Using Compound II
Last updated
Last updated
To use Compound you need to have the App connected first as shown below. Please read this section if you do not know how to connect app.
Once the compound is connected you can exchange your Tokens to CTokens (Compound Tokens). To do that, in your "Family Crypto Assets" Tab, under your token you will find additional button.
By pressing "Supply to Compound II" you will open a modal where you can enter amount of tokens to be exchanged for CToken.
Once you enter the amount of currency, you will be automatically given promised APY (it is 25% in Goerli Testnet) and estimated Ctoken to be received. After entering a proposal text, and pressing "Continue", you will be shown a Summary page.
If details of the Summary looks good, you can press "Send" and initiate transaction within your wallet. After confirming transaction within the wallet a new proposal will be created within your "Proposals" Tab.
Once your proposal is approved you will be able to execute the proposal.
Once "Execute Supply" is pressed a wallet transaction will be initiated. Once you confirm transaction within you wallet, the status of your proposal will change.
Under the "Family Crypto Assets" Tab you will able to see changes within your balance.
You can also see Transaction History of your Family Account to track changes:
As you can see two last transactions are from Compound Protocol II. Congrats your token has been invested.
