Defi

Connect Wallet 3 with rich DApps to experience the charm of next-generation financial services.

Connect Wallet

For novice users, the more concerned point may be how to keep and stably increase the value of their assets. Here's how to use Compound, the "commercial bank" in DeFi, to preserve and increase the value of your own assets.

Open Compound and you can see that there are many tokens listed. These tokens are the financial projects accepted by the "bank". If you have any of these tokens, you can deposit them, so that you can get a higher interest rate than the deposit provided by traditional banks with extremely low risk.

Click the "No Account" or "Connect Wallet" button in the upper right corner:

Choose "WalletConnect"：

There will be a QR code on the webpage. Go back to the main interface of Wallet 3, click the "Connect DApp" button, Wallet 3 will scan the QR code on the screen.

When macOS users use it for the first time, they need to be authorized to scan the screen. Open "System Preferences"-"Security and Privacy"-"Privacy"-"Screen Recording", check Wallet 3, and restart Wallet 3, you will have the permission to access the user's screen. (Windows users do not need additional settings)

Wallet 3 is a completely open source wallet, the source code can withstand any censorship, and users do not need to worry that Wallet 3 will leak any privacy.

After scanning the QR code, Wallet 3 will pop up the Connect DApp dialog. Click Authorize.

Now, Wallet 3 has established a connection with Compound.

Interact with DApps

Go back to the Compound website, select the stable coin Dai, and you will see basic financial information：

The picture below means that the annualized deposit interest of Dai is 2.58%, and an additional 1.58% annualized COMP token can also be obtained. The COMP token is a decentralized governance token issued by Compound. If you have COMP, you can participate in the decentralized governance of Compound ( no introduction here).

Click "Enable" and the user will be asked to authorize Compound to use Dai. Wallet 3 will also pop up the following dialog box:

New users generally don't understand what this means. Here's the thing: Every time we use a new DApp, we must authorize it so that the DApp has permission to access our assets. The authorization process is achieved by sending a transaction, so this transaction is very critical. If you authorize a malicious DApp, your funds will be stolen directly. Even if the DApp is not malicious, when a hacker discovers a serious vulnerability in the DApp, your assets may also be stolen.

Therefore, when authorizing, please pay more attention to the "capital usage limit". This upper limit determines the maximum amount of assets that this DApp can use. If you are not sure whether the DApp you are using now has security risks, then authorize the amount of funds you need to use this transaction. For example, changing the capital usage limit to 10,000 Dai:

In this way, Compound can only use 10,000 Dai of your assets at most. Compound is an established DeFi application that can stand the test of time, and there is no problem even if it is authorized for unlimited use. Click "Continue", and wait for transaction confirmation after Touch ID authentication. After the transaction is confirmed, Compound can be used for financial management.

Deposit 500 Dai, click "Supply", and the contract interaction dialog box will pop up.

Again, click "Continue" and after confirming your identity, the transaction will be sent and your assets will start gaining interest. If you want to withdraw cash, follow the same method as above, and then you can take it out after confirming the transaction.

This is the most basic DeFi application. DeFi makes it possible for anyone to participate in financial activities without a bank account. What's more, all transactions are stored on the blockchain, which is open and transparent to anyone. At the same time, it eliminates the third party (intermediary) from earning the difference.

DApps navigation

The DApps page of Wallet 3 provides secure DeFi application navigation. You can experience more DeFi applications here, and at the same time improve your financial income, please keep exploring!

Wallet 3 unbinds the user from the browser. By using the security features provided by the operating system, it provides users with a solid security environment and protects user assets from theft. It is a very trustworthy and easy-to-use desktop-level wallet.