I am a new user to mStable. Would anyone like to chat and explain how mStable works. When converting USDC to imUSD, in SAVE, is interest earned in imUSD? How often is interest paid?
First of all: Welcome! Glad to have you here!
Here is a quick rundown on how it works:
- You would need to mint some mUSD, this can be done by any of the basket assets (including USDC). mUSD is worth 1 USD
- Deposit mUSD into SAVE, you will receive imUSD. imUSD is interest bearing mUSD, hence it represents your share of the SAVE contract, which increases over time. Therefore your interest is compounded. The interest is being accrued in real time.
- Earn additional MTA rewards by depositing imUSD into the vault.
Step 3 can be done directly with Step 2, just make sure you select the Vault
Feel free to join our discord if you have any more questions: