Earn interest on AAVE and YFI
July 23, 2021 by Blockchain.com
Blockchain.com now supports AAVE and YFI (firstname.lastname@example.org) Interest Accounts at a current annual interest rate of 8%.
In September of 2020, we announced support for AAVE and YFI on the Blockchain.com Exchange. Since then, we’ve also added these tokens to the Blockchain.com Wallet.
With these additions, you can now earn interest on eight of the top cryptocurrencies, including BTC, ETH, USDT, PAX USD, BCH and XLM. Simply transfer any amount over the minimum transfer, and you will begin accruing daily interest.
With rates up to 13.5%, no tiers, and no cap on the amount of money you can transfer, it’s easy to see why crypto enthusiasts are opening an Interest Account.
At Blockchain.com, our mission is to empower customers to control their own money. With the addition of AAVE and YFI, you now have even more ways to put your crypto to work.
To participate, simply open a Blockchain.com account, verify your identity, and transfer funds into an Interest Account.
Aave is “a decentralized non-custodial money market protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) fashion.” (Source: Aave)
When users deposit funds to the protocol, it mints a new aToken (like aDAI), which can be redeemed for the underlying in much the same way other DeFi protocols operate. The AAVE token is the governance token for the protocol itself, and that’s what we’re listing.
yearn.finance is “an aggregator of various lending protocols that optimizes for the highest yield. The native token YFI is used for governance over the network and is distributed exclusively through active participation and liquidity provision.” (Source: Messari)
There are only 30,000 tokens in existence, and they have all been distributed. Additional tokens can only be minted if a governance proposal (here known as a Yearn Improvement Proposal, or YIP) passes. Visit the yearn.finance FAQs for more.
Digital asset markets are unregulated and not currently governed by any specific UK, European or US regulatory framework. Digital currency interest accounts are not bank deposits, are not legal tender, are not backed by the government, and accounts and value balances. Blockchain Access UK Ltd’s products and services are not within the jurisdiction of the UK Financial Ombudsman Scheme, nor are they subject to the UK Financial Services Compensation Scheme, the US Federal Deposit Insurance Corporation or Securities Investor Protection Corporation, or any other non-UK or non-US governmental or government-backed protections.
Legislative and regulatory changes or actions in any jurisdiction in which Blockchain.com’s customers are located may adversely affect the use, transfer, exchange, and value of digital currencies