NearX Launch — Lend, Borrow & Fold
Thanks to the upcoming Shanghai update, Liquid Staking Derivatives (LSDs) have become the hottest talk of crypto town. But it’s not just Ethereum that has the spotlight shone on them, other ecosystems such as Avalanche, Polygon and Near have also been tossed into the LSD ring.
For Aurigami, we have stNEAR. With the emergence of LSDs, we want to unlock even more options, more capabilities, possibilities and strategies for our users.
Introducing Stader Near’s NearX.
What’s NearX?
NEARX is Stader’s LSD solution for the Near ecosystem — just like Lido’s stETH, Rocket Pool’s rETH and Meta Pool’s stNEAR.
Similar to its counterparts, NEARX accrued all of the rewards earned from NEAR staking, all while maintaining liquidity and the ability to be deployed elsewhere in DeFi for its holders.
What can you do with NearX on Aurigami?
LSDs like NEARX are the hallmark of DeFi composability, and Aurigami will help unlock an even higher tier of capital efficiency, composability for it.
NEARX in itself is already a yield-bearing token. Oftentimes, LSDs are bought as an alternative to the underlying for accumulation simply because they make financial sense — if you’re already planning to hodl for the long-term, might as well earn some yield out of it too.
And if you’re already planning to earn some yield by acquiring NEARX, why not earn even more yield on top?
This is where Aurigami comes in.
By depositing NEARX into Aurigami, you can earn Deposit APY on top of your staking rewards. The NEARX deposit pool is also incentivized with additional NEARX + PLY rewards on top, which means you’ll be able to earn up to 4 types of rewards from simply depositing:
- NEAR Staking Rewards
- NEARX Rewards
- PLY Rewards
- Deposit Interest
NEAR LSD Superfold
Staking rewards for NEARX is currently ~9.40%. If you’re passionate about maximizing your NEARX yields, you can execute the NEAR LSD Superfold on Aurigami:
- Deposit NEARX
- Borrow WNEAR
- Deposit WNEAR with Stader for NEARX
- Repeat Step 1
Since the cost of borrowing NEAR is < NEARX deposit APY, doing so will essentially let users enter a leveraged position to boost their NEAR staking rewards.
At Aurigami, we are actively building on top of the LSD ecosystem, leveraging the beauty of DeFi composability to complement, to support, and to unlock additional utility, value and opportunities for all of the liquid staking solutions.
Moving forward, Aurigami will become the yield hub for LSDs on Aurora/Near, and we’re glad to be embarking on this journey with Stader.
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