BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
The onchain distribution network of Boost Protocol. Target, acquire and engage users with token incentives to drive growth.
Welcome to the Rabbit Hole 🐇 🕳️
Now that you learned how to lend on Compound, it's time to learn how to borrow.
The goal of this tutorial is simple:
Make sure you have the essentials to safely and securely borrow funds on Compound.
What you will need for this quest:
A web3 Wallet, such as Metamask
Some ETH to pay for gas fees
This tutorial assumes you understand how to use a web3 wallet and how to approve transactions + pay gas fees. If not, follow this guide to set up Metamask.
Note: To borrow funds on Compound, you're required to supply funds first. Make sure you check out our Compound lending tutorial here.
Alright, let’s dive in!
Compound is a decentralized lending and borrowing protocol on the Ethereum blockchain.
They are the third largest DeFi asset, at the time of writing, with around $9 billion in total value locked (TVL) and are considered the catalysts for DeFi Summer 2020.
Think of Compound like a high-yield savings account, where you can lend and borrow Ethereum-based assets without any middleman.
Before I show you how to borrow an asset, it's important to understand why you would want to borrow in the first place:
You want long exposure to a particular asset
You want short exposure to a particular asset
Essentially, you borrow assets if you want to go long or short leverage on some asset, such as ETH. Learn more about why you would want to borrow an asset in this article.
Click the asset you want to borrow.
A pop-up will appear with the Borrow APY for the chosen asset and Distribution APY (amount of COMP/year). Type the amount you want to borrow, and pay close attention to the Borrow Limit Used bar.
Important Note: If the meter below reaches ≥ 100%, your account will be liquidated. This can happen when collateral declines in value, or borrowed assets increase in value. That’s why it’s so crucial to monitor your balance limit to avoid liquidation.
After clicking Borrow, you are officially borrowing on Compound.
You will see your Net APY drop to account for the borrowed asset. The borrowed asset will continue to accrue interest until you repay the loan.
Once you’re ready to repay the loan, click the asset and toggle to Repay.
Type the amount you want to repay in the top bar. Make sure you have enough of the asset to cover the interest accrued.
Once you click Repay, you have officially repaid your loan!
Now that you can borrow on Compound, you’re well on your way to becoming a DeFi expert.
For a more technical overview, read the Compound protocol documentation. And for a deeper dive, read this article or watch this 10-minute video.
Lastly, if you have any questions, jump into the Rabbit Hole Discord!
Welcome to the Rabbit Hole 🐇 🕳️
Now that you learned how to lend on Compound, it's time to learn how to borrow.
The goal of this tutorial is simple:
Make sure you have the essentials to safely and securely borrow funds on Compound.
What you will need for this quest:
A web3 Wallet, such as Metamask
Some ETH to pay for gas fees
This tutorial assumes you understand how to use a web3 wallet and how to approve transactions + pay gas fees. If not, follow this guide to set up Metamask.
Note: To borrow funds on Compound, you're required to supply funds first. Make sure you check out our Compound lending tutorial here.
Alright, let’s dive in!
Compound is a decentralized lending and borrowing protocol on the Ethereum blockchain.
They are the third largest DeFi asset, at the time of writing, with around $9 billion in total value locked (TVL) and are considered the catalysts for DeFi Summer 2020.
Think of Compound like a high-yield savings account, where you can lend and borrow Ethereum-based assets without any middleman.
Before I show you how to borrow an asset, it's important to understand why you would want to borrow in the first place:
You want long exposure to a particular asset
You want short exposure to a particular asset
Essentially, you borrow assets if you want to go long or short leverage on some asset, such as ETH. Learn more about why you would want to borrow an asset in this article.
Click the asset you want to borrow.
A pop-up will appear with the Borrow APY for the chosen asset and Distribution APY (amount of COMP/year). Type the amount you want to borrow, and pay close attention to the Borrow Limit Used bar.
Important Note: If the meter below reaches ≥ 100%, your account will be liquidated. This can happen when collateral declines in value, or borrowed assets increase in value. That’s why it’s so crucial to monitor your balance limit to avoid liquidation.
After clicking Borrow, you are officially borrowing on Compound.
You will see your Net APY drop to account for the borrowed asset. The borrowed asset will continue to accrue interest until you repay the loan.
Once you’re ready to repay the loan, click the asset and toggle to Repay.
Type the amount you want to repay in the top bar. Make sure you have enough of the asset to cover the interest accrued.
Once you click Repay, you have officially repaid your loan!
Now that you can borrow on Compound, you’re well on your way to becoming a DeFi expert.
For a more technical overview, read the Compound protocol documentation. And for a deeper dive, read this article or watch this 10-minute video.
Lastly, if you have any questions, jump into the Rabbit Hole Discord!
BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
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