Coinbase customers can now earn rewards by lending their cryptocurrencies to third-party DeFi protocols. Currently, a select number of currencies are supported, including DAI and USDT. To view the full list of eligible currencies, simply log in to your Coinbase account. DeFi, which stands for decentralized finance, is a term used to describe peer-to-peer financial services on public blockchains, mainly Ethereum.
To get started, you'll need to add ETH to your Coinbase Wallet. Then, you can exchange your ETH for Earn Defi Coin directly in the mobile app or browser extension. If you haven't already set up a crypto wallet compatible with DeFi applications, such as Coinbase Wallet or Coinbase dapp wallet, you'll need to do that first. Once you've done that, you'll be able to take advantage of the rewards offered by DeFi protocols.