How do I Earn Interest with Amber App?
Amber App is the first platform where CKB holders can deposit CKB and earn interest without any lock-up periods. Amber Group announced the official listing (September 3, 2021) of CKB on its mobile application Amber App.
Prior to this release, Nervos CKB holders could only obtain rewards by locking CKB in the Nervos DAO. There are many people that are pro locking coins in the Nervos Dao and receiving 2.90 percent interest annually. Other people prefer the flexibility to trade the coin on a moment's notice.
If you are a HODLER, I can see why locking your coins makes sense. You want the coins to work for you while you are HODLING. It is also an inflation hedge, so the value of your holdings long-term do not decrease in value.
Note: When you lock your funds, you cannot unlock for 30 days.If you Settle prior to 30 days, you stop earning rewards and must wait to withdraw.
If you are a trader, or hate the idea of locking your funds and missing a pump, you would not lock your coins up in the Nervos DAO. You wait for opportunities to buy low and sell high and you rinse and repeat. Earning a daily interest might be better for you in this scenario.
In this post, I want to offer an alternative to locking funds in the Nervos Dao. You can simply deposit your Nervos CKB funds in Amber app and instantly receive a 2.65 7-day APY upon deposit.. They are not locked for 30 days and after Level 1 KYC (Know your Customer), you have unlimited withdrawals.
Let’s walk through how I set this up. I downloaded Amber App as shown below:
Next, I signed-up and went through KYC by uploading my Driver License and a picture of my face. It is all built-in the app and very easy to do. Once completed, I was cleared within a few hours to make unlimited withdrawals.
Funding Amber App
I purchased CKB on Crypto.com (super easy) and transferred the CKB to Amber App. Simply tap Me on the bottom right-hand corner and select Deposit.
Next, type CKB in the search field and it will populate your Deposit Address and QR code as shown below:
Prior to your deposit, you can look at what the interest rate is for just holding funds on the platform. Remember, you can remove the funds at any time. Click Earn and Flexible Earn | More >.
At this point, you can see the interest rate below:
Your CKB balance will accrue interest instantly upon deposit. You have no lock-up period with the daily interest distribution on the Flexible Earn with Amber App. You can simply park your CKB here for interest or use the platform for trading as well.
You can easily view your balance and interest accrued by tapping the Home button on the bottom left and tapping the wallet icon on the top far-right.
Amber App is a great alternative to gain interest on your deposited CKB without the need to lock in the Nervos DAO. Take a look at Amber App today. Let me know your thoughts in the comments below.