The Web3 technology startup OKX announced that it has joined forces with the Arbitrum Foundation and Compound, a decentralized finance (DeFi) lending and borrowing protocol, to launch the Compound bonus campaign.
The announcement said that users who interact with the Compound DeFi protocol can win a share of the 100,000 ARB prize pool between now and July 15th.
The goal of the ‘Compound Bonus’ campaign is to encourage consumers to use the OKX DeFi aggregator to deposit their assets into the ‘Compound V3 USDC pool’ on the Arbitrum One chain.
ARB tokens can be earned by participants who fulfill the eligibility requirements, on top of the Compound protocol’s base Annual Percentage Rate (APR). In addition to increasing user engagement, this dual reward scheme promises significant returns on investment.
Lenders have the opportunity to profit from their Bitcoin holdings with the use of a compound protocol. Invested funds are held in “liquidity pools,” which are smart contracts that use an algorithm to modify interest rates in response to changes in supply and demand.
The Ethereum Virtual Machine (EVM) is compatible with the Compound’s V3 protocol, which allows users to pledge cryptocurrency assets as security when borrowing the base asset. Accounts that provide the protocol with the basis asset can also receive interest. On Ethereum, Compound V3 is implemented, using USDC as the basis asset.
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