In the Lending section of the DeFi Wallet, you can allocate your stablecoins to one of the integrated lending protocols. It works simply: through a smart contract, you make your funds available to users who put up specific collateral to borrow them. In return, you earn a yield that builds up over time in proportion to your deposit.
Young Platform's role
Young Platform provides an access interface, but it isn't a counterparty to the transaction and it neither sets nor guarantees the yield, which is determined directly by the protocol and changes constantly. Before you go ahead, read the guide Lending and yields in the DeFi Wallet and the Risk Disclosure.
Before you start
- If you need stablecoins in your DeFi Wallet's available balance and don't have any, you can buy them: see the guide Adding USDC and EURC to the DeFi Wallet. As USDT isn't supported directly by Young Platform, you'll need to swap it from another cryptocurrency already in your wallet or deposit it from an external wallet.
- Stablecoins already committed to another position don't count towards your available balance.
- A deposit is a blockchain transaction: it involves a network fee, paid in the crypto set in Manage fees, and it's final once confirmed.
- Each protocol has a minimum deposit amount, shown below the figure you enter.
Which crypto you can deposit
DeFi Wallet Lending currently supports the following stablecoins: USDC (USD Coin, pegged to the US dollar), EURC (EUR Coin, pegged to the euro) and USDT (Tether, pegged to the US dollar). Not every protocol accepts all of them: the ones supported are shown on each protocol's card and on its detail page, under Cryptocurrency. Other cryptocurrencies in your wallet can't be used for Lending. The offering is updated regularly: check the DeFi Wallet page or the Young Platform blog to stay up to date.
Which protocols you can use
The available protocols appear in the Lending section of the wallet page, each with the crypto it accepts and its Average APY (average annual yield). You can currently choose from:
- Aave, for USDC. It's the most widely used and longest-running lending protocol in DeFi: you deposit into a single large shared pool, with no fixed term, and withdraw whenever you like as long as the pool has liquidity. Withdrawals are usually instant, but can slow down at times of high demand.
- Morpho, for USDC and EURC. A new-generation protocol with many separate markets instead of a single pool: a problem in one market doesn't spread to the others. You deposit into a vault managed by a curator, a team that chooses the markets in which the funds are used; the curator's name is the one shown on the detail page. It's one of the few protocols to support EURC, so it lets you earn a yield in euros without exposure to the euro/dollar exchange rate.
- Maple, for USDC and USDT. Stablecoins are lent to verified companies and institutions, at a fixed rate and for short periods, after an assessment by professionals who also put their own capital into the pool. Yields are usually higher, in exchange for credit risk and, in rare cases, longer withdrawal times (up to 30 days).
On each protocol's detail page, you'll find the Fact sheet, covering how it works, its features, benefits and specific risks. More protocols will be added over time.
How to deposit into Lending
- On the DeFi Wallet page, in the Lending section, tap the protocol you want to deposit into. The detail page opens, showing the Average APY for the selected period (1 week, 1 month, 6 months, 1 year), the details (type, protocol, network, cryptocurrency) and the fact sheet.
- Tap Deposit. If you don't have any stablecoins available, the "Insufficient balance" notice appears, with a button to buy some.
- Enter the amount, or use MAX or the quick percentages (10%, 20%, 50%, 75%). Below the figure, you'll see the minimum amount and your available balance.
- Tap Order preview and check: cryptocurrency, network, protocol, Average APY, amount, network fees and destination (the protocol's vault and its address).
- Tap Confirm order and authorise with Face ID or your fingerprint.
Tap the position shown in the Lending section of the DeFi Wallet to open its detail screen. There you'll find the total balance, the capital allocated, the yield earned and the transaction history, as well as the Add funds and Withdraw funds buttons.