What is Sock Earn?
Sock earn is the simplest way to earn interest on your crypto. Think of it like a high-yield savings account for your crypto. You can earn up to 10% APY by depositing your tokens into Sock Earn. Sock Earn allows you as an investor to provide liquidity to lending and borrowing services (like Aave) or to derivatives exchanges (like GMX). In either case, you're using your crypto to enable traders to execute their transactions on another platform. By doing this, you take a small fee for every transaction they make, which comes out in the form of interest (APY) on your crypto.
If this sounds complicated, that's because it is! This is how professional traders make their money make even more money. With Sock, we've democratized access to these advanced concepts by allowing you to earn interest with just one tap. See how to add and remove your crypto from Sock Earn below.
How to add your crypto to Earn
Step 1: Navigate to the Earn tab in the main navigation, and select the token you'd like to earn interest on. Note that you must already hold the eligible token for you to begin earning on it. Alternatively, you can swap to an eligible token and will be prompted with an option to deposit your crypto to Earn when swapping. Tokens that are eligible for earning interest are limited to what is shown on the Earn tab.
Step 2: You will then have to enter the amount of the token you're holding that you'd like to earn. Once you're comfortable, tap on Review Transaction.
Step 3: You'll be asked to review your transaction before submitting. If everything looks good, tap on the Confirm button. That's it! Your tokens are now earning interest.
NOTE: While your crypto is earning interest, it cannot be used for other transactions. Your crypto is technically "locked up" until you remove it from earn, meaning it cannot be used to send or swapped to another currency. Instructions are below for how to remove your crypto from Earn.
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How to remove your crypto from Earn
Step 1: Navigate to the Portfolio tab in the main navigation, and scroll down to the Investments section. Tap on the token you'd like yo withdraw, in this case Ethereum.
Step 2: You will now be on the token details screen. Scroll down to the Your Balance section where you can see how much of your token is currently added to Sock Earn. Tap on Remove {X} to take your tokens out of Earn. In this case, it's Remove ETH.
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Step 3: You will then have to enter the amount of the token you're earning interest on that you'd like to remove from earn. Once you're comfortable, tap on Review Transaction.
Step 4: You'll be asked to review your transaction before submitting. If everything looks good, tap on the Confirm button. That's it! Your tokens are now available for use again.
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