Coinbase has just launched another opportunity to earn $10 to $53 USD in free Compound (COMP) by demonstrating a smart-contract setup in Coinbase Wallet mobile app linked to Coinbase accounts.
“I’m a great believer in luck, and I find the harder I work, the more I have of it.” ~Thomas Jefferson
I was pleased to see Coinbase added a new and unique Coinbase Earn advanced Compound tutorial, and I thought I would walk you through the basics of it. The simple premise is that you will be setting up a smart contract with funds supplied in 3$ USDC and $7 ETH by Coinbase in Coinbase Wallet app linked to your eligible Coinbase account. There was no wait-list for this earn option for me, I activated the invite links, and lesson four, the lesson outlined above, was immediately available to complete; although the funds can take up to 24 hours to deposit. I found this to be the most educational and constructive of all Coinbase Earn tutorials yet.
You start by accessing your Coinbase account and finding the Coinbase Earn Compound section, then select lesson four, unless, of course, you haven’t done the first three yet, then you are really in luck for some extra free and easy money! However, lesson four pays $10 USD equivalent in Compound and $3 in USDC + the smart contact you set up, whereas lessons one through three only pay 3$ USD apiece. Once you’ve completed these lessons, you’ll be granted four invite codes to earn an additional $40 in Compound as they have done with EOS and Stellar Lumens (XLM) in the past. The Compound earn opportunity is worth a total of $59 USD, and there are others!
Due to Coinbase having to send you Ethereum (ETH) as well as USDC, there is a transaction time wait of roughly 10 minutes and an estimated completion time of 15 minutes or more due to transaction and verification wait times between steps. You must make sure you set up Coinbase Wallet app on your smartphone and link it to your Coinbase account prior to requesting the ETH and USDC funds, or your transaction may fail, and you’ll be stuck staring at an empty wallet. I had just installed Coinbase Pro app and Coinbase app right before finding this and failed to make the distinction, which resulted in me having to contact Coinbase’s support to resolve the failed transactions.
However, the first person I referred had their COMP rewards within 3 hours of completion and kindly took a screenshot for me. Thank you, Trevor Russell – I was able to complete the entire process using my own funds but have yet to hear back from Coinbase support due to a high amount of active support tickets, so don’t make the same mistake I did!
I recommend you take advantage of the transaction time wait by fully setting up your Coinbase Wallet. It’s essential to save your 12-word recovery list and back it up in a safe location, whether on paper or digitally – however you prefer, so long as it is in a safe location. Once you are set up, you are ready to rock and roll with the lesson.
This lesson is a straightforward seven-step process. Step 1:
Start the tutorial and proceed with the following in Step 2; you will see a pending screen until your wallet setup is complete:
After following the above directions, you will be prompted with Step three. Now is when I recommend you take the time to fully set up Coinbase Wallet on your smartphone due to the ETH transaction time wait, and once it is complete, you can move to your phone to begin the smart contract, which is quick and easy:
Step 4 requires you to wait for your funds to appear in your wallet; sometimes this can take a few refreshes over another 10 minutes, but is supposed to take less time, at which point you will click on “Earn interest on your crypto” and start the smart contract process outlined in the lesson video:
Step 5 – Select USD Coin and then select Compound in the provider list and click continue:
Step 6 – Use the slider to put at minimum $3 in USDC of the $3 USDC Coinbase has sent you in order to get the $10 in Compound at the end, though you should have a little leftover ETH which comes in at roughly $7 USD, this enters a smart-contract and begins to reward you with an APR % (Annual Percentage Rate):
Step 7 – Hit lend, and you are all finished upon wallet verification; this can take up to 24 hours as stated, but my friends took a mere three hours, and he did not leave the window open but you probably should just in case – you’re almost there:
Once Coinbase has verified your wallet performed the necessary actions, you will be credited with $10 in Compound (COMP) tokens:
From here, it’s time to invite four of your friends with the provided invite codes after lesson four (technically lesson five by URL), which will earn you $10 COMP each per invitee who completes a lesson.
Questions and comments are always welcome.
As always, stay smart & stay safe.
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This article was originally published on Voice.com
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