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Academy Beginners Tutorial Article
Bitcoin DeFi OKEx

OKEx Earn: Use your crypto assets to earn passive income on OKEx

2020.09.11 OKEx

An overview of earning cryptocurrencies using OKEx Earn

OKEx provides various ways for users to start earning cryptocurrencies, be it via the free Bitcoin offer or by using services such as OKEx Pool and OKEx Loans. However, as new entrants seek passive earnings in the crypto space following the decentralized finance boom, OKEx Earn serves as a one-stop location for all the earning options available on the OKEx platform.

OKEx Earn currently offers five products for users to earn passive income in cryptocurrencies:

This guide will walk you through each of these products and will demonstrate how you can start using them to earn rewards.

Step 1: Go to the Earn section

Go to the OKEx homepage and navigate to Finance in the top menu and click on Earn to access the OKEx Earn section.

Step 2: Select your product to earn passive income

On the OKEx Earn page, select the Earn tab. You will then see a list of tokens available with which you can earn passive income on OKEx. You can see the estimated APY and available terms (fixed or flexible) for each token on the list.

Then, open the All products dropdown menu and select the desired product with which to earn passive income.

In this tutorial, we will first review the steps for earning passive income via liquidity mining in DeFi protocols such as Compound and SushiSwap.

Liquidity mining with DeFi tokens

The DeFi boom — and its requirement for liquidity — has presented market participants with new avenues for generating passive income. Users can now commit their digital assets to various protocols and earn interest and/or bonus tokens.

OKEx has taken the initiative to add numerous DeFi products to the Earn section in order to facilitate users and lower barriers to entry for those seeking earning opportunities in this growing niche. In this article, we illustrate how to earn cryptocurrencies via Compound and SushiSwap using OKEx Earn.

Earn crypto with Compound

Compound, one of the leading decentralized lending protocols, has gained widespread popularity in the DeFi community following the release of its governance token, COMP. The release of COMP led to a massive increase In liquidity mining in the DeFi space, with yield farmers earning COMP by supplying their crypto to the Compound protocol.

To support the Compound ecosystem, OKEx users can deposit the following tokens to earn passive crypto income:

  • DAI
  • USDC
  • USDT

In this tutorial, we will subscribe to earn USDT and COMP with Compound.

Step 1: Subscribe to earn USDT with Compound

To begin, choose DeFi from the "All products" dropdown menu. You can deposit USDT, DAI or USDC to earn COMP, with an estimated APY and available terms displayed for each token. In this example, we click Select on USDT. After reading the estimated APY and term for USDT, we click Subscribe to proceed.

Step 2: Supply your USDT to the Compound protocol

Enter the amount of USDT you would like to supply to the Compound protocol. The minimum subscription amount in this case is 50 USDT. If you would like to subscribe to Compound with your entire available balance, you can click Max. You can also click Show wallets to view your available USDT balances in your accounts. Click Continue to proceed.

Confirm the transaction details, including the estimated return and deposit rate. You need to acknowledge the fact that the estimated yield does not represent the actual yield and that you have free access to your assets at any time. Click Subscribe to proceed.

Step 3: Review your transaction

Review the completed transaction under the "My earnings" tab of the OKEx Earn section. You can click Detail to review the order status.

Earn crypto with SushiSwap

SushiSwap is an automated market maker built on Ethereum. To facilitate user participation on SushiSwap, we have launched a flexible deposit product for the project on OKEx Earn. This product will collect user funds for SushiSwap's smart contract, splitting the gas fee between all participants.

Users can start earning SUSHI tokens by staking any of the following digital asset trading pairs:

  • USDT/ETH
  • WBTC/ETH

In this tutorial, we will subscribe via USDT/ETH to earn SUSHI tokens. This means we need to provide both USDT and ETH to the SushiSwap protocol in order to earn SUSHI. However, no interest will be earned on the digital currencies actually supplied.

Step 1: Subscribe to earn SUSHI with SushiSwap

Choose DeFi from the "All products" dropdown menu to bring up the estimated APY and term for the available tokens. We choose USDT/ETH to earn SUSHI tokens in this example. Click Select on the USDT option and then click Subscribe to proceed.

Step 2: Read the terms of SUSHI subscription

Traders subscribing to SushiSwap need to understand and acknowledge the risks involved, and only after clicking I understand will it be possible to earn SUSHI with SushiSwap on OKEx, as shown in the image below.

Step 3: Supply your USDT and ETH to the SushiSwap protocol

Enter the amount of USDT and ETH you would like to supply to the SushiSwap protocol. If you would like to subscribe to SushiSwap with your entire available balance, you can click Max. You can also click Show wallets to view your available USDT and ETH balances in your accounts. Read the warning message at the top and the Q&A at the bottom for more information. Click on Continue to proceed when ready.

