Web3 technology company OKX announced it has partnered with the decentralized finance (DeFi) lending and borrowing protocol Compound and the Arbitrum Foundation to collaborate on introducing the Compound bonus campaign. From today until July 14th, users engaging with the Compound DeFi protocol can earn a portion of the 100,000 ARB prize pool.
Users can obtain ARB tokens on top of the base APR by depositing their funds into the ‘Compound V3 USDC pool’ on the Arbitrum One blockchain using the OKX DeFi aggregator.
Compound protocol offers opportunities for lenders to earn interest on their cryptocurrency holdings. Deposited assets are stored in smart contracts called liquidity pools, with interest rates adjusted algorithmically based on market supply and demand.
The Compound’s V3 protocol is compatible with the Ethereum Virtual Machine (EVM) and enables individuals to supply cryptocurrency assets as collateral to borrow the base asset. Accounts can also earn interest by supplying the base asset to the protocol. Compound V3 is deployed on Ethereum with USDC as the base asset.
OKX Launches OKX Simple Earn Fixed, Enabling Users To Earn Income At Fixed Period And Rate
OKX operates as a cryptocurrency exchange platform and offers a range of supplementary products, encompassing the OKX Wallet, decentralized exchange (DEX), non-fungible token (NFT) Marketplace, and Web3 DeFi services.
Recently, OKX exchange announced the launch of its OKX Simple Earn Fixed product, which is now available to all users. This product supports a variety of cryptocurrencies, including USDT, USDC, BTC, and ETH.
Simple Earn Fixed functions as a lending product that allows individuals to earn income at a fixed period and rate. Interest accrues hourly upon successful matching of a user’s lending order with borrowing demand from other users, with the total interest paid out at the end of the order period.
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