Earn Interest on Coinbase by Supplying Crypto to Compound

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4 years ago

October 27, 2020


Coinbase is a secure platform for trading, transferring, and holding digital currency. Coinbase aim to make an open economic system for the world and to be the leading global brand for helping people convert digital currency into and out of their local currency. Digital currency is an influential technology, however, the advantages of it will not be obtainable to people unless we make it easy to use. Coinbase tops at making outstanding products that send the benefits of digital currency to everyone.

Why Coinbase?

Fast — Go live in minutes, not days
Free — No fees to accept crypto
Convert — Sell your crypto for cash or USD Coin
USD Coin & DAI — Accept price-stable cryptocurrency
Global — Tap into a global customer base
No Middlemen — Be your own bank
Irreversible — Chargebacks are a thing of the past

Coinbase doesn't only let you hold and trade cryptocurrency, but will also let you earn free crypto using their "Earn Crypto" feature. In my article about, I've got $35 worth of crypto for free, I have stated there how to earn free crypto on coinbase. You can read the article for more information.

The total amount I have earned so far from Coinbase is $45 worth of crypto, and the additional $3 USDC and $7 ETH. You can earn up to $100+ worth of different crypto through their "Earn Crypto" feature.

How to earn free crypto on Coinbase?

  • First, you need to register on Coinbase and verify yourself with KYC. If you already have an account, the fastest way to earn free crypto is to get invited by the eligible users. Many have complained about the long wait to get accepted to earn free crypto. So I guess, using an invitation link will help you get accepted easier and faster.

  • Earn Through Watching Educational Videos

I have explained here the step by step process on how to earn free crypto on Coinbase. Click Here for More Info.

  • Coinbase have created educational videos to teach you about your idle crypto assets.

Each 3 minutes long educational video on Coinbase is worth $2-3. You just need to complete the video and answer the given questions at the end of each video. The videos will help you learn and understand your chosen crypto. From the label of the video, you can actually get a hint for the correct answer to the given question, so you don't really need to watch the whole video.

  • Give your friends the gift of COMP

Invite up to 4 friends to join Coinbase Earn. They will get special access to earn free COMP (EOS and XLM have the same feature), and you will get $10 in COMP/EOS/XLM for each friend who completes a lesson, so a total of $40 Comp.

The total amount of Compound I have earned is already $19, and I still have $40 remaining which I can get through referrals.

Here is the list of assets that I have earned aside from Compound.

I've earned $10 EOS and $10 but are not shown there

How to earn interest on Coinbase by supplying assets to Compound?

What is Compound?

  • Compound (COMP) is an Ethereum token that enables community governance of the Compound protocol. The protocol is a series of decentralized interest rate markets that allow users to supply and borrow Ethereum tokens at variable interest rates. COMP token holders and their delegates can also debate, propose, and vote on changes to the protocol.

  • Compound is a protocol running on Ethereum that lets individuals, developers, and applications earn interest on their crypto without relying on third parties.

How to earn interest from assets supplied to Compound?

  • With compound, you can earn interest on your crypto assets by supplying them to COMP protocol. Other users can borrow your crypto and then pay interest on the borrowed assets.

  • All suppliers and borrowers who use Compound combine to form a series of blockchain-based interest rate market.

  • If you supply an asset to Compound, it gets added to a global liquidity pool that other users can borrow from by providing collateral upfront.

  • When borrowers from specific market accrue interest, the compound protocol automatically distributes it to suppliers.

How to do this?

  • Go to "Earn Crypto" and click Compound.

  • (Watch the first 3 videos and you will earn $9 COMP)

  • Open video #4.

In this lesson, you will learn how to earn interest by using Coinbase Wallet to supply crypto to Compound.

  • Click start tutorial. Just follow all the steps that usually takes 15 minutes.

After you have completed tutorial step #6, you will receive $3 USDC which you will use to supply crypto to Compound and earn interest. You will also receive $7 Ethereum which you will use to pay the miner's fee. I have only used $3.82 ETH for the miner's fee, therefore, I earned $3.18 from it. (I had supplied the remaining $3.18 ETH to Compound so I can earn interest from it.)