Step 4: Confirm transaction details

Confirm the transaction details, including the estimated return and service fee. You need to acknowledge the fact that the estimated yield does not represent the actual yield and that you have free access to your assets at any time. Click Subscribe to proceed.

Step 5: Review your transaction

Review the completed transaction under "My earnings" of the OKEx Earn section. You can click Detail to review the order status.

Savings

The Savings product enables OKEx users to earn interest by depositing their digital assets on the platform. The deposited assets are lent as margin loans to traders, and OKEx then collects and distributes the interest income to users.

The interest income is accrued daily, starting from the second day of the deposit, and there is no minimum amount or period for the deposit. Users can follow the steps below to get started with Savings.

Step 1: Subscribe to Savings

In this example, we will deposit 1 USDT in our savings account. To start, you need to navigate to the OKEx Earn section (as mentioned above) and click on the Earn tab. Then, select Savings from the "All products" dropdown menu.

You will see the estimated APY and terms for the available tokens in savings. In this example, we choose USDT and click Subscribe to proceed.

Step 2: Enter and confirm the transaction details

Now you need to confirm your subscription amount and deposit period. Click Continue after you have entered the details.

You will now see a Savings User Agreement, read it and click Continue to proceed if you agree to it.

Review the transaction details once again, and click Subscribe to confirm.

Step 3: Review your transaction

Review the completed transaction under "My earnings" of the OKEx Earn section. You can click Detail to review the order status.

Staking

Staking is a popular way to earn passive income in the cryptocurrency space. By staking your cryptocurrencies, users may participate in block validation — similar to what miners do for the Bitcoin network — on a proof-of-stake blockchain and earn a set percentage as a reward.

Users can earn cryptocurrencies via staking using OKEx Earn or OKEx Pool. In this tutorial, we will walk you through the process of staking in OKEx Earn.

Step 1: Subscribe to staking

We will use v.systems for staking in this example. Click Staking from the "All products" dropdown menu and enter VSYS in the search bar located on the right side. Once you've read the estimated APY and terms available for VSYS staking, click Subscribe to proceed.

Step 2: Enter and confirm the details for staking

Enter the amount of VSYS to stake. For VSYS, the minimum subscription amount is 10 VSYS. If you would like to subscribe with your entire available balance, you can click on Max. You can also click Show wallets to view your available VSYS balances in your accounts. Click Continue to proceed.

Confirm the transaction details such as the amount used for staking and acknowledge the fact that you have read the Staking User Agreement and that you understand the estimated yield does not represent the actual yield. Click Subscribe to proceed.

Step 3: Review your transaction

Review the completed transaction under "My earnings" of the OKEx Earn section.

You can withdraw your staked cryptocurrencies anytime by clicking on Detail and then on Redeem. Please note that it takes up to one day to process the transfer of staked crypto or earned interest.

Fixed-term staking

Fixed-term staking allows users to deposit cryptocurrencies that will earn returns at an agreed rate of interest. Compared to Savings, users need to select the duration for fixed-term staking and cannot withdraw cryptocurrencies during that period without paying a fee.

In this example, we make a fixed-term stake of 10 EOS for 30 days.

Step 1: Subscribe to fixed-term staking

First, choose Staking from the "All products" dropdown menu and enter EOS in the search bar located on the right. You can then click Select to view all the periods available for the EOS fixed-term staking with their respective rates of return. Choose the term you would like to enter and click Subscribe to proceed.

Step 2: Enter and confirm details of the fixed-term stake

Enter your desired amount for subscription. For EOS, the minimum subscription amount is 1 EOS.

If you would like to subscribe to the term deposit with your entire available balance, you can click on Max. You can also click Show wallets to view your available EOS balances in your accounts. Click Continue to proceed.

Confirm the transaction details once again, including the deposit period, and acknowledge the fact that the estimated yield does not represent the actual yield. Click Subscribe to proceed.

Step 3: Review your transaction

Review the completed transaction under "My earnings" of the OKEx Earn section. 

You can withdraw your staked cryptocurrencies anytime by clicking on Detail and clicking on Withdraw. Please note that a penalty will be charged for premature withdrawal.

Stacking on Stacks to earn BTC

Stacks — originally Blockstack — is the name of a Layer-1 blockchain network that enables the development of smart contracts and decentralized applications on Bitcoin.

To facilitate participation in the Stacks ecosystem, OKEx offers its users the ability to "stack" their STX and earn BTC rewards. Stacking refers to the process of staking STX in order to secure the network, and it is available to OKEx users via the OKEx Earn platform.

Refer to our step-by-step tutorial to stack your STX to earn BTC. 

Tokenlon staking

Tokenlon is a token-to-token exchange built on the 0x protocol. LON is the native token of Tokenlon and is used to incentivize users for their ecosystem participation.

