iEarn allows users to take advantage of multiple DeFi protocols with one access point, similarly to DeFiZap. Before iEarn, if a user wants to ensure they were receiving the best possible ROI through DeFi, it would require lots of time with high fees when moving from protocol to protocol.

iEarn allows them to do exactly that, only without the manual labor and transaction fees. With iEarn, you can get the best possible return on your money automatically, whether it’s by lending on Aave, or leveraging Maker’s Dai Savings Rate, and more.

While there are other DeFi aggregators – like DeFiZap and Staked’s “Robo Advisor for Yield” (RAY) – they all have slight differences.

DeFiZap takes multiple DeFi protocols and lets you interact with them in one transaction. The difference with iEarn is that DeFiZap must be manually operated, in that users have to be the one to choose the zap they want, then continue with the transaction. iEarn does this for you automatically once you enter a position, and continues to move funds around to get you the best returns.

RAY is similar to iEarn in that it aggregates your money across the best lending pairs at the time, but with iEarn you can actually mint the token generating the best ROI, and lend that same token to earn even more interest.

Background

iEarn was founded by Andre Cronje in February of 2020 and remains the sole developer for the project. There was no public funding given to Andre, and no native token to raise funding. According to Andre’s tweet, he builds software for himself, so it seems that getting funding is not his priority.

Judging by some of his other tweets, the fact that he builds software for himself really becomes apparent. He is open about losing money to his very own smart contract, as well as openly stating for people to “not use this software” in regards to iEarn when a portion of the DApp wasn’t working properly. For fun, he’s even shown off a recent 100x leverage he was able to make, fully on-chain. Overall, you can see Andre has high spirits when it comes to DeFi, and likes to watch his code go to work.

 

Why iEarn?

On top of being able to utilize all passive income streams, it also saves a lot on gas fees. If you were to stop providing liquidity on Uniswap to take advantage of the lending rates on Aave, you’re looking at a handful of transactions that all have a fee.

With iEarn, users submit one transaction upon entering a position, and one when they exit. Everything in-between doesn’t require a separate transaction as it normally would. This is important because overtime managing your portfolio to seek the best rates on the market can be very costly, in both money and time. iEarn lets you seek the best rates even when you’re asleep. Projects that let retail investors “set it and forget it” are highly favorable for the convenience they come with.

Getting Started

To start using iEarn, you can do so by visiting https://iearn.finance/. Once there, users are welcomed by a menu of five different options.

“Earn” is the powerhouse behind the product and is likely the option users want to choose to seek the best returns on the market.

Zap lets you “zap” into Curve Finance to aggregate stablecoin lending from DAI/USDT/USDC/TUSD with one simple transaction. APR is strictly informational, and shows you the interest rate amongst different protocols compared to iEarn.

“Cover” utilizes Opyn to offer insurance on your holdings, while “Pool” lets users exchange between four stablecoins with minimal slippage, along with adding to larger liquidity pools.

With “Earn”, users will connect with one of the supported web3 wallets.

From there, users are able to interact with trading pairs to start earning interest. Using DAI as an example, the system prompts users to deposit the amount of capital they’re willing to lend.

After the transaction confirms, Dai is converted to yDAI- iEarns’s interest-earning version of Dai. From there, users can even claim the yDAI and lend it on Curve for additional interest.

As of right now, iEarn largely support stablecoins with the intent to add other Ethereum-based assets in the coming months.

Get involved

To stay up with iEarn, follow the project on Twitter!