  • Keep step #7 open to receive $10 COMP after you have completed supplying crypto to Compound.

Then go to you Coinbase Wallet (not Coinbase site):

  • Tap "Earn interest on your crypto," and read through the next two screens in the app.

  • Tap "USD coin" to continue.

  • Select "Compound" from the provider list. Then tap "Continue" to proceed to the next step.

  • Drag the slider or tap on the number to enter the amount. Then tap "Continue" to proceed to the next step. (Make sure to send at least "$3.00 USDC" to qualify for the Earn reward.)

  • Tap "Lend" to complete the task.

The verifying task completion takes up to an hour.

After you have completed the tasks, go back to tutorial step #7 to get $10 COMP.

  • Compound has no fixed term, meaning you can supply or borrow as you please.

  • Once the asset is supplied to Compound, interest is automatically calculated and distributed with each new Etheruem block every 15 seconds on average.

  • This will allow you to start earning interest on your idle crypto in a trustless economy that doesn't rely on a central authority.

I have supplied a total of $5.58 to Compound and currently earning interest at 1.3% APR the moment I was writing this article.

You can lend more assets by tapping the "Earn More" then choose the asset you want to earn interest (if you have no balance, just deposit any amount into it). You can withdraw your asset anytime, or lend more to earn higher accrual. Just tap the certain asset and click the desired action you want to take.

The list of assets that you can supply to Compound to earn interest includes: (the rates as of the moment)

  • USD - 1.2-2.6% APR

  • Eth - 0.12-0.33% APR

  • Dai - 2.8-5.5% APR

  • Tether - 4.5% APR

  • Ox - 1.5% APR

  • Wrapped Bitcoin - 0.010% APR

  • Basic Attention Token - 0.0097% APR

  • And Augur (I can't see the APR for this using my phone)

Aside from Compound as Crypto Provider, dYdX is also one of the providers that will let you earn 0.013% APR.

Take Note: Not all countries are eligible to earn free crypto on Coinbase. Earn opportunities are only available for a limited time to a small set of customers.

You can visit https://read.cash/@Rutkowski/comp-for-free-71d6dec7 to check the list of countries eligible to earn free crypto on Coinbase or visit Coinbase site itself for further information.

Click Here to know more about earning interest on Coinbase.

To easily get accepted to earn free crypto, you can open the links given in this article and start earning up to $50 EOS, up to $50 XLM, and more crypto assets.

Written by: @Jane

Source:

https://www.coinbase.com/earn/compound

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$ 2.11
$ 2.06 from @TheRandomRewarder
$ 0.05 from @Rutkowski
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Written by
4 years ago

Comments

Sayang wala akong ID 😫, ang meron lang ako ay philhealth id. Gusto ko din sana etry nakakapang hinayang nsman talagab🤧🤧

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4 years ago

national ID mabilis matanggap..yan ang mahirap jan sa pinas..

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4 years ago

Wala pang national id 😂

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4 years ago

Coinbase is a great wallet, but it is not supported in my country.

$ 0.00
4 years ago

Oh sad.. Not all countries are eligible for this m

$ 0.00
4 years ago

This a great legit way to earn some money..will definitely check it out

$ 0.00
4 years ago

Sure

$ 0.00
4 years ago

Definitly, I will be use your invitation link because I am old user of Coinbase wallet

$ 0.00
4 years ago

Its not working in Philippines

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4 years ago

It is.. Maybe just takes so long . use my link they said its faster if you have invitation link

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4 years ago

My verification wasn't accepted 😭😭 But I'll try again when I renew my passport. Any way, you guys have all become crypto gurus, nice.

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4 years ago

Not sure if bangla is eligible for this n but just try.. Use an invitation link to join earn crypto

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4 years ago

Lol, I'm not from Bangladesh. Nigeria 👌

$ 0.00
4 years ago

🤣

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4 years ago

Couldn't set up my coinbase account for my phone is not working properly.

