Eidoo announced the launch of Steroids Yield Farming with bitcoin (BTC).
👨🌾 🌾 Yield Farming with #bitcoin ?
🙌 Let's go!
🌾 Stake #BTC and farm $PNT rewards on Steroids💉
👇 Find one-click farming for the pBTC/wBTC pool on @UniswapProtocol on https://t.co/14clET0G6Jhttps://t.co/XYYGpO7YVJ
— pNetwork 🦜 (@pNetworkDeFi) September 30, 2020
Thanks to this new feature implemented in the Eidoo wallet app, it will be possible to stake BTC to earn rewards in PNT.
In other words, it will be possible to exchange BTC in pBTC, always within the app, and then provide pBTC to Uniswap as liquidity in exchange for rewards in PNT, i.e. the token of pNetwork and Eidoo (formerly EDO token).
In fact, pNetwork’s pTokenized Bitcoin (pBTC) is compatible with Ethereum, thus allowing to stake BTC to provide liquidity to the pBTC/wBTC pool on Uniswap.
How does Eidoo’s yield farming work
At present, pBTC’s APY on Steroids.finance is 102%, while that of PNT tokens is 42%.
By connecting a wallet to Steroids.finance, and clicking on “Earn”, it is possible to find the strategies available to provide liquidity and rewards. The pBTC/WBTC strategy will be active over the next 8 weeks.
By staking pBTC tokens it is possible to receive weekly rewards in PNT, the pNetwork token, in percentages that vary according to the number of participants in the pool.
Currently, there are 50,000 PNT reserved for each week in which the rewards will be distributed, for a duration of 8 weeks.
However, the Steroids programme also provides other ways to earn money through staking. It is possible to use the service with both BTC and WBTC, but also with UNIV2, the tokens that are obtained by providing liquidity to Uniswap V2.
Using pBTC, WBTC or UNIV2 in Steroids it is possible to participate in yield farming and earn PNT.
Technically, the Steroids smart contract is an Aragon application within the pNetwork DAO, which also allows staking tokens from the UniV2 pool directly within the DAO.
When users stake UniV2 tokens in the DAO, they receive daoPNT tokens, which represent a share within the pNetwork DAO. Owning daoPNT gives them the right to vote, and by actively participating and voting in the DAO, users receive interest as a reward.
So PNT token holders can earn an additional 42% of APR by participating and voting in the pNetwork DAO. In this way, via Steroids, PNT token owners can combine both the rewards received from the Uniswap pool and the voting rewards from the pNetwork DAO.