Setting up a Rainbow Wallet + Earning Interest w/ OUSD

  1. Creating an Ethereum Wallet (specifically with Rainbow) takes no more than 2 minutes tops.
  2. The average savings rate (for a U.S bank account) is 0.06%.
  3. OUSD’s trailing 365-day APY is 13.91% (variable).
  4. Web3 is the next evolutionary phase of the internet. Obtaining an understanding of how to utilize certain wallet interfaces, protocols and Web3 compatible products will give you a leg up in comparison to those still stuck in Web2-entrenched environments.

What is Rainbow Wallet? What is OUSD?

Time to earn some yield! 🚀

Step 1: Set up your Rainbow Wallet

Step 2: Load up your wallet with ETH

  1. Send ETH to your wallet
  2. Buy ETH using Apple Pay
  1. Tapping on the icon shown on the top-left corner of the screen
  2. Copying your address by tapping ‘Copy Address’ or;
  3. Tapping ‘Receive’ -> ‘Share’ -> ‘Copy’

Step 3: Swap your ETH for USDC

  1. Tap on the swap/exchange button (it’s a button that looks like a squiggly line located in the bottom-right corner of the screen).
  1. Select which token you’d like to swap/exchange for by tapping on ‘Choose Token’
  2. In the search bar enter ‘USDC’ and select ‘USD Coin’
  3. Enter the amount of ETH you’d like to swap/exchange for USDC

Step 4: Swap USDC for OUSD

  1. Go to OUSD.com
  2. Tap on ‘Get OUSD’
  3. Tap on ‘Connect’
  4. Tap on ‘WalletConnect’ -> select ‘Rainbow’
  5. Open your Rainbow Wallet and tap on ‘Connect’
  6. Return to OUSD.com -> tap on the token drop-down menu and select ‘USDC’
  7. Enter the amount of USDC you will like to swap/exchange for OUSD
  8. Approve the Flipper contract by tapping on the ‘Approve the Flipper’ button
  9. Once the approval transaction is confirmed, proceed to exchange your USDC for OUSD by tapping ‘Swap’
  10. Sit back, relax, and earn yield!

Let me know what you think 💭

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