As a way of making DeFi more mobile friendly, crypto exchange giant Coinbase has announced the integration of DeFi apps directly in the Coinbase wallet on both iOS and Android.
Through this integration, users can now lend and borrow crypto with interest, through smart contracts that automatically execute when parameters in a contract are met. Users can now use the app to deposit crypto into a DeFi contract, lend their crypto, receive interest, and perform withdrawals.
The announcement noted that thousands of Coinbase Wallet users have already deposited millions of dollars into DeFi apps like Compound and dYdX, and they are earning interests at rates as high as 6% APR. However, the announcement claims it isn’t easy for users of these apps to compare rates or view total balances across different providers.
Per to the announcement, users can now compare different rates from providers, and seamlessly make a deposit, without opening a web browser. They can also view their balances on a simple, unified dashboard.
The company claims this new DeFi app is going to improve the lending experience of crypto users. All that the user has to do is to choose a coin to lend, select a smart contract, and enter the preferred amount to lend. The system will automatically deploy the crypto to the smart contract and the user will start earning interest on them. The growth of the interest can be watched right from the Wallet app.
Though this new development might make it easier to enter the DeFi market now, potential investors should still be cautious. The DeFi and the Ethereum ecosystem have experienced notable growth in the past few months. Nonetheless, some investors have been wrecked by the recent DeFi volatility, which occurred when the crypto market crashed amid the global market crisis.
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