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Hi everyone,
Click here to access the interest rate tracker. It’s been updated so you can see the best rates offered among the various lending platforms. Also, please consider signing up for new platforms with the referral links posted by the moderator. He updates and maintains the excel spread sheet. I’m sure he’d greatly appreciate it.
Near
Today I’ll cover numerous farming opportunities on Aurora - an EVM built for Near. Aurora allows devs to use solidity (coding language for Ethereum) and makes it easier to fork projects from any EVM network. This reduces the time needed to develop and deploy protocols on Aurora. I anticipate a proliferation in yield farming opportunities over the next few months. Below you’ll be provided with a quick introduction to Near followed by a compilation of yield farming opportunities.
Introduction
Near is an open source blockchain that employs a distributed computing system which uses a proof of stake consensus mechanism to validate transactions. It’s superior to Ethereum in a few ways:
High trough put - its 50x faster, 100K transactions per second (TPS)
Lower cost - 1 cent per tx vs $5+
Low latency - almost instant finality
Sharding - allows for infinite scaling
Near launched a $800M ecosystem fund to prioritize the development of DeFi protocols. Outside of their main focus are projects working on NFTs, gaming, and DAOs. This pool of capital will be disseminated on the main chain and is not designated for Aurora.
Aurora raised $12M from a funding round led by Pantera capital. I’m confident a melding of the two takes place in the coming year. Bridge solutions will dissolve any and all rigidity for cross-chain token transfers. This means capital allocated to Near from the ecosystem fund will make its way into Aurora.
Farmers Rejoice
Make sure to click on this link to keep track of the major protocols built on Aurora. This list is not comprehensive but it’s a good place to start. Also, I’ll publish a video to supplement this newsletter. Turn on your YouTube notification bell so you don’t miss the video.
Trisolaris
The first DEX built on the Aurora network and it has the highest total value locked (TVL) of all the protocols. It basically a fork of Uniswap with similar functionality. They’ve linked a few bridges on their dashboard for users to reference.
The Rainbow Bridges enables the transfer between assets on Ethereum, Near, and Aurora. I sent USDC over from Ethereum to Aurora and it took less than ten minutes. I encourage you guys to use Rango Exchange to transfer assets from other chains. For instance, use the following transfer flow scheme to send USDC from Polygon to Aurora,
USDC.P > USDC.ERC20 > USDC.A
Used Rango exchange to convert from USDC on Polygon to USDC on Ethereum. Afterwards, use Rainbow Bridge to transfer USDC.ERC20 to Aurora. Don’t worry about gas costs because Aurora currently isn’t charging transaction fees. Once your asset makes it way onto Aurora you can begin yield farming. Click here for transfer instructions if you need further guidance.
Farms
AURORA-ETH 93%
ETH-WNEAR 54%
USDT-USDC 18%
WNEAR-WBTC 51%
WNEAR-LUNA 100%
Rose
This is a liquidity protocol for stablecoins and wrapped assets. Basically the same service Saber provides on Solana. The second product they have is a collateral debt product that uses interest bearing tokens as collateral. Inspired by Abracadabra Money, RUSD (Rose Dollar) will serve the same purpose as MIM. Using yield bearing tokens as collateral improves capital efficiency. Moreover users can loop their collateral to effectively leverage yield farm. Unfortunately the product hasn’t launched so we’ll have to wait to go full degen on this strategy.
Farms
ROSE-FRAX 143%
ROSE-PAD 103%
DAI-USDC-USDT(stables pool) 23%
asUST-stablesLP 25%
FRAX-stablesLP 26%
NearPad
The launchpad is the core product but they’re aiming to become a DeFi hub. Their DEX is up and running but the yield aggregator is still in production. They have numerous PAD (platform token) paired pools but I’ll omit those pools from the list below.
Farms
NEAR-WETH 73%
NEAR-WBTC 72%
USDT-USDC 17%
WannaSwap
This another DEX built on Aurora but has a lower TVL of $108M. WannaSwap looks like a fork on SushiSwap with minor changes to the UI. They support a referral system which isn’t a common practice in the space. Overall I don’t see much innovation here.
Farms
atLUNA-WNEAR 95%
ETH-WNEAR 69%
WBTC-NEAR 61%
WBTC-ETH 22%
USDC-USDT 17%
BNB-WNEAR coming soon
AVAX-WNEAR coming soon
Paprprintr Finance
An algorithmic stabelcoin with an elastic expansion and burn mechanism used to maintain the peg at $1. Essentially a nuanced version of Basis Cash. They’re are deployed on BSC, Polygon, Fantom, and few other chains. They aren’t operational on Aurora but they’ve set up auto-compounding vaults in the interim.
Auto-compounding vaults - liquidity sourced from Trisolaris
TRI-WNEAR 2331% APY
ETH-WNEAR 73% APY
USDC-USDT 19% APY
AuroraSwap
To my knowledge this is the newest DEX deployed on Aurora. You’ll find the highest yields here but I suspect they’ll get diluted quickly. I have personally have some funds here in the WNEAR-LUNA pool.
Farms
USDC-USDT 125%
WNEAR-WETH 554%
WNEAR-WBTC 604%
WETH-WBTC 322%
WNEAR-LUNA 629%
WNEAR-BNB 605%
WNEAR 750%
WNEAR-MATIC 620%
Pickle Finance
Originally deployed on Ethereum, Pickle Finance has now deployed on Aurora. It’s a yield aggregator that provides an additional yield boost with it’s platform token PICKLE. Users can dump the farmed PICKLE or lock the token to get a yield boost and revenue share.
Beginning two weeks ago they announced an airdrop to randomly selected users who have a balance of > $50 in the vaults. Click here to get more info about the airdrop and the fee structure.
Necc
Saved the most interesting and degen play for last. Necc is a fully collateralized stablecoin protocol that maintains its peg with delta neutral collateral positions. In other words equal size long and short positions are used to back the stablecoin. The fees generated by trading are directed to stabelcoin minters through their second token NECC. They have an inverse perpetual swap DEX for trading 30x leverage. The fees generated by this DEX are also given to NECC holders.
To create “up only” pressure they’ve adopted Olympus’s model of protocol owned liquidity. Bond discounts are offered to those who purchase NDOL-nNECC LP tokens. However, at the time of writing this newsletter there is no bond discount.
This means you’ll gain zero value from purchasing these bonds. Please don’t purchase the LP tokens unless there’ a discount. Personally I prefer just purchasing nNECC and earning the rebase rewards. To purchase the rebasing token mint NDOL using ETH/WBTC/NEAR as collateral. Afterwards swap NDOL for nNECC on Trisolaris. This makes you eligible to earn the yield displayed below.
This content is not intended to be an endorsement. All protocols presented today are risky and users are subject to lose their funds. Always conduct your own due diligence prior to interacting with these protocols.
Happy New Years Degens!