With OKEx Earn, users can earn staking rewards by depositing their LON. 

Step 1: Subscribe to Tokenlon staking

First, choose Staking from the "All products" dropdown menu. Click Select to view the estimated APY for staking Tokenlon. Click Subscribe if you would like to proceed.

Step 2: Enter the subscription amount

Enter the amount of LON to stake. For Tokenlon staking, the minimum subscription amount is 10 LON. If you would like to subscribe with your entire available balance, you can click on Max. You can also click Show wallets to view your available LON balances in your accounts. Read the Q&As for more information and click Continue to proceed.

Confirm the transaction details — such as the funds source — and read the information regarding interest accumulation and fund redemption. Click Subscribe to proceed.

Step 3: Review your transaction

Review the completed transaction under "My earnings" of the OKEx Earn section. You can click Detail to review the order status.

Ethereum 2.0 staking

Ethereum is undergoing its upgrade to Ethereum 2.0 that will replace the protocol's current proof-of-work consensus mechanism to proof-of-stake. Beacon chain is used to facilitate the transition of Ethereum's consensus mechanism.

To facilitate participation in the ETH 2.0 ecosystem, users can stake their ETH on OKEx to receive Beacon ETH In rewards. In this example, we stake 0.1 ETH to earn BETH staking rewards.

Step 1: Subscribe to ETH 2.0 staking

First, choose ETH 2.0 staking from the "All products" dropdown menu. Click Select to view the estimated APY of ETH 2.0 staking. Click Subscribe if you would like to proceed.

Step 2: Read the terms of ETH 2.0 subscription

Users subscribing to ETH 2.0 need to understand and acknowledge the risks involved, and only after clicking I understand will it be possible to earn BETH on OKEx, as shown in the image below.

Step 3: Enter the subscription amount

Enter the amount of ETH you wish to stake. For ETH 2.0 staking, the minimum subscription amount is 0.1 ETH. If you would like to subscribe with your entire available balance, you can click on Max. You can also click Show wallets to view your available ETH balances in your accounts. Read the Q&As for more information and click Continue to proceed.

Confirm the transaction details — such as the funds source — and read the information regarding interest calculation and fund redemption. Click Subscribe to proceed.

Step 4: Review your transaction

To review the completed transaction, open the "Assets" dropdown menu on the top right corner and click My assets. Click on the Funding Account tab to review the transactions under "Recent transactions," which is located on the right side.

C2C Loan

OKEx C2C Loan is an open marketplace for borrowers and investors to give or take loans, giving users greater flexibility in choosing investment amounts, redemption dates, loan durations, etc.

Current;y, USDT is the only cryptocurrency available for C2C loans.

Step 1: Subscribe to C2C loan

Choose C2C Loan from the "All products" dropdown menu and click Select to view the estimated APY and term of the USDT C2C loan. Click Subscribe to proceed.

Step 2: Choose a loan offer to invest in

You can view all the available loan offers with different rates of return, loan periods, minimum and maximum investments etc. In our example, we will select the loan offer for 50 USDT, with a return rate of 8.03% APY for a period of 90 days. Click Invest to proceed.

Step 3: Enter the subscription amount

For the USDT C2C loan in our example, the minimum amount for a subscription is 50 USDT and the maximum amount is 500 USDT. Under the "Subscription Amount" tab, you can enter the amount for subscription in multiples of 50 (e.g., 100 USDT, 150 USDT).

Step 4: Read the risk-control section

Before you proceed to initiate the C2C loan, it is advised to read the details under the Risk Control tab. There are three important pieces of information in this section, namely pledged assets, loan-to-value and late interest rates.

"Pledged assets" refer to the collateral held by a lender in return for lending funds. Collateral value refers to the assets accumulated to secure the loan. When the collateral value falls below the alert level, the borrower will receive a reminder to increase the collateral amount. If the collateral value drops below the liquidation level, and the borrower fails to restore the collateral amount, the loan position will be closed to repay the principal, interest, and overdue penalty interest to the investor. As such, the investors will be able to collect their principal even in the event of a liquidation.

"Loan-to-value" is the ratio of a loan to the value of an asset purchased — a high LTV ratio means the loan is riskier to take. The initial level refers to the percentage of the loan amount that must be covered by your own money. The margin call level here refers to the minimum amount of USDT that must be maintained in your margin account. If the LTV reaches the liquidation level, the loan position will be closed.

"Late interest rate" refers to the penalty rate for late interest payments.

After you have acknowledged the risks involved in C2C loans, click Continue to proceed. 

Confirm the details for your C2C loan once again and click Subscribe to proceed.

Step 5: Review the loan balance

To review your loan balance, go to "My earnings" of the OKEx Earn section.

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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