With a liquidity mining program set to launch today on Sept. 15, sovereign yield optimizer Etha Lend could be on the cusp of becoming a leading yield optimization protocol on the Polygon network.
The protocol is steadily rising up the ranks with its metric growing stronger every day. It was just launched on Polygon two months ago.
The protocol’s partnership with QuickSwap goes far back to its mainnet launch as QuickSwap is one of the chosen underlying automated market makers that drives the dollar-cost averaging strategies for its eVault. Both platforms are now further solidifying their collaboration with this 60-day liquidity mining program.
What’s in it for liquidity providers?
As a part of the partnership, Etha Lend would provide $100,000 worth of Etha Lend (ETHA) tokens to the Dragon’s Syrup Pool, while QuickSwap incentivizes the ETHA-QUICK and ETHA-USDC pools with $100,000 worth of QuickSwap (QUICK) tokens in total. The rewards will be proportionately distributed over 60 days relative to the liquidity provider’s share in the pool(s).
The two participating pools are ETHA-USDC and ETHA-QUICK.
What makes this liquidity mining program so unique?
If you’ve ever provided liquidity, you would know that a liquidity pool contains two tokens and each pool creates a new market for that particular pair of tokens. Therefore, liquidity providers are incentivized to supply an equal value of both tokens to a pool.
The traditional process would require you to go to an exchange and acquire, for example, ETHA tokens and an equivalent amount of USD Coin (USDC) or QUICK in order to provide liquidity into the pools, which requires many steps such as multiple swaps, transactions approvals and adding liquidity.
This is where Etha’s protocol revolutionizes the whole process for participating in this liquidity program. You will only require USDC for the ETHA-USDC pool and QUICK for the ETHA-QUICK pool and the rest will be automated by the protocol.
Find out exactly how you can provide liquidity and participate in this liquidity program with just one asset, USDC or QUICK, in your wallets here!
In the same article, you will also find strategies for compounding on the rewards that you receive from the liquidity mining program on either Etha Lend or QuickSwap, or both.
Detailing the importance of the partnership between Etha Lend and QuickSwap, Danny Boahen, the protocol’s co-founder, told:
“Etha Lend’s vision is to deliver a sustainable yield optimization infrastructure for DeFi, and this also extends to the fast-growing ecosystems such as QuickSwap.”
He added:
“This novel liquidity mining program with QuickSwap will help showcase the powerful benefits of the Etha Lend protocol. It serves an important purpose and an opportunity for all market participants to come and see automation at its best on our protocol.”
About Etha Lend
Etha Lend is a yield optimizer protocol powered by Polygon that abstracts the complexity in decentralized finance to provide users algorithmically optimal yields. The key makers of the protocol include a discovery algorithm, a hybrid lending market and stable asset eVaults. The team behind the protocol is constantly expanding on its product line and strategies to offer users optimal yield.
Follow Etha Lend:
Twitter: https://twitter.com/ethalend
Telegram: https://t.me/ethalendcommunity
Medium: https://medium.com/etha