Originally reported by-Decrypt
Decentralized finance (DeFi) is becoming even more mobile friendly. Crypto exchange giant Coinbase announced on Wednesday the integration of DeFi apps directly in the Coinbase wallet on both iOS and Android.
With the integration of DeFi apps built on the Ethereum blockchain, users can now lend and borrow crypto with interest through smart contracts that automatically execute when parameters in a contract are met. For example, Coinbase users will be able to deposit crypto into a DeFi contract, lend their crypto to others, receive interest on their loan, and cash out to their wallet without having to leave the app.
The integration makes it possible to "compare different rates from providers, easily deposit your crypto without opening a web browser, and view your balances on a simple, unified dashboard," wrote Sid Coelho-Prabhu in a blog post announcing the news.
In the post, Coinbase touted apps such as Compound and dYdX that allow users to earn up to 6% APR for loaning USD-pegged stablecoins like USDC. Coinbase had invested in both apps last year through a fund created to boost the development of the USDC stablecoin.
This comes as stablecoins have boomed in the past month amid the economic downturn kicked off by the coronavirus pandemic.
It may now be easier than ever to enter DeFi markets, but potential users should be cautious. Although DeFi and the larger Ethereum ecosystem have experienced growth in recent months, some users reported being wrecked by DeFi volatility when the larger crypto market plunged amidst the turmoil in global markets.
Nonetheless, it's a handy tool for Coinbase users who are using their phones to cope with coronavirus stress and keep up on crypto.
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Donate Ethereum to this ERC20 address
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