What are cTokens?

cTokens are essentially tokenized deposit receipts of compound.
You can get cTokens by depositing your crypto assets in Compound’s lending market.
Similarly, you can withdraw your original crypto assets and earn some interests by using your cTokens.

The Process

Step 1: Connect Wallet

1. Enter Compound’s app

Website: https://app.compound.finance/
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2. Connect wallet

Click “Connect Wallet” at the top right of the site

Select a wallet provider, take “MetaMask” as an example

3. In MetaMask

Select an account and click “Next”

Click “Connect”

Step 2: Get cTokens

1. Select an assest in supply markets, take USDC as an example

2. Enable USDC as collateral

3. Enable USDC’s “supply” and “withdraw” function

4. Enter the amount of USDC you want to supply, click “Supply”

5. Edit GAS FEE to “Fast” level and confirm

Note:
Sometimes, due to the ETH network congestion, your transacaton may fail. That will cost you a lot of gas fee and time. So, it is highly recommended to select a higher gas fee to accelerate the processing of your transaction.

6. All done

Your supply balance will be shown on this page. You will get cUSDC as a deposit receipt.