Lumerin Blog
Published in

Lumerin Blog

Grow your LMR on Vesper Finance! Deposit USDC, earn LMR

Preserve principal and earn yield in LMR with the new Vesper Earn pool

Dear Lumerians,

We’re excited to announce the first Lumerin Earn Program for our community. Starting today, you’ll be able to deposit USDC to earn LMR on Vesper Finance!

About Vesper Earn Pools

Vesper Earn is an innovative product that allows you to generate yield in a different currency than the one you deposited. In this case, users will be able to earn LMR by depositing their USDC into the pool.

This has a number of applications for a lot of participants in the crypto ecosystem, from enthusiasts who want exposure to Bitcoin hashrate to miners who want to more effectively manage their treasury.

Vesper Earn Literally Transforms Yield

This Vesper Earn Pool represents a unique opportunity to accumulate LMR without spending a cent. Thinking long-term, there are many advantages to be drawn from this earning program, especially for miners.

Hedging against volatility

Earning LMR by staking stablecoins is an effective way to protect yourself against adverse market conditions, as USDC’s dollar peg provides stability while allowing users to accumulate LMR without risking any of their initial capital.

Treasury management for miners

Considering LMR will support hashpower trading on the Lumerin Hashpower Marketplace, accumulating LMR means building a future claim on hashpower once the marketplace goes live.

This is particularly useful for miners, who can take advantage of the Vesper Earn pool to power up their mining operations in the future. Essentially, the LMR Earn Pool on Vesper will allow miners to build up hashpower without expending any capital.

Start Earning LMR with USDC

Getting started with Vesper Earn pools is simple and easy. On the Vesper app, click on “Connect Wallet.” Make sure you’re interacting with the site on the Ethereum network.

Read the terms and conditions and check the box before you continue. After you do, select your wallet provider from the options. The Vesper Earn pools have no withdrawal fee, and the APY displayed already accounts for the performance fee.

A message will pop up on your wallet asking you to select an account and confirm connection to the site.

Now, scroll down the site until you see the Earn Pools section. Each row represents a different Earn Pool on the Vesper application.

Find the pool with the USDC token under the “Deposit” column and the LMR token under the “Earn” column. Click on its respective “Deposit” button under the “Actions” column on the right-end of the row.

A window will pop up where you’ll be able to select how much USDC you want to deposit on the pool. You can either manually input the exact amount of USDC or choose a percentage of your total USDC holdings using the sliding bar below.

Once you’ve selected how many tokens to deposit on the Earn Pool, click on the “Deposit” button. Your wallet will prompt a request to confirm the transaction, along with an estimate of the gas fees you’ll have to pay.

Wait until the transaction clears on the Ethereum network and that’s it! You’re already earning LMR yield on your deposited stablecoins.

Once the pool clears beta and goes into production, you will find it on the main Vesper app page among the other Earn pools, which offer deposit/yield combinations including DAI, LINK, DPI, PUNK, WBTC, and ETH.

Looking ahead

We are very happy to launch this new earning program in collaboration with Vesper Finance for our community. And the best news is this is only the beginning.

We are working on new exciting initiatives to reward our community for their engagement and participation in the Lumerin ecosystem, including development grants and Lumerin ambassador programs. Stay tuned for further updates!

Do you have any questions or comments? Are you new to Lumerin and need help getting started? Join our Discord server and Telegram channel for support from our community managers. We’ll be waiting for you!

FAQ

What do I need to participate?

An ERC-20 wallet with some ETH to pay gas fees, plus the amount of USDC you want to deposit in the LMR Earn Pool.

Is there a minimum amount of LMR required?

You do not require any LMR tokens to participate in the LMR Earn Pool. You need USDC to deposit on the pool and earn a yield on LMR.

Is there a minimum amount of USDC required?

No, you can deposit any amount you want. However, bear in mind that the transactions will require you to pay gas fees. The more you deposit, the more you’ll amortize the gas fees.

Who can participate in the LMR Earn Pool?

Anyone can earn LMR by depositing USDC.

Where do the LMR rewards come from?

Rewards are generated from USDC yield that’s then used to buy back LMR on the open market and distribute it among the pool depositors. It’s important to note that LMR circulating supply and the LMR Earn Pool yields are unrelated and unaffected by each other.

Are there any time or token amount thresholds required to claim LMR rewards?

No, you can claim your LMR whenever you want. However, remember that claiming also requires gas fees. If you claim too often, you may end up paying more in fees than your actual rewards.

How do I claim my LMR rewards?

On the Vesper site, click on the “Manage” button on the right side of the screen. A pop-up window will show up, where you’ll see the options to claim your earned rewards and withdraw your principal.

Why is there a 2% platform fee?

This is part of Vesper’s economics. Lumerin does not earn any performance fees.

Do you want to learn more?

Make sure to follow Lumerin on Medium so you don’t miss any news and content. You can also subscribe to Lumerin’s blog and visit Lumerin.io for more information. We’ll be glad to have you!

Join the Lumerin community!

Lumerin is an open-source and community-driven project. As such, we invite everyone to join the community and build this ecosystem together. You can also access valuable content, engage in interesting conversations, and meet like-minded people through our social channels:

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store