Yields on Yields on Yields: Automating Your Yield with Liquid Driver and Gelato
Liquid Driver and Gelato are excited to announce a new collaboration — releasing the power of automated Web3 for $xLQDR holders!
In this article, you will see a brief demonstration of the recently launched Gelato Ops platform in action and learn how to build your very own automation… follow along and you will have your own DeFi automation live in under 5 minutes and learn about the recent developments and future enhancements coming to Liquid Driver and Gelato!
Liquid Driver’s Recent Growth: Some Background
Liquid Driver has seen phenomenal growth over the past couple of months with the ongoing rapid adoption of DeFi, the Fantom blockchain network’s reliable performance as an EVM compatible high gas fees solution, and the yield farming protocol’s $LQDR token reached an all-time high on 1/12/2021 of over $45/token.
More impressively, Liquid Driver has continued to grow their TVL (Total Value Locked) — eclipsing $320,869,825 as of this writing. This capital is being deployed strategically across farms on the Liquid Driver protocol, through their $linSPIRIT innovation, and by users choosing to lock their $LQDR tokens to receive $xLQDR — a governance token with a ve, Curve tokenomics, style twist.
Users can choose to lock their $LQDR tokens for a predetermined set of time to obtain $xLQDR — which enables them to be eligible to claim daily rewards from the Liquid Driver Revenue Vault.
Pirates + Ice Cream = Automated Yield Optimization
As DeFi proliferation continues at a rapid pace, the rise of Web3 Automation is coming into focus as a critical component that both protocols and individuals will have access to. Whether this is through auto-compounding vaults for yield farming, in-game automation of crypto-native gaming functions, or just about whatever the future of Web3 brings, automation will likely accompany it. Gelato lives at the epicenter of the Web3 automation scene and is excited to share how $xLQDR holders can immediately begin benefitting from automation — and perhaps give Liquid Driver users a glimpse of the future untold possibilities that intelligent automation will bring to their protocol users.
Liquid Driver has no plans of slowing down, with a slate of new innovative strategies set to be released in Q1 of 2022. With the tremendous awareness, the Fantom (Fantom Foundation) ecosystem has been gaining in the crypto universe, Liquid Driver is poised at the center of it all; set to capture significant capital inflows to the Fantom network. One especially exciting innovation is their Shadow Farms that will be implemented for users of the protocol — this concept is novel in the DeFi space and has been extremely well received by the community thus far. The implementation of the Shadow Farms will entail complex automation, which is where the synergies between Liquid Driver and Gelato will truly shine.
One thing Liquid Driver has always been focused on is seeking innovative ways to find yield — serving the Fantom Opera network as the first native Liquidity as a Service provider. Users have multiple ways of interacting with the protocol — by locking $LQDR for governance tokens $xLQDR which provides voting power and daily rewards for holders, using the Farms on Liquid Driver to stake LP tokens for additional yield, and thus the term Yields on Yields on Yields arose.
Dr. Liquid — AKA The Captain, as he is known in the community Discord and on Twitter at @Dr_Liquid_, has always been keen on finding and maintaining an edge for users of the protocol. Recently, a Liquid Driver Community Member asked, “Have you finished accumulating $SPIRIT or will you continue to do so?” to which Dr. Liquid replied, “We’re just getting started.”. He aims to bring Liquid Driver long-term sustainability, and as the top holder of $inSPIRIT, and no plans of this changing, the team is delivering now and is poised to continue delivering well into the future — in some ways that may involve sophisticated yield-enhancing automation — but let’s keep things simple for now.
To the Automation Tutorial
The goal of this tutorial is to serve as a guide for you to build your very own automation and has only a few steps, we have distilled it down to the core components and should take you about 5 minutes in total.
First, it may be obvious, but make sure you are an $xLQDR holder and if you are not, you can lock up $LQDR by heading to https://www.liquiddriver.finance/xlqdr.
Then, head over to the Gelato Ops interface at https://app.gelato.network/ — you will need to be connected to the Fantom Opera mainnet. Your wallet should prompt you to connect to Gelato once you have reached the web interface; go ahead and connect your wallet to the Gelato protocol to begin.
