First, we’ll start with quiz time:
Is it too late to join DeFi farming? Hasn't it cooled down already?
Nope, there are still many ways for you to earn 15%+ interest easily if you followed our previous DeFi earning Guide. And one important thing to do during DeFi yield farming is to discover assets that are under the radar ahead of the others.
And the next question goes to:
Where could you find the cheapest USDT in the crypto market?
Okex!
Wrong answer because you can’t withdraw them yet. Sad.
The answer goes to EasyFi, a layer-2 lending protocol powered by Matic Network with the lowest USDT borrow APY of 0.19%!
Why EasyFi?
It is powered by Matic, a layer 2 sidechain of Ethereum which enables fast transaction and super low gas fee.
Matic has its POS bridge where you could transfer assets on Ethereum onto Matic - you only pay a gas fee.
$EASY is listed on Binance, which has been reviewed and audited.
You will get some free $Matic from Easyfi so you don’t have to buy tokens before you use services on Matic.
More importantly, a lot of people still haven’t got into Matic network yet so the interest rate is low but at the same time, the amount we could borrow is limited.
Here is the EasyFi Market at the moment (17 Nov 2020):
So there is already a solid 6.3% gain if you
Borrow USDT at a super low interest rate in EasyFi on Matic, then stake in AAVE for interest, or take other investment opportunities. There are also many other options like farming on DeFi dapps, centralized lending platforms etc.
Holding other crypto assets but don’t want to turn it into stablecoin? You could borrow USDC/DAI from AAVE, then start the process. You could still have a 3.6% gain!
Now here is a step-by-step guide to acquiring the cheapest USDT in the crypto world.
Step 1: Step up Matic Network on Metamask.
Matic as a Layer 2 chain of Ethereum, is compatible with all the major Ethereum wallets like Token Pocket, Trust Wallet, etc. Using METAMASK as an example, what we need to do is to change the Network to Matic Custom RPC.
Configure Matic Chain custom RPC to your Metamask.
Click on the network Selection buttons on the top of the app.
Click on the “Custom RPC” to add the Matic mainnet Information.
Select ‘Custom RPC’
The screen will appear to setup custom RPC for the Matic Network.
Enter in the Matic Mainnet Details as follows:
Network Name: Matic MainnetNew RPC URL: https://rpc-mainnet.matic.networkChain ID: 137Symbol: MATICBlock Explorer URL: https://explorer.matic.network/
Once you have added the URL and all details you can click on the SAVE button. You will be directly connected to Matic Mainnet. You can close the dialog box now. When you need to use the Ethereum network you could always switch back by choosing Ethereum.
Step 2: Transferring your assets from ETH Mainchain to Matic Mainnet
You can transfer your assets from the Ethereum mainchain to Matic mainnet using the POS bridge easily and quickly.
Why is this step important? Once you transfer your asset to Matic you will be able to enjoy a fast and cheap transfer of assets.
Visit POS bridge by visiting the Matic web wallet page: https://wallet.matic.network. Login with Metamask using Ethereum Network. You will see your assets on the Ethereum mainnet.
Go to Matic Wallet (Red box in the above photo), and click deposit. You will get a pop-up where you need to enter details like the amount. After you add the amount you can click on the ‘Deposit to Matic Network” button. Then approve the transaction on Metamask.
(Deposit USDT from Ethereum to Matic, click Deposit and then approve the transaction. )
Once the transaction is successful you will receive the notification. It said 7-8 minutes but when we did it only took about 1 minute.
Step 3: Get Free Matic Token for Gas.
Like other mainnet, Matic requires its native token $MATIC as a gas fee in every transaction. So we have to have it for every action that we take on the network. We could go to BINANCE or Huobi to buy $MATIC but we will claim some free $MATC, which is super easy.
Go to EasyFi App. https://app.easyfi.network/
Change your Metamask account to Matic Network. Then “connect wallet” to login.
Click Claim Matic. There is a pop-up window where we will paste our address. (Your Ethereum wallet address should be the same as your Matic wallet address). Since we just deposited 100 UDST we are qualified to claim the free $MATIC.
It only takes a second to receive the free 0.2 $MATC. That’s good enough for doing a lot of transactions.
Step 4: Borrow Stablecoin Assets with the lowest rate in the market
Once you staked your Dai or USDC you will be able to borrow USDT from Easyfi. Once you withdraw the USDT, it’s time to explore opportunities to earn from other DeFi platforms, or exchanges like Binance and Huobi.
Enjoy the yield!
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