Euphrates: Latest Upgrade And New Pools

Published in

Acala

4 min readJan 14, 2024

Since its inception on September 25, 2023, Euphrates has continually evolved, reaching significant milestones and offering enriched staking rewards opportunities. Currently, over 6.4 million DOT is secured in Liquid Staking Tokens (LSTs) through Acala, signifying a substantial stride in decentralized finance (DeFi). This article delves into the current staking opportunities, latest technical enhancements and the upcoming incentivized pools on Euphrates.

Current Staking Opportunities

Euphrates currently prioritizes robust staking options for DOT and its derivatives, with a forward-looking plan to expand its token options. These staking pools have been a foundational element since the application launch. Their longevity and adaptation are guided by the democratic input of the community, with decisions made through governance voting, ensuring that Euphrates’ offerings align with user interests and the evolving trends in decentralized finance.

DOT Staking

Euphrates’ DOT staking has gained immense popularity, amassing over $24 million in Total Value Locked (TVL) in just a short few months since its inception. The process simplifies user interaction; when you stake DOT, it is transformed into LSTs (either LDOT or tDOT, depending on the chosen pool). While your DOT accrues rewards, Euphrates further rewards you with additional ecosystem tokens. For LDOT, you receive bonus ACA tokens, and for tDOT, a combination of ACA and TAI tokens, collectively boosting the Annual Percentage Rate (APR).

LCDOT Staking

LCDOT staking, while mirroring DOT staking, specifically utilizes Liquid Crowdloan DOT (LCDOT). In this process, LCDOT is first converted to DOT, then to the respective LST. This option caters to users holding LCDOT and seeking to engage in Euphrates’ staking opportunities.

New Features

The recent upgrade of Euphrates introduces features focusing on enhancing user accessibility and convenience:

Images of added Ethereum wallet support and Substrate wallet binding options

Wallet Connect Support: This feature enhances cross-chain capabilities and supports an array of wallets, making it easier for users to manage their assets across different wallets.

Binance Wallet Support: In response to the growing popularity of the Binance Wallet, Euphrates now offers compatibility with it. For users needing assistance with setup, a helpful YouTube guide is readily available.

Flexibility with Substrate Binding: Respecting the diverse preferences of it’s users, Euphrates offers the option to skip Substrate wallet binding, also known as creating a Unified Account. This feature can be utilized at a later stage, or users can opt to directly transfer DOT to their EVM wallets using the Acala Platform’s bridge function, ensuring a smooth and flexible experience. If you need guidance on funding your EVM wallet, you can find it here.

Enhanced Browser and Mobile Accessibility: Euphrates significantly broadens its accessibility, catering to various user preferences. This enhancement allows users to access Euphrates through multiple platforms:

Desktop Browser with Mobile Wallet: Users can now link their mobile wallets to Euphrates via a desktop browser, merging mobile convenience with desktop functionality.
In-App Wallet Browser: For an integrated experience, Euphrates supports access through the in-app browsers of various wallets.
Mobile Browser Support: Recognizing the need for on-the-go access, Euphrates ensures full compatibility with mobile browsers, offering its complete range of features in a user-friendly mobile interface.

These advancements not only showcase Euphrates’ commitment to providing flexible and accessible DeFi solutions but also reinforce its position as a user-centric platform in the evolving world of decentralized finance.

New Pools

As Euphrates cements its position as the premier application for enhancing capital efficiency, it’s expanding its horizons with the introduction of new pools and DeFi options. Building on its initial offerings of liquid staking, Euphrates is now branching into the realms of liquidity provision and lending. This evolution not only diversifies its services but also aligns with its vision of offering comprehensive and efficient DeFi solutions.

StellaSwap’s LP Pool and Starlay’s upcoming lending pool

Starlay Pool

Launching in the third week of January 2024, the Starlay DOT pool will start accepting DOT deposits. It features an incentivized deposit period with ACA rewards, followed by ongoing rewards from both ACA and Starlay post deposit. Starlay is a secure lending solution where depositors can provide liquidity to earn interest as a stable passive income, while borrowers can leverage their assets without needing to sell them. Learn more about Starlay here.

StellaSwap Pool

The newest active pool, Stellaswap, is a decentralized exchange (DEX) on Moonbeam that supports LDOT and DOT pairs. An incentive program, run by both Euphrates and the Stellaswap team, will soon be introduced to encourage further participation in the liquidity pool. Learn more about StellaSwap here.

Closing Thoughts

Euphrates continues to redefine the decentralized finance landscape with its innovative solutions and user-friendly features. These enhancements not only improve the platform’s functionality but also expand the possibilities for its users. With the introduction of staking pools like Starlay and StellaSwap and a dedication to community-driven progress, Euphrates is actively shaping the evolving trends in DeFi. Stay tuned for more exciting developments as Euphrates leads the way in the dynamic and promising future of decentralized finance.