6 Steps to a Gelato Automation
Step 1: Creating Task
To create your Task by clicking the blue “Create Task” button: Automations are known as Tasks, and as you will quickly learn after a few minutes in the UI, the platform opens truly endless possibilities for automation in the world of Web3, most of which were only accessible in complicated systems requiring sophisticated programming expertise.
Step 2: Entering Smart Contract Address
After selecting “Create Task” — you will be brought to the part of the UI that asks you for a smart contract address — this contract address is where Gelato performs the specific function you want to accomplish. In this specific case, we want our $xLQDR daily rewards to be harvested and sent to our wallet automatically, every single day, without the need to manually do so.
Always double check contract addresses for accuracy — the importance of this cannot be emphasized enough — in a non-custodial world, maintaining good cybersecurity practices is critical — and one component of this is using block explorers to view the contracts you intend to interact with. In this case, we already have the contract for you.
Liquid Driver’s Smart Contract Address on the Fantom Network:
0x095010A79B28c99B2906A8dc217FC33AEfb7Db93
Make sure to verify you are entering the correct address on FTMScan at
Once you have copied and pasted this smart contract address into Gelato, it will automatically fetch the ABI for the contract, and a new field will be brought up that gives you the options of which functions can be automated.
Step 3: Selecting Function to be Automated
In this case, we want our daily rewards for being an $xLQDR holder sent to our wallet every single day. So, we select the function claim(address _addr) and as you may have guessed, this is where your address goes once you click this option!
Step 4: Choosing when (the condition) for your Task to be Automated
The next step is to simply select when to claim. Much like how the application IFTTT works, a straightforward way to think of Gelato is: if this condition exists, make this (outcome) happen.
Claims for $xLQDR holders are available every single day, at 7:00 PM EST. You can set your “when” in Gelato to simply execute this claim for you every single day at any point after this.
We will go with 7:01 PM in this example:
Select the Blue “OK” in the lower right of the screenshot above and you are done! 1 final step.
Step 5: Paying for Task Executions
You might think it costs a lot to automate functions like this, but thanks to the Fantom network’s extremely low costs, Gelato is economical to use. If this is your first time using Gelato, you will have $0 in your account, and you can choose to deposit whatever you would like, even 1 $FTM is enough to get you started. Keep in mind though if you want to run the automation for a long time, you will want to top up your balance with a bit for $FTM to make sure you have enough to get the automation complete.
When adding funds, you will be prompted in your wallet (MetaMask for example, to sign the transaction to first deposit funds, and then the transaction to create the Task. Why don’t we go with something clever here: Daily_Pirate_Treasure_Claims.
Step 6: Implementing Your Automation
Click “Create Task ‘’ and sign the transaction prompt in your wallet, and you are done! When you head back to the homepage of the Gelato Ops interface you will see “My Tasks” — which is where all your automation live.
Automation, yield farming, and the continuous proliferation of DeFi adoption is set to explode in 2022. Liquid Driver and Gelato are both leaders in their respective spaces, and we hope this guide has given you a glimpse into the possibilities that will become available soon. Imagine for a second, the ability to automate your daily $xLQDR claim, but instead of having the funds send straight to your wallet, you choose to have them staked on the highest yielding farm on Liquid Driver by APR% — all automated for you. Or you want your funds re-locked into $xLQDR, or you want some sent to the top 3 Farms on Liquid Driver. The only constraint is your imagination.
About Liquid Driver
Liquid Driver is the first liquidity mining dapp providing liquidity-as-a-service in the Fantom ecosystem.
The protocol aims to bring its users more utility, rewards, and long-term benefits through the native token, $LQDR, and ultimately become the leading liquidity-on-demand platform for dapps on the Fantom Opera Mainnet.
About Gelato Network
Gelato Network is Web3’s premier automation network, enabling developers to automate a wide variety of arbitrary smart contract executions on and across all EVM-based compatible blockchains such as Ethereum. Examples of use cases developers have built on top of Gelato include Limit Orders on AMMs like Uniswap, automatic compounding of yield farming vaults, Aave liquidation protection, MakerDAO debt ceiling updates, automated liquidity management, and even the petting of Aavegotchis.
Our ultimate goal is to automate everything and by giving developers the reliable tools they need to do this, we can empower their users to get the most out of their Web3 experience.
—
► Check out what we’ve been working on at https://www.gelato.network
►Automate your smart contract at https://app.gelato.network/
Connect with us:
