DeFi yield farming is pushing composability to its limits. Synthetix, Curve and Ren have teamed up to launch BTC liquidity incentives utilizing Curve’s low-slippage swimming pools.
This system combines three Ethereum-based flavors of Bitcoin—renBTC, wBTC and sBTC—to supply seamless swaps between the rising wrappers. Backed by 10okay SNX and 25okay REN worth of weekly incentives, those that present liquidity can stake their LP tokens through Mintr to assert a pro-rata portion of the rewards.
However, the enjoyable does not cease there. Synthetix and Ren have teamed as much as subject these SNX & REN rewards within the type of Balancer Pool Tokens (BPTs) – which means LPs are additionally incomes BAL from Liquidity Mining. As if that wasn’t sufficient, contributors may also earn Curve’s soon-to-be introduced governance tokens—CRV—which can have in mind preexisting positions upon launch.
Better of all, with all three wrappers primarily pegged 1:1, there isn’t a danger of impermanent loss—a serious purpose why Synethtix’s sETH/ETH Uniswap liquidity incentives turned so in style. Paired with the Ren Bridge for permissionless Bitcoin onramps, the flexibility to place your capital to work in DeFi has by no means been extra enticing.
To get began, head over to Curve’s newly deployed sBTC pool and deposit any quantity of renBTC, WBTC and/or sBTC. As soon as deposited, navigate to Mintr’s LP rewards tab and stake these tokens within the Curvepool sBTC part. Watch out for transaction charges although, as moving into this place can value about $20 at present gasoline value!
This system is about to run for 10 weeks beginning at the moment, so load up your yield tractor and get farming.
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