DeFi
OKX Rewards Compound Users with 100,000 ARB Bonus Campaign
Web3 tech startup OKX has announced that it has partnered with the Arbitrum Foundation and Compound, a decentralized finance (DeFi) lending and borrowing protocol, to launch the Compound Bonus Campaign.
THE announcement said that users who interact with the Compound DeFi protocol can win a share of the 100,000 ARB prize pool by July 15.
The goal of the “Compound Bonus” campaign is to encourage consumers to use the OKX DeFi aggregator to deposit their assets into the “Compound V3 USDC pool” on the Arbitrum One chain.
ARB tokens can be earned by participants who meet the eligibility requirements, in addition to the Compound protocol’s base annual percentage rate (APR). In addition to increasing user engagement, this dual reward system promises significant returns on investment.
Lenders have the ability to leverage their Bitcoin holdings through the use of a Compound protocol. Invested funds are held in “liquidity pools,” which are smart contracts that use an algorithm to change interest rates in response to changes in supply and demand.
The Ethereum Virtual Machine (EVM) is compatible with Compound’s V3 protocol, which allows users to stake crypto assets as collateral when borrowing the base asset. Accounts that provide the protocol with the base asset can also earn interest. On Ethereum, Compound V3 is implemented, using USDC as the base asset.
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