Launching Octopus Farm OCT <> stNEAR on Ref Finance
Overview
Finally we start our partnership with our friends at Octopus Network launching an OCT/stNEAR incentivised Liquidity Pool on REF Finance! Do you want to know more about how to get a triple reward?
Quick Facts
- OCT/stNEAR incentivised liquidity pool on REF begins February 14th, 2022
- Triple Rewards: users that join the new OCT/stNEAR pool will earn farming rewards in $OCT, $REF and $META tokens
- Rewards for the current OCT/NEAR liquidity pool end on April 14th, 2022
- Existing OCT/NEAR farmers that want to continue earning rewards must migrate to the new OCT/stNEAR pool
Why partnering with Octopus Network?
Meta Pool is working to expand the use cases of stNEAR and as part of our commitment with the NEAR community of always offering the best and smartest way to stake NEAR tokens we believe that Octopus is a key partner for Meta Pool and also for the NEAR ecosystem.
The Octopus Network is a multichain interoperable cryptonetwork for launching and running Web3.0 Substrate-based application-specific blockchains and the OCT/stNEAR pool represents another major milestone in the strategy to push stNEAR for being adopted as the base pair in Liquidity Pools.
Benefits of Using stNEAR on a Liquidity Pool
The value proposition of using stNEAR in Liquidity Pools is quite simple: increase revenue streams for LPs to:
- Swap Fees: a small percentage of each trade
- Farming Rewards: incentives provided by the protocol (i.e. REF) to attract capital
- Staking Rewards: currently sitting at approx. 10.5%
The use of stNEAR, a yield bearing asset, will be particularly beneficial for low volume pools or pools that do not have any farming incentives.
META Distribution Strategy
As we announced we are introducing some important changes to the way in which $META rewards are distributed.
Next February 28th we will change the $META distribution strategy and all $META incentives to users who deploy their stNEAR into partner platforms, creating a super cycle that will enable them to grow rapidly and increase demand for stNEAR.
Migration to New Pool
Transitioning into the new stNEAR Liquidity Pools is simple:
Step 1: Withdraw all funds from the existing OCT/wNEAR farm
Step 2: Withdraw all liquidity from the OCT/wNEAR pair
Step 3: Convert the NEAR you just withdrew from the farm into stNEAR. There are two ways:
- Deposit the wNEAR into the Meta Pool application, this is currently in beta test mode
- Swap wNEAR for stNEAR on the existing stNEAR/NEAR pool
Step 4: Select OCT and stNEAR and deposit liquidity to the pool
Step 5: Deposit the new OCT/stNEAR into the farm
We are really excited to collaborate with other platforms and create farming opportunities on AMM’s such as Ref Finance.
Our goal is to continue delivering value for stNEAR token holders and right now DeFi is a very important lego brick that we need to build in order to increase the flow of digital assets into DApps on the NEAR blockchain.
All of this is not financial advice and please be mindful before you put your assets into the farm, do your research and be prepared to be part of the DeFi ecosystem on NEAR.
Octopus Network is a reality now and this is just the beginning!
