Yield Farming on Binance Smart Chain - Launch of USDO:FET Pool
Aug 18, 2021
We are thrilled to share that we are extending our partnership with OpenDAO and OCP by adding a USDO/FET pool to Binance Smart Chain! Thus, we are expanding the utility of the FET token even further by offering new lucrative opportunities to all users and holders.
First stablecoin/FET pool on PancakeSwap
This is the first stablecoin/FET pool active on PancakeSwap.
USDO liquidity providers can start yield farming at the USDO/FET pool right away and collect transaction fees anytime a swap with these cryptocurrencies occurs. At the time of writing, the APY is over 1400%.
The LP tokens earned in the USDO/FET pool can then be staked at OmniFarms for yield in OCP tokens — the governance token of the OCP ecosystem.
New OCP/FET Pool
Surprises do not end here — we have thought about putting your OCP holdings to work as well. By staking OCP liquidity to the new OCP/FET pool on OmniFarms you can farm FET and start the process all over again.
Both pools – USDO/anyMTLX and OCP/anyMTLX begin rewards distribution on August 19th, 2021, 00:00 UTC, and will run for approximately 6 months. The total number of FET-related pools on OmniFarms is now three.
Continuously compounding yields
Simply put, what we have achieved through this partnership is enabling users to invest their FET holdings for significant yields which can be, in turn, reinvested for even higher returns.
Here’s a possible scenario for a FET investor:
- Stake FET at omnicomp.ocp.finance for an APY in OmniC tokens.
- Use the stake to mint the USDO stablecoin and earn more OmniC tokens.
- Use your FET as collateral to borrow BUSD or other stablecoins and earn even more OmniC tokens.
- Use BUSD and/or USDO to provide liquidity on OmniTrade and then deposit the LP tokens in OmniFarms for an APY in FET tokens. $25,000 in FET have been dedicated to this yield farming program.
Here’s a video guide on how to implement steps 1 through 4.
- Swap the USDO for BUSD or other stablecoins on OmniTrade. Go to step 4.
- Use the USDO you minted to farm in the new USDO/FET pool on PancakeSwap, then deposit the LP tokens in OmniFarms for yields in OCP tokens.
- Stake the OCP on OmniFarms to farm FET. Additional $25,000 in FET have been dedicated to this yield farming program.
- Repeat from step1.
In addition, you will soon have another profitable option to employ your newly minted USDO, namely use it in the Mettalex DEX. You will be able to stake it to mint long and short position tokens and provide liquidity to farm additional yields in anyMTLX. The first USDO-backed market on Mettalex is to be released soon!