Step By Step Guide On How To Earn Interest Lending With DeFi
Heard about the insane 20% interest rates some of us are earning on DeFi platforms such as Compound? Got FOMO and want to get in but overwhelmed with all the technical jargon? Well, my friend, you have come to the right place. I am going to outline in layman’s terms exactly step by step what you need to do to get started earning interest.
The article will be broken into 4 sections
- DeFi and Stable Coins Definitions
- How to Obtain Stable Coins
- The Step by Step Process
- Risks
1. DeFi and Stable Coin Definitions
Firstly there are 2 concepts you need to understand to start of with:
1. 1 DeFi
Decentralised Finance are applications which are built on top of a Blockchain. Even though the Blockchain itself is decentralised the DeFi app itself is not totally decentralised. Functions of the DeFi platform are created using Smart Contracts but there may still be centralised aspects to it. As time goes on and innovation in the space naturally occurs we will start to see more and more decentralisation. If you are reading this…
