New to DeFi, or just new to Oh Finance? Get started here!
Launch Date & Phase
The OH! Finance protocol will be going live on 10/26 at 06:00 PM UTC
The platform will first go live on the Ethereum network and launch shortly after on the Avalanche network. Users will immediately be able to deposit their USDC and begin earning USDC rewards on the Ethereum network, USDC.e deposits and USDC.e rewards will be activated during Phase 2 on the Avalanche network.
How to Start Earning on Oh!
We try to make earning on Oh Finance as simple and straightforward as possible.
For those new to the DeFi ecosystem, we've tried to have analogies to real-world physical banks 🏦 to help newcomers. If you're a DeFi expert, click through to the relevant section. Please read our primers on Oh! and Stable Coins on our Medium.
(And if you don't know what DeFi means, it stands for Decentralized Finance. It's like saying "in the cryptocurrency world").
Step 1 - Install a Wallet
Bank analogy 🏦: Just like your dad's physical leather wallet full of cash, in the DeFi world, a "wallet" is the name given to an app where your cryptocurrencies are held.
Never give someone else access to your wallet or to the wallet's backup/recovery code (often called a passphrase, seed, mnemonic, or private key). Whoever is holding the wallet or it's recovery code is able to spend and control the currency.
Bank analogy 🏦: Similar to how a savings account at a physical bank would take US Dollars (USD ... or cash) as your input currency, the Oh Finance ecosystem relies on accepting US Dollar Coin (USDC).
USDC is a special type of cryptocurrency called a "stable coin" - this is because it is purpose-built to not have price fluctuations. Unlike the volatile nature of other cryptos like Bitcoin, one USDC should always equal one US Dollar in value - eg: if you have 125 USDC, it is worth $125 USD.
To use Oh Finance, you'll need to have USDC in the Wallet you set up in Step 1. Most commonly, you'll do this through a crypto exchange - the most popular in the United States is Coinbase, read more on how to get USDC on Coinbase here.
Bank analogy 🏦: A savings account at a big bank in the physical world only gives you interest earned on cash that you've deposited into the bank. Similar to taking cash out of your leather wallet and giving it to the teller to deposit in your account, with Oh Finance, the next step to start earning is to take USDC from your wallet and deposit it into the "Oh Bank".