Eidoo announced the launch of Steroids Yield Farming with bitcoin (BTC).
👨🌾 🌾 Yield Farming with # bitcoin ?
🙌 Let’s go!
– pNetwork 🦜 (@pNetworkDeFi) September 30, 2020
Thanks to this new functionality implemented in the app of the Eidoo wallet, 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 all ‘inside the app, and then provide the pBTCs to Uniswap as liquidity , in exchange for prizes in PNT tokens , i.e. the pNetwork and token Eidoo (formerly EDO token).
In fact, pNetwork’s pTokenized Bitcoin (pBTC) is compatible with Ethereum, thus allowing you to stake BTC to provide liquidity to the pBTC / wBTC pool on Uniswap.
How Eidoo yield farming works
Currently on Steroids.finance pBTC APY is 102%, while that of PNT tokens 42%.
By connecting your wallet to Steroids.finance, and clicking on “Earn”, you can find the strategies available to provide liquidity and obtain rewards . The pBTC / WBTC strategy will be active for the next 8 weeks.
Staking pBTC tokens you receive weekly prizes in PNT, the pNetwork token, as a percentage that varies based on the number of participants in the pool.
Currently there are 50,000 PNT reserved for each week in which prizes will be distributed, for a duration of 8 weeks.
The Steroids program, however, also provides other ways to earn money by staking. In fact, it is possible to use the service with both BTC and WBTC , but also with UNIV2, or the tokens obtained by providing liquidity to Uniswap V2.
Using pBTC, WBTC or UNIV2 in Steroids you can participate in yield farming and earn PNT.
Technically, the Steroids smart contract is an Aragon application within the pNetwork DAO, and also allows the tokens of the UniV2 pool to be staked directly within the DAO.
When users stake UniV2 tokens in the DAO they receive daoPNT tokens, which represent a share within the DAO pNetwork. Owning daoPNT confers the right to vote, and by actively participating and voting in the DAO, users receive interest as a reward.
Then PNT token holders can earn an additional 42% APR by participating and voting within the DAO of pNetwork. In this way with Steroids PNT token holders can combine both the rewards received from the Uniswap pool and the voting rewards of the pNetwork DAO.