls below the alert level, the borrower will receive a reminder to increase the collateral amount. If the collateral value drops below the liquidation level, and the borrower fails to restore the collateral amount, the loan position will be closed to repay the principal, interest, and overdue penalty interest to the investor. As such, the investors will be able to collect their principal even in the event of a liquidation.

"Loan-to-value" is the ratio of a loan to the value of an asset purchased – a high LTV ratio means the loan is riskier to take. The initial level refers to the percentage of the loan amount that must be covered by your own money. The margin call level here refers to the minimum amount of USDT that must be maintained in your margin account. If the LTV reaches the liquidation level, the loan position will be closed.

"Late interest rate" refers to the penalty rate for late interest payments.

After you have acknowledged the risks involved in C2C loans, click Continue to proceed. 

Confirm the details for your C2C loan once again and click Subscribe to proceed.

Step 5: Review the loan balance

To review your loan balance, go to My Assets using the dropdown "Assets" menu from the top navigation bar. Now select the Assets tab and go to Loans to review your loan balance in USDT.

You can see that the USDT loan amount is shown in the "Investment" column.

Earn DAI with MakerDAO

OKEx Earn allows users to stake their DAI in MakerDAO to earn interest. The minimum amount for staking is 1 DAI.

Step 1: Subscribe to earn extra DAI

Choose DAI Stablecoin as the cryptocurrency in the "Earn" section to bring up the deposit period, rate of return (APY) and the estimated daily return. Click Subscribe if you would like to proceed.

Step 2: Enter and confirm the transaction details

Enter the amount of DAI to stake. If you would like to subscribe with all available balance, you can click on Max. Click Continue to proceed.

Confirm the transaction details, such as the amount used for staking, and acknowledge the fact that the estimated yield does not represent the actual yield. Click Subscribe to proceed.

Step 3: Review your transaction

Review the completed transaction under "My Assets" at the bottom of the OKEx Earn section.

You can withdraw your staked DAI anytime by clicking on the document icon under "Action" and then clicking Redeem to proceed.

Not an OKEx trader? Learn how to start trading.


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.


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