What is Yearn Earn V2?

Yearn Finance is a suite of products in Decentralized Finance (DeFi) that provides lending aggregation, yield generation, and insurance on the Ethereum blockchain. The protocol is maintained by various independent developers and is governed by YFI token holders.

Yearn Earn is the first product and is a lending aggregator that optimises the interest accrual process across multiple protocols to obtain the highest rates at all times. Deposits are automatically shifted between dYdX, AAVE, and Compound as rates change.

With DeFi Earn integration, we handle the deposit and withdrawal process with Yearn Earn 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 yTokens and display the estimated interest you’re earning over time.

When your tokens are deposited to the Yearn Earn V2 protocol via DeFi Earn, you are transferring them to the Yearn smart contract. In exchange, you get the corresponding yTokens which represent the claim to your lent assets.

Interest isn't distributed but by simply holding yTokens, you'll earn interest as yTokens accumulate interest through their exchange rate — over time, each yToken becomes convertible into an increasing amount of its underlying asset, even while the number of yTokens in your wallet stays the same. Hence, we display an extra warning when you’re trying to send your yTokens to ensure you understand the implication of sending away your claim to lent assets + the accrued interest.

When you decide to withdraw, you are essentially sending yTokens to Yearn to redeem your deposited assets along with the accrued interest based on the yToken <> underlying token exchange rate.

Read on to learn about how to deposit, view earnings, withdraw via DeFi Earn.

How do I deposit my crypto assets to DeFi Earn - Yearn Earn V2?

  1. Tap [Earn] on the bottom navigation of your DeFi Wallet app

  2. Tap [Start Earning] or [Earn More] to see the list of tokens supported for earning

  3. Select your preferred token and enter the deposit amount to see the projected annual earning based on the latest APY%

  4. Review and confirm the deposit by tapping [Confirm Deposit]

  5. Authorize the deposit request with your passcode (and 2FA if enabled)

  6. Wait for the on-chain confirmation of your deposit request

  7. Once confirmed, you will see the refreshed total assets amount on your DeFi Earn screen

On the DeFi Earn home screen, you will also be able to see the estimated APY % by tokens. The tokens you deposit into DeFi Earn will be linked to the corresponding protocol for earning interest at the time of deposit. Your deposited asset will start accruing interest once the deposit is confirmed on-chain.

How do I view my earnings or deposited assets via DeFi Earn - Yearn Earn V2?

Simply navigate to the DeFi Earn, by default we will show your total DeFi Earn assets in fiat equivalence in “Total USD Amount”

  • Tap on “Total USD Amount” to switch to “Total Crypto Amount” and view your DeFi Earn assets in crypto amount

  • Tap on “Total Crypto Amount” to switch to “Earnings” and view your estimated earnings

For a more granular breakdown, you can tap onto a specific token and you will be able to see the latest APY %, total asset amount, and estimated earnings in crypto amount.

How do I withdraw my crypto assets from DeFi Earn - Yearn Earn V2?

There is no lockup period for the deposit and you can withdraw your crypto assets from DeFi Earn at any time. Here are the steps to withdraw your crypto assets from DeFi Earn:

1. Withdrawal via DeFi Earn tab

  • From home screen, navigate to the DeFi Earn tab at the bottom

  • On DeFi Earn screen, select the token you would like to withdraw from the “Assets” section

  • Tap onto the “Withdraw” button on the DeFi Earn Details screen

2. Withdrawal via wallet balance

  • From home screen, tap onto “DeFi Earn Assets”

  • Select the token on the assets screen

  • You will arrive at your wallet balance screen, tap “View Earnings”

  • Tap onto the “Withdraw” button on the DeFi Earn Details screen

After confirming the withdrawal, you’ll see the pending status on both your home screen and the DeFi Earn screen.

Does Crypto.com charge a fee to deposit/withdraw to/from Yearn Earn V2?

Crypto.com charges a 0.5% service fee on the corresponding earnings for each withdrawal from Yearn Earn 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 Yearn Earn V2 is an Ethereum-based protocol and each deposit or withdrawal request incurs 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.

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