What is Aave Lending V2?
Aave is a decentralized non-custodial liquidity market protocol where you can participate as depositors or borrowers. As a depositor, you can earn a passive income by providing liquidity to the market. On the other hand, you can borrow assets from the liquidity pool as well with enough collateral from your deposited assets.
With DeFi Earn integration, we handle the deposit and withdrawal process with Aave Lending V2 natively on the DeFi Wallet app, hence you don’t have to worry about dealing with smart contract calls and we simplify the concept of aTokens and display the accrued interest you’re earning overtime -
When your tokens are deposited to the Aave Lending V2 protocol via DeFi Earn, you are transferring them to the Aave smart contract. In exchange, you get the corresponding aTokens which represent the claim to your lent assets.
When you decide to withdraw your deposited assets, extra funds earned through the aTokens will be credited to your account. For example, depositing 1 DAI will give you 1 aDAI, which will slowly grow in balance as time goes on. When you withdraw, that extra balance will be credited to you.
Read on to learn about how to deposit, view earnings, and withdraw via DeFi Earn.
How do I deposit my crypto assets to DeFi Earn - Aave Lending V2?
Tap “Earn” at the bottom navigation panel of the DeFi Wallet app
Enter Aave Lending V2 in the search bar
Select your preferred token and enter the deposit amount to view your estimated earnings based on the latest APY percentages.
Review and confirm your deposit by tapping “Confirm Deposit”
Note: Depositing crypto assets to Aave Lending V2 involves calling an Ethereum smart contract. This requires ETH as network fees, which causes the estimated network fee to be higher than normal transfers. Please ensure that you have sufficient ETH in your wallet before proceeding.
Authorise the deposit request with your passcode (and 2FA, if enabled)
Wait for the on-chain confirmation of your deposit request
Once the deposit request is confirmed, your DeFi Earn page will display an updated amount regarding your total assets.
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In the DeFi Earn page, you will also be able to see the estimated APY at a token level. The tokens you deposit to DeFi Earn will be linked to the protocols you selected. Your assets will start accruing token rewards once the deposit is confirmed on-chain.
How do I view my earnings or deposited assets via DeFi Earn - Aave Lending V2?
Navigate to the DeFi Earn page. The default view for your total DeFi Earn assets will be displayed in their fiat equivalent amount as “Total Fiat Amount”
Tap on “Total Fiat Amount” to switch this to “Total Crypto Amount” and view your DeFi Earn assets in their crypto equivalent amount
Tap on “Total Crypto Amount” to switch to “Earnings” and view your estimated earnings for each asset
For a more granular breakdown, tap on a specific token and you will be able to see the latest APY %, total amount deposited, and estimated earnings in crypto.
How do I withdraw my crypto assets from DeFi Earn - Aave Lending V2?
There is no lockup period for your deposit and you can withdraw your assets from DeFi Earn at any time. Here are the steps to withdraw your crypto assets from DeFi Earn:
Withdrawal via the DeFi Earn tab
Tap “Earn” in the DeFi Wallet’s bottom navigation panel
On the DeFi Earn page, select the token that you would like to withdraw in the “Staked Assets” section
Tap “Withdraw” in the DeFi Earn Details page
Enter the amount you would like to withdraw and tap “Confirm Withdraw” after reviewing the transaction’s details
Withdrawal via wallet balance
In the DeFi Wallet’s homepage, tap “DeFi Earn Assets”
Select the cCOMP token in the following page
Tap “View Earnings” in the “cCOMP BALANCE” page
Enter the amount you would like to withdraw and tap “Confirm Withdraw” after reviewing the transaction’s details
After confirming the withdrawal, a short amount of time is needed for the transaction to be processed.
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Does Crypto.com charge a fee to deposit/withdraw to/from Aave Lending V2?
Crypto.com charges a 0.5% service fee on the corresponding earnings for each withdrawal from Aave Lending V2. The fee is used to supplement the operational costs and risks associated with managing DeFi services, and bringing more DeFi projects to you.
Please note that Aave Lending V2 is an Ethereum-based protocol and each deposit or withdrawal request incurs a network fee in ETH.
Hence, we advise you to only withdraw your underlying assets + interest when you have earned enough to cover the network fee.
How can I opt out of my deposited assets as collateral on Aave?
By default, all deposited assets to Aave Lending V2 on the Crypto.com DeFi Wallet will have opted in as collateral. We currently do not support opting out your deposits as collateral on Aave. In order to opt-out your deposits as collateral on Aave, please go to the Aave Web DApp.
Users should be aware of the risks of possible slashing of staked assets or rewards. The specifics of slashing are defined within each protocol, and is a mechanism built into Proof of Stake blockchain protocols. Although it's unlikely, there is a possibility you may lose your staked assets or rewards in case of a network or validator failure. While we've taken measures to reduce these risks, losses incurred as a result of slashing or other on-chain contract security are outside of our control and we shall not have any liability or be responsible for any damages or liabilities suffered from slashing penalties.