1. LENDING AND BORROWING IN CRYPTO CURRENCY

 

CRYPTO 7

EARNING WITH CRYPTO CURRENCY

1.    LENDING AND BORROWING IN DEFI (DECENTRALIZE FINANCE)

 

Do not keep your crypto idle in your wallet, you can decide to lend it at a particular percentage obtainable in a DEFI and make profit. 

 

We can decide to Lend Money to borrowers in Crypto, and enjoy the APY.

 

What is APY: Annual Percentage Yield. As the name implies, it does not mean that you must wait till the end of the year to get your profit, your profit drops every day. In some DEFI every hour.

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Before you can lend money in DEFI, you must have a wallet. I have discuss wallets previously, if you did not read that particular topic, kindly click the link below to update yourself on crypto wallets 

https://ceo-entrepreneurship.blogspot.com/2021/09/different-types-of-wallets-to-store.html

There is another HOT but Non-Custodial wallet I will love to introduce in this topic, called Metamask wallet. It is a crypto wallet and a great gateway to Blockchain App (Smart Contract). It is a browser extension, and it is secured and easy to interact with DEFIs. I advise that you should upgrade your Chrome/Firefox browser to latest update before creating the wallet.

 

Remember, you must write down the seed Phrase while creating it, to ensure that you do not lose your money if you forget your password.

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Please if you are not ready to write down the Seed Phrase in a secured hardcopy and keep it safe; do not bother to create the wallet. The reason is that there is nobody to complain to, if you forget your password. It is your duty to secure your wallet because it is non-custodial wallet.

 

HOW TO CREATE METAMASK WALLET

Go to https://metamask.io and click on download, using either Chrome Browser of firefox.  When it is downloading, it will request being added to your browser extension, click ADD TO EXTENSION.

It will show the below option. 

 

If you have the wallet previously, you can use your seed phrase to import it. If not, use the create a wallet option to proceed. It will ask you to agree to its terms and condition, after that, you will see where to create password as stated below

It is very easy to create. When you are done, it stays in your browser extension.

FOR US NOT TO LOSE FOCUS, LET US ITEMIZE WHAT WE WANT TO ACHIEVE

1.    Create a wallet

2.    Fund the wallet with the preferred crypto we want to lend

3.    Choose a DEFI and connect our wallet

4.    Lend and enjoy the APY

We have already created the wallet, it will be nice if we choose the DEFI we want to lend money in, and check the crypto obtainable APY, so that we will know the currency to lend.

There are so many DEFI out there, however I will like to use venus.finance as example. The beauty of it is that all DEFI are similar in mannerism  

Type venus.finance in your browser, look for launch app and click it. It will take you to the dashboard, scroll down to check the Supply (Lend) and borrow table below, to check the rates. As shown below

 

If you check one of the obtainable good rate at this time is BNB owned by Binance.

HOW TO FUND METAMASK WALLET

Go to the Binance account that you have already created, and buy BNB after funding your wallet in binance through P2P, since crypto is ban ere in Nigeria. You fund your binance account through P2P.

Connect your binance smart chain wallet to your metamask by choosing BNB smart Chain like in the diagram below. 

 

CONNECT OUR METAMASK TO THE DEFI

In the venus-finance, you will see the connect icon, click it and choose metamask finish.

 

LEND AND ENJOY THE APY

Immediately you wallet is connected, scroll down the DEFI (Venus.finance) and click sully BNB, and you are done.

You will earn at that percentage, and if the percentage increase it will still affect your lending, so will it affect it if it reduce too. 

 

For Practical of this lecture, kindly join the whatsapp group chat by clicking the link below

https://chat.whatsapp.com/DRJoaQh5TRd0gRcvqqZECw 

I remain CEO BJ (An Entrepreneurship Development Expert) whatsapp @ 08034453005 or +234-803-445-3005

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