deFIRE Introduces First of It’s Kind Liquidity Mining Campaign for Wrapped ADA Pools (ADA20)/CWAP
The deFIRE team is pleased to reveal the imminent release of the first liquidity mining campaign for its native token, CWAP, which will allow users to provide liquidity on UniSwap V2 through the provision of CWAP tokens and wrapped ADA. Liquidity mining will begin on Monday 28th June, 2021; with instructions on how to participate to follow shortly.
The liquidity mining campaign follows the release of wrapped ADA (ADA20) by the deFIRE team as part of Occam.fi’s Ethereum <> Cardano bi-directional liquidity bridge — one of the first attempts at providing cross-chain interoperability between Ethereum ERC20 and Cardano Native tokens.
This represents the first time that ADA can be wrapped and used for liquidity mining, offering significantly greater APY than could be attained through ADA staking alone. Surely, the CWAP rewards generated by liquidity mining can (and will be) be swapped back to Cardano through the Occam.fi bridge, and moved onto the Cardano blockchain — ready to be staked or traded against Cardano Native Tokens on the exploding Cardano DeFi landscape when Alonzo is finally here with us.
All ADA holdings wrapped for use in liquidity mining will be held in secure custody by deFIRE’s ecosystem partners Bitcoin.com Exchange, a trusted execution venue and custodial service provider.
Mike Sober, product owner at deFIRE, said:
“We thought long and hard about how we could provide both significant utility and rewards to CWAP holders and ADA holders at the same time. Our liquidity mining campaign, which makes wrapped ADA (ADA20) available on the Ethereum network by swapping ADA for a backed-ERC-20 token analogue, makes it easier than ever to put your ADA portfolio to use for significant rewards. We think this is a great way to provide diversity to ADA holders rewards mechanism, and we look forward to seeing how people use these rewards to put back into the Cardano ecosystem.”
Essentially, deFIRE’s liquidity mining campaign will assist in generating value on the Ethereum blockchain, and facilitate its seamless transfer back onto Cardano. Liquidity mining rewards will be paid in CWAP, the native token of the deFIRE ecosystem, and can be claimed and used at any time.
You can read more about Occam.fi’s Ethereum <> Cardano bi-direcitonal bridge here.
