keyTango introduces a new liquidity mining program, allowing users to earn ~25% yield using just USDC. Learn how to join the program now, it’s SUPER easy!
keyTango is proud to introduce a new LP program for stable coin. This integration will provide users who are new to DeFi with unprecedented easy access to liquidity mining programs on Binance Smart Chain (BSC), currently yielding an attractive ~25% APY. All you need to participate is USDC and MetaMask.
You can find the token rewards pool live now at: https://app.keytango.io/invest?type=allPrograms
This unique program will drive substantial value for keyTango users, while maintaining typical stable coin steadiness. Users will be able to deposit USDC and participate in LP mining rewards via the Catalyst Bridge until June 24 at 11:00 AM UTC. Funds will then be Deposited on Pankackswap, and LP tokens deposited on a RAMP DeFi yield farming contract, all within the BSC ecosystem.
Other than the game-changing ease of use, keyTango’s Catalyst bridge will reduce the gas cost significantly, by aggregating users’ deposits for a week and only then crossing the bridge to BSC once.
The steps are outlined below — and we included a comparison with the traditional process for RAMP users that illustrates the relative simplicity offered by keyTango.
Gas Savings Through Aggregation
One of the biggest pain points in using layer 2 DeFi and reward programs is that it typically costs a few hundred USD in gas just to cross the bridge to the other network. This is due to the high costs associated with using Ethereum and the relative complexity of bridge’s smart contracts. This gas fee is a non-starter for investors that want to take positions that are worth just a few hundreds or thousands USD.
keyTango deploys a smart contract to aggregate funds for each pool, crossing the network bridge with the aggregated funds so that the cost of bridging is only accrued once, then distributing the single fee among all of the pool participants. This greatly reduces gas fees, helping make DeFi more inclusive — not just for the big players.
Risks and Returns
As users are providing liquidity in the form of USDC to the Catalyst Bridge, please note there are some specific risks users should be aware of.
When a user deposits their USDC in the Catalyst Bridge, keyTango will convert the deposit to rUSD & BUSD (50%-50%). This means that there is a risk of loss (or conversely, the opportunity of appreciation) as both the rUSD and BUSD prices vary against the USDC price. keyTango will then deposit both BUSD and rUSD into the liquidity mining pool, which may expose the user to Price volatility and impermanent loss. The APY on the funds is given in RAMP, so the user is also exposed to RAMP price movements (again, both upward and downward). Once the investment period is over, keyTango will pull the RAMP rewards and swap them with TANGO, so from that point on the user is no longer exposed to RAMP price, but is exposed to the TANGO price volatility instead.
Last but not least, the user may be exposed to smart contract risk.
This means there is potentially high variability both above and below the quoted APY — so please be aware of the potential risks associated with this opportunity!
About keyTango
keyTango is the easiest way to get into DeFi. Investing in yield farming and liquidity pools can be tricky. The tools presented from keyTango open up investing to a wider audience through ease of use. The project provides a smooth transition and learning curve that newcomers to the crypto space can benefit from.
About RAMP
Multi-chain DeFi protocol. Deposit assets for ultra-high yields in auto-compounding vaults. Mint collateralized stablecoin against asset deposits. Move stablecoin liquidity seamlessly across networks.
RAMP allow you to (a) hold on to your favourite staking / farming assets for future growth potential, (b) helps you to maximize the yield you can receive from these assets, and © allow you to mint a stablecoin that can be used for new asset purchases across the supported blockchain networks*.
*Supported blockchain networks currently are: (1) Binance Smart Chain and (2) Polygon (Matic Network)
