• Team Eidoo

Navigating Yield Farming with Eidoo


Yield Farming is also called Liquidity Mining in the world of crypto and DeFi. Simply put, it is about locking up your crypto in a staking pool to generate rewards.


Staking and Liquidity pools are an integral part of the DeFi system because they contribute to the adoption of a specific coin or protocol. More precisely they assist the growth and decentralization process of Proof-of-stake consensus-based blockchains, through the creation of different nodes and validators. Stakers provide the necessary liquidity to allow traders, users, market makers, and institutional investors to swap these new coins or tokens that reach the market. In fact, trading volumes are a perfect metric to understand the usage and adoption of a given asset.


Typically yield farming is done with ERC-20 tokens, but cross-chain bridges like the ones that pNetwork has in place and that we, at Eidoo, have integrated into our app, make yield farming and all its possibilities even more exciting.


As of October last year, both Ethereum and Bitcoin Eidoo users with the wallet app could deposit and grow their yield farming opportunities. This is made possible with Eidoo’s multi-currency crypto support and pNetwork’s pTokenized Bitcoin (pBTC).


It should be noted that to take advantage of yield farming possibilities properly, you should have a strategy in place. There is no set way to do yield farming, and strategies can change all the time, and each pool will have its own rules.


Seriously invested farmers have strategies they employ to gain the biggest rewards or overall yield, constantly searching for higher yields and moving their funds around. DeFi platforms and pools are competitive and try to outdo one another with incentives to attract more capital.


Within the Eidoo ecosystem, the strategies we have recommended for our users are as follows:


1. Exchanging BTC to pBTC, within the app, and then providing pBTC to Uniswap as liquidity in exchange for rewards in PNT, i.e., the token of pNetwork and Eidoo.


PNT powers Eidoo’s services as the governance token of the cross-chain composability

project pNetwork – which delivers DeFi assets like pTokenized Bitcoin (pBTC). PNT is

also the key to joining the pNetwork DAO, which currently offers members 42% APR on

their stake.



pTokenized Bitcoin (pBTC) is compatible with Ethereum, thus allowing BTC staking to provide liquidity to the pBTC/wBTC pool on Uniswap.


2. The Eidoo integration of Steroids.finance completely streamlines staking and makes it

easy to manage your yields. By connecting your wallet to Steroids and clicking on “Earn,” it is possible to find the strategies available to provide liquidity and rewards.


But If you want to know how exactly you go about staking pBTC in Eidoo and Steroids, see our blog post from last year that gives you a step-by-step guide on how to do so. This post also outlines how to stake with WBTC or UNIV2 so you can farm PNT and take advantage of the generous APYs.


The liquidity mining initiatives which reward liquidity providers to the pBTC/WBTC pool on Uniswap have boosted liquidity beautifully. For that reason, this initiative was extended for a longer period of time and to a broader range of liquidity pools such as Curve and


The liquidity mining initiatives which reward liquidity providers to the pBTC/WBTC pool on Uniswap have boosted liquidity beautifully. For that reason, this initiative was extended for a longer period of time and to a broader range of liquidity pools such as Curve and

Balancer.


3. The incentive initiative was coupled with the community supporting pBTC on Curve,

where a new metapool will onboard new BTC liquidity onto Ethereum. As you can see, Curve is proving to be a very effective tool in growing pBTC.





4. The pLTC incentives program expanded PNT farming allowing users to become liquidity

providers in Uniswap’s ETH/pLTC pool while earning rewards in unlocked PNT.


So far, this is how things are looking in terms of staking, as of 9 Feb 2021:


  • pBTC/ETH total pool size is 16. 5002 pBTC which is 462.3910 ETH with estimated returns of 89,38% yearly

  • pLTC/ETH total pool size is 2,960.9846 pLTC which is 364.5608 ETH with estimated returns of 112.88% yearly

  • Pool size when staking pBTC on Curve is 300.7639 with estimated returns on PNT annually of 33.08%

  • PNT/ETH total pool size is 251,075.8674 which is 272.4138 ETH with an estimated annual return rate of 157,24%%

  • pNetwork DAO investment of $PNT 35,827,103

As you can see with substantial annual return rates, it is worthwhile at the rate at which the pools are growing to add your stake and claim your PNT rewards. Remember that these incentive/rewards programs are only available until July so take advantage while you can!


Also, you can un-stake whenever you’re ready except when you have staked in the pNetwork DAO whose rewards are locked for a year. . Your rewards can be claimed at any time by clicking “claim.” Alternatively, you can exit the strategy and simultaneously claim your rewards by clicking “un-stake and claim rewards.”


For more information on Eidoo, our partners in yield farming, and the strategies we recommend, as well as keeping up to date on our latest incentive or rewards programs, follow us on Twitter or join our community group on Telegram.


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