Due to the xDai-Gno Merge, this guide has been updated from its original format.
The long-awaited $STAKE and $AGVE rewards on the Agave platform, voted by both communities ($Stake votes here — $Agve votes here), are a major milestone for our DAO, as well as representing an important moment for the entire xDai ecosystem.
Up to $1,000,000 in rewards are going to be distributed over the course of 1 year, giving an incentive to investors to lend and borrow their assets into the Agave Platform and, therefore, increasing its TVL. The first month is intended to bootstrap the protocol so TVL >$0 will payout 100% and $GNO token market cap >$0 will payout 100%.
This step-to-step guide aims to help understand how the participants in the money market protocol can benefit from the successful deployment of the rewards.
Note: Click here to watch a walkthrough on the same topic.
Step 1. Go on agave.finance and click on “Open App”.
Step 2. Deposit your assets or borrow those available. You will earn $STAKE+$GNO rewards regardless of which token you lend or borrow.
Step 3. As you participate in the money market, you will immediately start earning rewards. Note that depositors earn more than lenders (on an 8:1 ratio); For reference, Aave uses a 10:1 ratio.
Step 4. When you wish to claim the rewards — you can do so at any time — all you need to do is click on the “Claimable Rewards”.
After approving the transaction, you will receive a CPT token (Cent Pool Token) which automatically earns a variable APR (Annual Percentage Rate) of 40–50% on a 60%Gno / 40%Agve pool on Symmetric.
Agave announced a strategic partnership with Symmetric on October 27th.
Step 5. The rewards on the pool are paid out in $SYMM token, not creating any selling pressure on $AGVE or on $GNO. You can check the $ value of your liquidity here.
Step 6. If a user wants to exit the money market and desires to cash out, all is required to do is unpool the CPT token on Symmetric first, and then withdraw the assets from the platform.
What is particularly interesting about these rewards is that 3 projects are joining forces to strengthen the xDai ecosystem.
Furthermore, Symmetric has announced $SYMM+$GNO rewards, giving a further incentive to the Gno/Agve pool, hence encouraging even more users to participate in Agave’s platform without needing to cash out. These rewards are paid in $SYMM and $GNO and are airdropped once a week.
Wrapping Up
What does this mean for Agave’s users? Participating in the Agave platform allows you to earn:
- Rewards in $GNO and $AGVE (in form of a CTP token) 🚀
- Rewards from the CTP token on Symmetric (paid in $SYMM) 🚀🚀
- Rewards in $SYMM and $GNO (airdropped weekly). 🚀🚀🚀
Need some $AGVE or $GNO? Head to Honeyswap!
Got any questions? Get in touch on Discord or Telegram
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