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4 years ago

Needs stable connection i guess.. Its actually my third attepmt to claim that $10, comp.. The first two attempts were failed . maybe due to poor connection

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4 years ago

I think so too

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4 years ago

great dear

$ 0.00
4 years ago

Thanks

$ 0.00
4 years ago

welcome dear

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4 years ago

Am sure gonna try this

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4 years ago

Wow...very helpful article dear friend. I will definetly try this to make some extra cash .

$ 0.00
4 years ago

You try

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4 years ago

May account ako sa Coinbase pero di pa verified. Ano po ginamit mo sa kyc? Passport sana gagamitin ko eh. Safe kaya un? Haha

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4 years ago

HK national ID mas madali. Hndi nla tinaggao passport ko kc pinas and address

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4 years ago

A very informative article Jane, Im glad that you have earned 45 bucks worth of crypto.. keep it up

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4 years ago

Thanks

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4 years ago

Sayang wait list pa rin yung sakin

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4 years ago

Masadali kog my invitation from eligible users.. You can try again and use that link

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4 years ago

Yung sakin sis Naka wait list lahat haha

$ 0.00
User's avatar Yen
4 years ago

Try mo ulit.. Gamitin mo link ko mas madali dw

$ 0.00
4 years ago

Sige

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User's avatar Yen
4 years ago

Sayang di ko na maacess coinbase ko kasi hinihingian ako ng kyc tapos wala pako national id for verification.

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4 years ago

Need tlga maverify kyc bago ka mkaearn jan..

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4 years ago

Oo nga e, by the way, check your telegram acc

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4 years ago

Oh you know my acct?

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4 years ago

Just check it 😊

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4 years ago

nice article cool coinbase keeps adding coins right

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4 years ago

Yes not all crypto are available. I only earned stellar in coinbase😅. I wondered if we use VPN if it works. 🤔But i haven't tried using it though.

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4 years ago

Nagjoin kb sa iba? Ang iba nmn dto ubos na fund kya wala na makiclaim, use that links ora sa eos,comp, at xlm pra madali k maaccept

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4 years ago

Nakapause.. Yung tutorial. Be back from couple of days daw. 😅

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4 years ago

I'll try..

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4 years ago

Puro waitlist lahat ee. Siguro sa location lang talaga.

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4 years ago

Mas madali dw kpg my invitation link.. Try mo ulit.. Gamitin mo link jan

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4 years ago

But ung sau okay na.. ako nasa waitlist parin.. dati nkakanood ako agad.. ngaun ayaw na

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4 years ago

check mo b yung comp ngayon? My new sla yang $10, for 15 mins video tutorial.. At bigyan k ng free $3 usd coin at $7 eth . gamitin mo pang supply sa comp pra mka earn k interest

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4 years ago

Sa comp.. waitlist parin ako.. pati sa maker

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4 years ago

Try mo ulit.. Use tht link sa my comp.. Mas madali kc kpg mag invitation

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4 years ago

Ayaw tlga

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4 years ago

Try ko nga ung link mo if pde.. 2 months na atang waitlist skin.. wala nmn clang email

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4 years ago

Try mo lng.. Sabi nla mas madali maaccept kpg my invitation link

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4 years ago

Triny ko na sis.. ayaw nasa waitlist tlga

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4 years ago

Sayang. Dapat nung una plng gumamit na ng invt link

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4 years ago

Dati kz sis.. kahit walang invite pde.. naka earn din ako noon.. XLM, EOS, DAI, BAT

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4 years ago

Yun lng.. Medyo bago lng ko sa coinbase at dto ako sa HK so madali maapprove..ang iba waiting list parn nmn.. Iba nmn wala na funds

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4 years ago

Dto ako sa US pero ang tagal ma approve.. nkakainis din c coinbase minsan

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4 years ago

Madami na kc users .. Kya matagal approval, yung sinend ko nga from coinbase wala pavtil now

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4 years ago

Ako verified n noon pa..

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4 years ago