Aave & MYKEY: a decentralized, non-custodial money market protocol meets a multiple-chain smart wallet
*This post can also be read in Chinese on the MYKEY blog here
Decentralized Finance, or DeFi for short, is getting bigger and more popular with new projects emerging all the time pushing more adoption. One of the most exciting aspects of DeFi is that it allows people to earn passive income by depositing their crypto assets into liquidity pools. While these assets are loaned out to borrowers, the depositors earn interest on their assets. DeFi offers higher interest rates than any traditional banks, and it is a great way for people to put their money to work!
MYKEY, as a non-custodial smart-wallet, is committed to promoting mass adoption of mainstream decentralized applications and being the self-sovereign identity portal of Web 3.0. For a better DeFi experience, MYKEY launched the Invest feature within the wallet and optimized the network quality and user interface for DeFi projects that make it easy and intuitive to manage your wallet assets and interact with DeFi applications, even for new users! MYKEY gives access to different DeFi options all in one place for a straightforward user experience.
MYKEY has now added Aave, an open-source DeFi protocol, to the DApps and Invest sections. This makes interacting with DeFi easier by streamlining the process of comparing rates across DeFi protocols, depositing, and earning interest!
Aave is a decentralized, open-source, and non-custodial money market on the Ethereum blockchain. Depositors can earn interest by providing liquidity to lending pools, while borrowers can obtain loans by tapping into these pools with variable and stable interest rate options.
Aave protocol is unique in that it tokenizes deposits as a Tokens, which are pegged 1:1 to the value of the underlying asset and accrue interest in real time directly in your wallet. For example, if you deposit 100 DAI you get 100 aDAI which then earn interest every second! You can then continue to watch your balance grow as you earn interest, borrow by putting some assets up as collateral, and withdraw at any time. Aave Protocol has 17 different assets available to be deposited and borrowed, 6 of which are stable coins, making it the most diverse lending pool in the Ethereum ecosystem.
MYKEY (mykey.org) is a smart wallet deployed on multiple public chains and is dedicated to providing an infrastructure for the mass adoption of blockchain. As a decentralized multi-chain wallet, MYKEY allows blockchain developers to develop and operate applications for digital asset storage, trading, wealth management and gaming, in conjunction with KEY ID to create a diversified platform for crypto users.
One important characteristic of MYKEY is that when a user’s account is lost, it can be easily frozen and restored. Additionally, there is no need to manage the resources of multiple public chains — this can all be managed with a single identity. Developers can realize various profit models such as free for users, post-charge and pre-charge actions. Furthermore, MYKEY is part of the Web of Trust. In the era of Web 3.0, MYKEY returns data sovereignty to users, which fundamentally protects users’ privacy.
How can I use MYKEY to deposit in Aave?
Aave is listed in both MYKEY’s DApps and invest sections. You can access all of Aave’s features through the DApps browser, or head to the invest section. The invest section strategically shows the crypto assets with the highest return on interest, highlighting the assets with the best yield. MYKEY also allows for comparison between rates on different DeFi platforms before you decide where you want to deposit and earn interest. The following shows you how to use Aave in MYKEY：
- Enter MYKEY, select “Invest” in “assets”, the page has two options “My Deposits” and “All Products”, as shown in the figure below.
2. Select Aave services in “Featured”, and feel free to deposit and withdraw the stable coins (USDT/USDC/Dai) smoothly.
3. You can also use Aave directly in the MYKEY App:
4. There is no gas fee needed in MYKEY for MYKEY ERC20 token transfers as long as users have the network fee. The network fee worth $1 will be given away when new users register, making the token transfers even more convenient.
You can follow what’s up with Aave on Twitter, and join in our discussion on Telegram or Discord. You can access the Aave documentation at developers.aave.com and read our whitepaper.
You can follow the latest news about MYKEY on Twitter, and join our global community on Telegram. You can also access the MYKEY tech-document at Github and learn more about us on MYKEY Web.
To read this post in Chinese, head over MYKEY’s blog or our new Chinese blog!
Aave & MYKEY: a decentralized, non-custodial money market protocol meets a multiple-chain smart… was originally published in Aave Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.