TermFinance has launched an airdrop and you can win potential rewards through it. But how? In this blog, we will brief you on how to claim your TermFinance airdrop rewards, what TermFinance means, and much more about it.
We will explore the unique features of this platform as well if you are interested in getting rewards through TermFinance airdrop then keep reading.
What is TermFinance?
TermFinance is a unique decentralized finance (DeFI) lending protocol that provides fixed interest rates to both lenders and borrowers.
This whole process is based on a novel Dutch auction mechanism in which the participants are matched with each other based on their prices for borrowing and lending of assets. Both the parties get optimal terms.
How does TermFinance work?
TermFinance has completely transformed the DeFi lending protocols. It has introduced fixed rates and a unique Dutch-type auction system. These are how TermFinance works:
- Fixed Prices: Many DeFi platforms have variable rates but TermFinance offers a certain amount to borrowers and also offers predictability to lenders through fixed interest rates on the money lending.
- Market Rates: Borrowers get to submit bids for the interest they want, while lenders specify their preferred rates. After that, the protocol then matches the ones that are suitable as per each other’s needs and market-clearing rate.
- Dutch Auction Mechanism: TermFinance uses the Dutch auction system to match borrowers and lenders with each other. But in this system, the interest rates are quite high and they decrease until matches are found.
- Optimal Terms: Optimal rate terms make sure that both lenders and borrowers get the best price possible based on the current market rates and conditions.
Steps to claim rewards from TermFinance airdrop
TermFinance has begun an airdrop event or program in which they are rewarding the early adopters and active users. If you are one of them and want to get rewards then simply follow these steps:
Step 1: Visit their official website
- Navigate and get to the TermFinance official website.
- Make sure you are on the correct website to avoid scams and fraud.
Step 2: Connect your wallet
- Click on the “connect wallet” button.
- Choose any wallet you like for example Walletconect, MetaMask, or more.
- Confirm the connection in your wallet.
Step 3: Navigate and access to the dashboard
- Once, connected to your wallet, navigate to the dashboard.
- On the dashboard, you will find all the available tasks and their respective rewards under it.
Step 4: Complete the tasks you want to
- Start with a simple social task to earn your first points and understand what the tasks are.
- Some of the tasks might be to follow TermFinance on social media or join their community channels.
- Click on the task you want to do and then complete it make sure you take a look at the points and rewards you will get.
Step 5: Lend and borrow assets
- Engage on the platform by lending or borrowing different assets.
- Each transaction that you do will earn you more points.
- Read the terms and risks before transactions.
Step 6: Invite your friends
- You can increase your rewards by inviting your friends to TermFinance
- Share the specific referral link with your friends
- You will earn additional points for each successful referral.
Step 7: Claim your rewards
- Once you have got enough points, you can now claim your rewards.
- Follow all the on-platform instructions to get your rewards in the form of TermFinance tokens.
Important considerations
As you participate in the TermFinance airdrop program, follow these important considerations:
- Do not ever share your private keys or seed phrases with TermFinance or any other person.
- Make sure of any potential transaction fees on the blockchains while getting your reward tokens or interacting with the platform.
- Understand the risks involved with DeFi lending before participating.
- Carefully read all the terms and conditions before claiming the rewards.
The Ending Lines
TermFinance airdrop is a very good opportunity for traders to engage with the platform and earn potential rewards by just completing some simple tasks.
You can easily follow the steps given above to earn your rewards through the TermFinance airdrop. And by consistently engaging on the platform you can earn more rewards.
But make sure you are not depending on the airdrops as your sole basis of investment. Do your research and then only consider if the airdrop will benefit you or not?
