compound.finance added UNI to their asset.
There was a proposal to support UNI token on compound.finance and it was passed so UNI support has been implemented on their app so that... 👇
You can earn interest on UNI!
Supply/Borrow APYs are not that great right now, but it seems like they went up a lot in a few days.
Here is the twitter
and more details here
I had UNI sitting in my wallet doing nothing so I supplied my UNI and earning some interest on it.
This is the result after few days...
You can check your interest in the "Vote" page here. (you don't have to setup for voting to earn interest on your asset, but if you like to vote on proposals, you can do it on this page too)
My interest amount is pretty small, but I am already earning some UNI. Hopefully I will be able to earn more in the future. Maybe I will supply more UNI from my farmer.
I am also farming UNI and farming is producing a lot more UNI than this interest, but either way, it is a nice to way to earn some passive income.
Compound interest, you can just click on "Collect" and receive your interest manually, but if you earned enough UNI, I think it was like 0.01 UNI, UNI will be delivered automatically to your wallet, so you don't have to manually collect it and pay gas fees for it. (i wish UNI farm would do the free delivery too, but oh well, not everything can be free i guess)
Supply and borrow UNI is easy
Just go to Dashboard and click on "Uniswap". You can supply and borrow UNI in the pop up window.
You can also withdraw UNI anytime you want. They don't lock up your asset or anything so you are always in control of your own asset.
ETH gas fees seems to be cheaper these days so I was able to supply for cheaper gas.
But still I had to do 2 transactions, one is to approve UNI to be used and another one for the transaction. I think I picked the right time for transaction, it only costed me like $0.66 🤯 🤯 🤯
If the gas fee stays down, I will be able to get back to DeFi space more often!!!
How is your UNI doing? 😉
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Good to see you putting your UNI to bettere use and earning some interest for it.
Mine is sittng idle in some CEXes. I bought some more today. But I plan to hold it for only a couple of months at most. So I don't think it can earn much to make up for all withdrawal, gas and transfer charges for moving them back to Exchanges.
Yes, fees are the huge headache... but at least gas is not like 400-500 gwei now.