OKX Launches Compound v3 (Arbitrum) USDC Earn Product
OKX has announced the launch of the Compound v3 (Arbitrum) USDC Earn product on its On-chain Earn platform, starting at 10:00 am UTC on July 3, 2024. This initiative aims to provide users with seamless on-chain rewards, according to OKX.
Introducing Compound v3
Compound v3 is an Ethereum Virtual Machine (EVM) compatible protocol that allows users to supply crypto assets as collateral to borrow the base asset. Additionally, users can earn interest by supplying the base asset to the protocol.
Rewards and Distribution Rules
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Deposit interest: Users can earn interest by depositing USDC into the protocol. The interest is disbursed when the principal is redeemed.
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COMP token rewards: COMP, the governance token of the Compound protocol, is awarded to users who provide liquidity. These rewards are distributed to the user’s funding account every eight days.
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ARB token rewards: Starting July 15, the first phase of the event will distribute an additional 100,000 ARB tokens as rewards through the OKX Web3 Wallet. These rewards will be distributed daily to users’ funding accounts.
On-chain Earn Highlights
How to Subscribe
On browser: Navigate to the ‘Grow’ section, click on ‘Earn’, then select On-chain Earn. Search for USDC, select Compound v3 (Arbitrum), and subscribe.
On the OKX app: Go to ‘Grow’, then ‘Earn’, and select On-chain Earn. Search for COMP v3, then USDC, select Compound v3 (Arbitrum), and subscribe.
Disclaimer
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Users should carefully read and understand the mechanism rules for each project before subscribing. These rules include, but are not limited to, the minimum redemption amount, interest accrual start time, reward distribution time, principal redemption period, and expected annualized earnings.
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OKX will deduct a certain percentage of fees from users. For detailed fee information, please refer to the product introduction page.
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Except for project launch and reward distribution, OKX assumes no responsibility for disputes over any agreement, hacking incidents, project fraud, and other risks that may result in asset loss for the subscribers.
According to OKX, more On-chain Earn products will be launched in the coming weeks.
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