How crypto holders are earning on Okcoin

written by Olivia Capozzalo

How crypto holders are earning on Okcoin

We launched Earn so that Okcoin customers could painlessly participate in the world of DeFi. Here’s how it’s going so far. 

In mid-December 2020, we launched Earn, our new tool that makes decentralized finance easy to use. In a way, Earn is like traditional savings — except you don’t need to open a bank account to use it and your annual percentage yield is between 7-20% (instead of close to zero).

We’re taking stock of Earn’s progress so far and how we can make it even better for our customers. 

Since Earn went live, we’ve added 5 earning opportunities where you can deposit STX, DAI, USDT and USDC and earn up to 20% APY. We also saved our customers 50 ETH (about $80K) in gas fees. 

In mid-January, we introduced “stacking” for Stacks (STX) via Earn. Stacking or locking STX — in a process similar to staking on proof-of-stake blockchains — brings investors rewards directly in Bitcoin.

Since adding support for STX stacking, we’ve seen millions of dollars in STX stacked on Earn. Within the first 5 days after the feature launched, STX stackers on Okcoin earned over tens of thousands of dollars in BTC.

Improving Earn — introducing the Yearn USDT Vault

We continuously evaluate different DeFi protocol pools to optimize the yield range we can offer on Earn, as well as the gas fees that Okcoin customers save. 

As part of that effort, we’re announcing the addition of yet another “Vault” from the popular DeFi protocol Yearn — the USDT Vault. Yearn Vaults offer a simple model for earning — deposit one token and earn yield in the same token. Okcoin customers will soon be able to deposit their USDT into Yearn’s USDT vault via Earn, gain APY also in USDT, and save on gas fees.

In the process of optimizing Earn offerings, we’ve also decided to temporarily remove Curve from the supported protocols on Earn, as we’ve noted low demand for earning Curve’s native asset CRV on Okcoin. 

All customers who have already deposited USDT to earn CRV will still be able to continue to earn CRV and redeem the CRV they’ve earned at any time.

Earn is DeFi simplified

Decentralized finance, or DeFi, can be a daunting and complex sub-section of the crypto space. The idea behind so-called DeFi platforms or protocols, however, is simple — to bring control over financial opportunities directly into the hands of investors. 

Different platforms exist that let you deposit various cryptocurrencies and earn yield on them in a process called “yield farming” or “liquidity mining.” However, using these platforms — the majority of which are based on the Ethereum network — requires navigating different user interfaces and paying Ethereum network fees, called gas, which increase as the network becomes more popular. 

The Earn tool on Okcoin changes all that. We bring you direct access to numerous high-yield DeFi protocols through a single user-friendly interface on our trusted, secure platform. 

Plus, you save on gas fees. Every time a customer uses Earn, they save an average of $100 in Ethereum gas fees. That means you can deposit a variety of supported crypto assets and earn up to 20% yield on them, without worrying about the cost of using the underlying blockchain network. Yield for each protocol is calculated on an ongoing basis and depends on demand, meaning it can fluctuate significantly. Real-time APYs are displayed on the Earn dashboard so that customers can keep track of the changing yield.

Customer feedback

Not sure you’re ready to start earning? Here’s some feedback from our satisfied customers who’ve been stacking STX on Earn and earning BTC. As they attest, it’s pretty simple.

brooks on Twitter: “I can attest, Stacking with #STX and earning #BTC as a result is super easy – a few clicks / Twitter”

I can attest, Stacking with #STX and earning #BTC as a result is super easy – a few clicks

💥1 TRUE AMERICAN💥 on Twitter: “Okcoin is awesome. Less fees and ypi can buy BLOCKSTAX STX – stake your stx and earn BTC at 7.5% apy! I can share my link if you want. Then we both get $10 in BTC / Twitter”

Okcoin is awesome. Less fees and ypi can buy BLOCKSTAX STX – stake your stx and earn BTC at 7.5% apy! I can share my link if you want. Then we both get $10 in BTC

Let us know what you’d like to earn

We’re always happy to hear from our customers and the larger community. Participate in our poll and let us know which protocols or assets you’d like to see added to Earn in the future. 

Have feedback about Earn or any of our other products? DM or tag us on Twitter, we love to hear from you! 

Estimated Rates are not guaranteed and may change without notice. Your assets in Earn are not covered by insurance against potential losses, nor are they subject to FDIC or SIPC protections. Please consult your own investment/tax professional regarding your specific circumstances. Okcoin is not engaged in the offer, sale, or trading of securities. For more details, please refer to Okcoin’s Earn Terms of Service.

Leave a Reply

Your email address will not be published. Required fields are marked *