Become an OPT Liquidity Provider and Receive Curve Mining Rewards

in #openpredict4 years ago

repost of an article published in Medium:
https://medium.com/openpredict/become-an-opt-liquidity-provider-and-receive-curve-mining-rewards-e1cfcf730d8b

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The cryptocurrency market is never static, and it is important for projects to navigate the market trends in an opportunistic manner. As an adaptive startup, we possess the nimbleness to adapt to market demands for the sake of an increasingly powerful token.
At present, many in the DeFi space face a puzzling challenge. “To hodl or to yield farm, that is the question.”
Well, it’s a question no more… as we have the answer.
To Hodl and also to Farm, that is the Answer
OpenPredict is all about empowering our community. As a primarily self-funded project, our emphasis is on building a stable and strong community that can work together and grow the OpenPredict ecosystem.
Holders and stakers of OPT will enjoy numerous benefits within the OpenPredict ecosystem in the form of reward distribution (from fees) and network discounts. Still, we are always looking for more ways to help our holders even further.
We are well aware of market trends and we want to take advantage of them, for the betterment of the community benefits.
We raised about $235,000 (about $15,000 uncollected) during our extensively oversubscribed token sale, which had notable limits per participant. Out of the funds raised, $50,000 is committed to liquidity provision on Uniswap and another $50,000 for on-going operational needs.
We are now going to commit the remaining $135,000 towards liquidity mining to acquire the highest audited yields and distribute them among OPT stakers that participate in our community hub. This amount will be reduced as operational costs mount up. Till then, we deem this decision is better than leaving the assets idle.
The custody of LP tokens used in liquidity mining will be through our partner, DAO Maker, who are EU-compliant and Estonia-licensed as a crypto custodian. This adds an extra layer of security to the assets thanks to a combination of top-notch security measures to ensure funds are properly stored.
The funds generated from this mining process will be used to market buy OPT tokens and distribute them to OPT stakers. Any funds unclaimed in the biweekly reward period will be split: half to the next week’s reward and half to the community incentives pool.
Zero Exposure Yield Farming
We will also work with our institutional financial services partner EurekaTrading to avoid market exposure.
None of the yield farmed will ever have direct exposure to the assets used. Any volatile assets used in yield farming will be acquired through a borrow position or a net-zero position through a position that is futures short and spot long.
This ensures that yield will be farmed at maximum optimization, with the means to be handled by the algorithms of a leading financial firm, with the LP tokens custodied by a licensed custodian.
Reward Process
The first coin that will be yield farmed is CRV (Curve).
The CRV farmed will be used for biweekly rewards to OPT liquidity providers on Uniswap.
The farmed CRV will be market sold to buy OPT, and this OPT will be airdropped to liquidity providers. The two supported pairs for this program are:
OPT-ETH: https://uniswap.info/pair/0xe7700d9cd80517ade303048f4c55f03284a095cc
OPT-USDT: https://uniswap.info/token/0x4fe5851c9af07df9e5ad8217afae1ea72737ebda
The program starts now!
To participate, you have to become a liquidity provider and sign up to the OpenPredict community Hub. There, connect your wallet and the regular chain scan will track liquidity providers, who will be rewarded every 2 weeks.
You can also participate in Social Mining within the community Hub. This means liquid providers get:
Social Mining rewards ($5,000 shared per month)
Uniswap LP fees
NEW: Yield from Curve, generated by the OpenPredict project and given entirely to LPs
About OpenPredict Protocol
OpenPredict Protocol creates liquid options for hedging against the price risk of assets staked in DeFi protocols. These options are minted into tokens, enabling first-ever options that are not siloed to a single exchange. This adds a powerful new “money lego” to the DeFi market, one that brings a financial instrument for security against market volatility.
The project’s product-focused roadmap merges the three most successful product markets in the crypto market: predictions, DeFi, and trading.
Website: https://openpredict.io/
Overview: https://daomaker.com/sho/openpredict
Telegram Chat: https://t.me/openpredict
Telegram Announcements: https://t.me/OpenPredictAnnouncements