The Web3 technology startup OKX announced that it has joined forces with the Arbitrum Foundation and Compound
Web3 technology startup OKX has announced a partnership with Arbitrum Foundation and Compound, a decentralized finance (DeFi) lending and borrowing protocol, to launch a Compound bonus campaign.
The announcement revealed that users who interact with the Compound DeFi protocol will stand a chance to win a share of the 100,000 ARB prize pool until July 15.
The ‘Compound Bonus’ campaign aims to encourage users to use the OKX DeFi aggregator to deposit their assets into the ‘Compound V3 USDC pool’ on the Arbitrum One chain.
Participants who meet the eligibility criteria will earn ARB tokens in addition to the base Annual Percentage Rate (APR) offered by the Compound protocol. This dual reward scheme is designed to increase user engagement and generate substantial returns on their investments.
Through the use of a compound protocol, lenders can generate revenue from their Bitcoin holdings. Invested funds are placed in “liquidity pools,” which are smart contracts that use an algorithm to adjust interest rates based on changes in supply and demand.
Integrable with the Ethereum Virtual Machine (EVM), Compound’s V3 protocol enables users to pledge cryptocurrency assets as collateral when borrowing the base asset. Moreover, accounts that provide the protocol with the base asset also stand to earn interest. On Ethereum, Compound V3 is deployed, utilizing USDC as the base asset.
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