Steemit Crypto Academy | Homework 5 @yohan2on|Understanding Decentralized Finance Part -2

Hi all,

I think the future of cryptocurrencies will be shaped around DEFI applications. Because DEFI is closely related to the working principle of crypto coins. It is necessary to learn what DEFI is, its logic and how it will work for us. We learned that there are many DEFI implementations. We need some tools to interact with them. The professor has chosen 4 wallets. He wants us to interact with one of them with DEFI projects.

Coinbase Wallet

source

It is a wallet developed by the Coinbase exchange. It supports a large number of cryptocurrencies. It supports a large number of cryptocurrencies.
It allows you to buy and sell major crypto coins and ERC-20 tokens, and store them in the wallet. The popular project of the last days provides the opportunity to store NFTs in the wallet. It's a great wallet to interact with decentralized apps. I'll show you this towards the end of my article.

source

We can only use Coinbase Wallet on mobile devices. Available on Google Play and App Store. I'll show you how to set up a wallet.

I found and downloaded CoinbaseWallet from Google Play. New wallet setup Let's click on '' create a new wallet '' option. We use the other option to restore the wallet. Then you have to accept the legal conditions.

Next step: You choose a username for yourself. Then you choose the settings.

We choose a PIN code to increase the extra security of our wallet. We select and confirm the 5-character PIN.

Yes, wallet setup is provided. Now I'll tell you what's happening with CoinbaseWallet. As can be seen in the picture, there are options to receive coins and send coins. Performing transactions through QR. Storing your NFTs in the wallet. I can't see this because I don't have NFT.

There is a seed key you must have to restore the wallet. You can reach the seed key by clicking the places I marked. Settings> recovery phrase> entering pin code
I hid the sensitive places. A person who owns this seed key can easily access my wallet. So keep your seed key securely.

Yes, we will now interact with decentralized finance projects. You have to click on the marked place.

In CoinbaseWallet, besides DEFI, there are also areas such as Trading (Uniswap), Game - Collection (HyperDragons), Marketplaces (Opensea).

CoinbaseWallet has 14 projects supported by DEFI projects. These; Compound, dYdX, Yearne Finance, PoolTogether, Robo-Advisor for Yield, Zapper, Zerion, Tokensets, Maker Oasis, Defi Saver, InstaDApp, Nuo Network, ETHLend Lending, ETH2Phone. All of these DEFI projects run on the Ethereum network.

I will be interacting with the Compound. You have to click on the marked place in the picture to interact.
Compound is a decentralized finance protocol. It brings together people who want to borrow and lend.

As you can see in the pictures, each cryptocurrency has a certain interest rate. Interest rates are different in the borrowing and lending sections. Interest rates on the borrowing part are higher. On compound protocol; We can trade with cryptocurrencies such as Bat, Comp, Dai, Eth, Uni, USD Coin, Tether, WBTC, OZRX.

Now I will perform a borrow transaction through the compound protocol. Dai interest rate 9.92%
Liquidity is 389 Million dollars.

Since I do not have crypto money in my account, I cannot perform this transaction.

I'll try lending now. The crypto money I want to lend is BAT. The interest rate is 1.38%.

My transaction does not take place because there is not enough crypto money in my account.
As I show with the pictures, I had an interaction between CoinbaseWallet and Compound. I have completed all the steps, but my credit or lending transactions were not approved because I did not have enough cryptocurrencies in my account.

All the pictures I haven't referenced are from the CoinbaseWallet

Cc:@steemitcurator01
Cc:@steemitcurator02
Cc:@yohan2on