OmniCOMP $CAKE Asset Update

Why COMP when you can VAULT

Small update today OCP Board Members.

As the first of many baby steps transitioning towards OmniVAULT style staking / borrowing, the Collateral Ratio for $CAKE on OmniCOMP will be reduced to zero.

This Zero Collateral adjustment to OmniCOMP $CAKE will come into effect 29/10 @ 02:00GMT

Users currently staking $CAKE on OmniCOMP will want to move their assets to the superior OmniVAULT - earning higher, more reliable APY from the compound farm, 50% CR to mint $USDO stablecoins, and far cheaper interest rates on minting.

For users borrowing $CAKE on OmniCOMP, be warned your interest rates will likely skyrocket when other users remove $CAKE they have supplied.
Pay your debts.

A quick breakdown of the two platforms

Why this change is important _

Friendship ended with COMP

OmniCOMP staking

APY% - Unreliable, basic rate. Entirely depends on users borrowing.
Liquidity - Volatile. Possible for others to borrow your deposit, locking your asset until liquidity returns, even if debts are repaid.

OmniVAULT staking

APY% - Stable. Derived from compounding single-asset staking.
Liquidity - 100%. Each vault is users individual deposit. Available to withdraw at any time, given debts repaid.

Now VAULT is new best friend

The advantages are clear.

Here’s how to migrate __

Getting started

1:\
Visit OmniVAULT.ocp.finance.
Connect wallet.

2:\
Create Zap Contract.
This will manage users personal compounding vaults on the platform.

3:\
Stake Cake. For this guide will deposit full balance.
Click [max] then [supply].

[Supply] will also trigger an Approve transaction, first time.

4:\
Deposit is now earning 75% APY. For $CAKE, can borrow up to 50% of deposited value as $USDO.

Similar to OmniCOMP, minting your full available limit is high risk. Slightest price drop then may see your deposit liquidated. DYOR.

5:\
Will mint 75% of limit for demonstration sake.

Can type directly for more specific integer.

Success.
Deposited collateral is generating yield, growing in value.
Meanwhile we have $USDO stablecoins backed by that interest bearing asset.

$CAKE deposit already puffed up whilst making this guide.

To retrieve deposited assets, simply reverse this process.
Unlike OmniCOMP, users cannot borrow your deposited assets, so liquidity is always present. Staked collateral can be removed at any time, provided you’ve paid off your debt of course.

A new concept to be sure, minting stablecoins against compounding assets generating yield, however we are confident this presents a revolution not only for the growing OCP ecosystem of platforms but DeFi in general.

For more info and any further questions please reach out on our socials.
We are always active, and our most veteran and experienced community members ever eager to share their guiding wisdom.

Omni Consumer Protocols
Be worth a damn, join the board.

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