Earn Yield on Your Crypto with These 3 Dapps

TL;DR

• Valora is your gateway to DeFi, with access to a variety of new ways to generate yield, earn rewards, and do more with crypto on the Celo blockchain.

• DeFi stands for “Decentralized Finance”. DeFi dapps aren’t companies but are software programs that operate on a blockchain. 

• Your Valora wallet is a secure place to hold your funds but also a great way to earn extra income and build your savings with DeFi.  

• A good place to start is with three of the most popular DeFi dapps on Valora:

  • Uniswap lets you earn rewards by providing liquidity to liquidity pools.

  • Moola allows you to exchange, borrow, or lend to earn rewards.

  • HaloFi helps you earn rewards on your savings and hit your savings goals.

Disclaimer: The following article is for informational purposes only. It should not be taken as an endorsement, investment, tax, financial, or other advice. The DeFi dapps featured in this article are not built or maintained by Valora, nor does Valora receive any payment or other form of compensation from the Defi dapps. This article simply aims to provide an explanation of how people around the world are using the Valora wallet to access and explore decentralized applications on the Celo network. As with any Web3 solution, you alone assume the sole responsibility of evaluating the merits and risks associated with using any third-party decentralized application.

Earn yield on your crypto with these three dapps.

The world of DeFi introduces a variety of opportunities to the Valora community to generate yield and get rewards.

Decentralized Finance (DeFi) is reshaping the world of finance by offering various financial services traditionally available only through banks or financial institutions via decentralized applications (dapps).

Valora acts as an easy entry point to access numerous DeFi applications. For those who have already taken advantage of the 7% annual supercharge rewards* and want to earn even more on assets with a value of more than $1,000, there are several popular DeFi apps (Dapps) on Valora that you can explore.

From earning interest on your stablecoins to more advanced trading activities such as lending and borrowing, these dapps in the Celo ecosystem enable you to do all that and more –  all through Valora.

1. Uniswap - Provide cUSD / cEUR liquidity pair to earn fees

Uniswap is one of the most popular decentralized exchanges for trading cryptocurrencies. This platform offers many great features, including the ability to participate in DeFi and earn fees for providing liquidity.

What does it mean to provide liquidity? Basically when you provide liquidity, which means a supplying an equal amount for a pair of tokens such as cUSD and cEUR to a DEX like Uniswap, you can earn a percentage of the fees that are charged by Uniswap for each trade that users makes between those two tokens. 

Here’s how it works:

• When users trade between cUSD and cEUR on Uniswap, they earn a percentage fee of each trade.

• This enables you to contribute to the DeFi ecosystem while also getting rewards on your Celo stablecoin assets.

Providing liquidity is a great way for thousands of users earn yield on their crypto, and Uniswap is a widely used platform that enables you to potentially earn from many trades.

2. Moola - Lend, borrow, or add to a pool to earn rewards

Moola stands out as one of the most popular dapps featured on our Dapps Page, offering a simple and low-risk method to earn a consistent yield.

With Moola, you can earn interest on the same stablecoin you are Supercharging.

Moola stablecoins such as mCUSD, mCEUR, and mCReal are eligible for weekly Supercharge rewards.

Here’s how it works:

• You can convert your stablecoins to Moola stablecoins in the Moola dapp, which you will find on Valora's Dapps Page.

• When you convert your top stablecoin to an mC stablecoin – for example, converting the cUSD you are Supercharging to mCUSD – you are allowing Moola to lend out your stablecoin, and you earn interest in return.

• And on top of that, you will still get your 7% Supercharge rewards! That’s two streams of bonus assets you get for one stablecoin.

Think of using Moola as the next level of Supercharge rewards. It’s a great dapp to explore once you’ve decided to explore deeper into DeFi.

3. Halofi - Earn yield on your savings

Ever wanted to have the ability to save consistently and earn a yield on your savings? HaloFi is here to help.

HaloFi introduces savings challenges, helping you hit your savings goals consistently - and rewarding you for it.

Here’s how it works:

• Easily connect your Valora wallet to HaloFi on the dapps page and select your preferred savings challenge. If you hit your savings goals consistently (by making all required deposits), you earn a share of the rewards.

• Track your rewards on the Valora shortcuts page.

Together, the HaloFi community has accumulated over $4 million in cryptocurrency savings through the utilization of yield-earning, badges, and savings pools.

Learn more about how you can hit your savings goals with HaloFi.

Bottom Line

Valora offers easy and convenient access to a diverse range of DeFi dapps, helping you discover new opportunities to earn yield on your assets.

By empowering users to explore and engage with DeFi dapps, Valora can help you achieve your financial goals. Ready to discover new opportunities to do more with your funds with DeFi?

Take a look at our Get started with Valora guide to begin and download Valora here!

*Disclaimer: As of February 13, 2024, Valora offers 7% annual rewards on qualifying Celo stablecoins. This change will be applied to new and existing Supercharge accounts with the minimum required balance - effective immediately. 

Supercharge rewards will continue to be paid out weekly. Remember to claim your Supercharge rewards every week in your Valora wallet.