0VIX DeFi Overview: How to generate income on 0vix protocol

Insight on Decentralized Finance (DeFi)

DeFi has been a big innovation in the crypto space, and challenging the traditional finance world. The concept of permissionless operation, for easy borrowing and lending, trading and lots more.
The use of smart contracts makes it easy and accessible by anyone and everyone with an internet connection. However the introduction of Ovix protocol tends to modify the financial atmosphere in the crypto space today.

How does this connect with Ovix Protocol

EARNING STRATEGIES IN OVIX

0vix offers ample opportunities to earn stable and sustainable yields. I’ll give a quick run down on how to make money with the protocol.

STAKING

Simply, staking is the process of locking up cryptocurrency holdings in order to earn interest on them. 0vix protocol provides all users this opportunity, where you can lock your 0VIX for a specific period of time in a pool. During this period you earn the ve0VIX which is the protocol native token.

  • Click on any assest you want to lock
  • Enter the amount of 0VIX you want to lock
  • Choose the locking period you wish
  • Approve transaction
  • Lastly, Click on LOCK and start earning ve0VIX

SUPPLYING

Users deposit assets into liquidy pools and these assests are lent out by the protocol to other users. When people lend on Ovix they earn interest, just like a bank would and conversly when people borrow, they pay interest.

  • USDC
  • USDT
  • MATIC
  • WBTC
  • WETH
  • DAI

Quick guide for supplying assests on Ovix

Follow this steps to supply assets:

  • Launch 0vix app and connect your wallet address.
  • Navigate to the “Supply Markets” on the market page
  • Click on the asset you wish to supply
  • Choose the amount of the token to be supplied or press Max to deposit the wallets entire balance of the token.
  • Approve the token in the Supply tab
  • Press the supply button to initiate the transaction and deposit the tokens.

BORROWING

On 0vix protocol, users can borrow assets and offer already supplied assets as collateral for the borrowed assets. A borrowing limit is set to enable users to pay back their loans on time. The user can borrow more money if the collateral value increases. Collateral will be at risk if the collateral value drops or if interest accrued on the borrowed balance exceeds the liquidation threshold.

  • Launch the 0vix app and connect your wallet address.
  • Navigate to the Borrow Market on the Markets page
  • Select the asset you wish to borrow
  • Input the desired amount you want to borrow
  • Click BORROW

For more information about 0VIX:

Website | Twitter | Telegram | Discord

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Henry Offiong

Henry Offiong

Content Creator | Copy Writer | Influencer