November 24, 2020
After high client demand, YouHodler is pleased to announce the addition of three, high-profile DeFi tokens to the platform. As of today, users can now enjoy Compound (COMP), Uniswap (UNI), and Maker (MKR) for crypto-backed loans and interest accounts. Currently, the interest rate for COMP and MKR is 2.5% APR and 7% for UNI (plus compounding interest).
Compound.Finance, or simply “Compound” is a decentralized blockchain protocol that lets you borrow and lend cryptocurrency. COMP is the platform’s native token (utility token) that gives users a unique power in governing this protocol. A predetermined amount of COMP is distributed amongst every lender and borrow on the platform each day.
Every time an Ethereum block is mined (roughly every 15 seconds), COMP distributions occur. Governance of the platform using the COMP tokens aims to remove the centralized governance of the Compound team and put more power in the hands of investors.
Uniswap is an Ethereum-based exchange that lets users “swap” various ERC20 tokens without the need for the demand created from a buyer or a seller. This is accomplished via a mathematical formula that automatically determines the value of a token depending on the demand. Much like Compound, Uniswap released UNI as the network’s governance token in 2020.
After the September 1st airdrop, 66 million UNI tokens were claimed in the first 24 hours. After distributing 40% of all UNI tokens in the first year, the company states they will decrease that amount by 10% in all the following years until the remaining tokens are all distributed.
MakerDAO created the Maker token (MKR) to assist with stabilizing MakerDAO’s Dai stablecoin and also to create governance for the Dai Credit System. Much like the previous two tokens, owners of MKR are stakeholders in the company, making key decisions on the system and its operational future.
MKR is not to be confused with Dai, the other token from MakerDAO. Dai is a stablecoin that traders use as an alternative to volatile cryptocurrencies. Meanwhile, MKR is used to help stabilize Dai as it acts as a sort of counterweight to price changes.
We want to thank each and every one of you who recommended listing these promising DeFi tokens and we are very happy to finally have them on board. We want you to keep “HODLing” these great tokens without missing out on their future growth. Hence, head to YouHodler today to use MKR, COMP, or UNI as collateral for an instant crypto loan or simply deposit to start earning a passive income today.
The YouHodler Team is the collective mind of the platform. It's a hive of creativity and diversity in the form of one singular blog author. We are united as one.
.svg){kind=small}
