Introducing Debt Swap - switch your Compound stablecoin positions in a single click at our portal.
The distribution of the COMP governance token has really excited and energized the DeFi space. Seemingly out of nowhere a new method of yield farming was created and subsequently a rush of assets moved into Compound and we ourselves created tools to maximize these yields. The Compound community has passed proposals to change how COMP is distibuted; Instadapp voted along with these changes We believe the new distribution method will be more fair and less violative.
A New Season: Time to Rotate the Crops
The updated COMP distribution model will no longer favor high interest as distribution but rather favor overall balances; meaning the benefits (and risks) associated with holding the highest interest bearing/accruing assets will also be lost. We expect a lot of users will want to shift their USDT debt into a lower interest Stablecoin debt such as DAI and in anticipation for the demand; we have created a Compound recipe to allow you to easily swap your Stablecoin debt position.
Move with the Interest Rates
Compound’s decentralized markets offer unprecedented access to secured loans and interest, however the algorithmic nature of the platform means its interest rates are constantly changing. You can now change your debt position from within Compound in a single transaction.
Manage your Debt Better
The Debt Swap recipe allows you to move your Stablecoin debts within the Compound protocol giving you access to the best interest rate at any given time. We think these small but powerful tools will help users make the most of their Compound positions. The Debt Swap recipe is an addition to the the simple yet powerful functions we provide through the Defi Smart Account GUI such as our leverage, and COMP mining recipes.
- Select the asset by clicking
Changein Current Debt
- Select the asset to become the New Debt by clicking
- Enter the amount of Current Debt you want to Swap into the New Debt
Create Something More
For more advanced users you can create this and more complex recipes utilizing our SDK and tools; to get started you can learn more here: docs.instadapp.io