Launching pBTC on Curve (with incentives!)

pNetwork Team
Dec 17, 2020 · 6 min read
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As a result of Curve’s signalling proposal being approved for supporting pBTC within the Curve liquidity protocol,

We are happy to announce the launch of a new pBTC liquidity pool on Curve.fi!

Curve is an on-chain liquidity protocol optimized for exchanging stable assets (for example DAI and USDC). Counting over 5.2 Million veCRV voting, a proposal to add pBTC to the protocol was approved in November.

A new pBTC/sbtcCrv metapool (aka pBTC/[sBTC/renBTC/WBTC]) is now available on the Curve platform with the goal of onboarding new BTC liquidity onto Ethereum. The new pBTC liquidity pool is paired with the liquidity of the existing sBTC liquidity pool, whose daily trading volumes are in the orders of Millions USD traded.

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Join the incentivised pBTC Curve liquidity pool!

Differently than Uniswap, the Curve liquidity pools are optimized for exchanging stable assets, making it a great platform for growing pBTC beyond its current size and facilitating the onboarding of new liquidity.

The new pBTC Curve metapool enables BTConETH holders to flawlessly move from one tokenised asset to another. As a result, the integration of pBTC and Curve enables immediate (with free-of-charge pBTC peg ins!) onboarding to WBTC.

Bitcoin holders can tokenise their BTC to be moved into Ethereum via the pTokens dapp with no fees and be connected with Ethereum’s DeFi ecosystem. Thanks to the Curve- specific design, swapping across different BTC tokenised versions is easy and not subject to impermanent loss.

Introducing the pBTC incentives programme on Curve

pBTC is a Bitcoin-pegged asset available through pTokens, a cross-chain composability project and the foundation of the pNetwork ecosystem. With the custom-made pTokens dApp, anyone can securely mint their own pBTC – pegged 1:1 with BTC – or they can acquire it through a myriad of exchanges, DEX aggregators, and wallets.

Expanding the PNT-farming program beyond its current PNT/ETH, pLTC/ETH and pBTC/WBTC Uniswap incentives, today we’re announcing a new liquidity mining strategy for pBTC on Curve.

pNetwork DAO members cast over 7.1 Million PNT approving a proposal to extend the pBTC incentives program with 88.32% of voters in favor.

While currently, pNetwork’s liquidity mining rewards for pBTC are distributed on the pBTC/WBTC Uniswap liquidity pool (counting approx. 6 Million USD in it), going forward, incentives will be moved to the new pBTC pool on Curve with the goal of attracting additional liquidity into the system. The passporting of the PNT-incentives for pBTC will happen as a seamless migration from the pBTC/WBTC Uniswap LP to:

Today, we are launching a 50,000 PNT/week liquidity mining incentive for the pBTC liquidity pool on Curve!

The amount of PNT per week that is allocated towards the initiative and distributed as an incentive to liquidity providers contributing to pBTC Curve liquidity will be reviewed on a weekly basis.

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Convert BTC to pBTC from dapp.ptokens.io

If you don’t already have BTC on Ethereum, you can move your Bitcoin into the biggest DeFi ecosystem via the pTokens bridge.

With pBTC on hand, anyone can participate in this Yield Farming strategy by effectively staking bitcoin and earning PNT rewards.

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Provide liquidity to the Curve pool at curve.fi/pbtc — liquidity can be added in either asset

Through the pBTC on Curve liquidity mining program, users can become liquidity providers in Curve’s pBTC/[sBTC/renBTC/WBTC] metapool while earning rewards in unlocked PNT.

Current incentives on the pBTC/WBTC Uniswap pool will continue as is until December 23rd, 2020. The pBTC/WBTC Uniswap pool will remain there for anyone to enjoy LP fees and swap tokens. While PNT-incentives will be migrated to the Curve liquidity pool for the stable BTC pair, we expect an incentive (15,000 PNT/week) to grow the pBTC/ETH Uniswap LP to be launched.

A PNT-incentive on the pBTC stable pair (previously on Uniswap) will be activated on Curve in the amount of 50,000 PNT/week. This is to incentivize the further growth of pBTC leveraging a protocol that offers lower slippage and an extra CRV incentive (if approved).

Get double incentives for pBTC on Curve

A proposal in the CurveDAO is open to approve CRV incentives on the pBTC Curve metapool. If approved, liquidity providers within the pBTC Curve metapool would be rewarded with double incentives both in PNT and CRV tokens.

Read on for step-by-step instructions on different ways to provide liquidity and become eligible for rewards.

Earn PNT rewards on the pBTC Curve pool via curve.fi

Curve.fi enables you to access the pBTC/sbtcCrv liquidity pool with any asset combination, including a balanced proportion of all assets (lower slippage) or a single asset. Deposit pBTC into the incentivized pBTC/sbtcCrv Curve liquidity pool directly via the curve.fi interface to kick off your yield farming journey.

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Join the incentivised pBTC Curve liquidity pool!

Join with pBTC!

Deposit pBTC into the incentivized pBTC/sbtcCrv Curve liquidity pool directly via the curve.fi interface. You only need one token (pBTC) to kick off your yield farming journey.

Insert the amount of tokens you wish to stake in the Curve pool and click “deposit”. Then, move the LP token provided within the gauge to access rewards.

While your tokens are in the Curve pool, you’ll receive weekly rewards in PNT (pNetwork token). The percentage varies based on the number of participants in the pool. If approved, CRV rewards will be added to the pBTC Curve LP in a week’s time.

Currently, 50,000 PNT/week are reserved for the initiative.

Claim your PNT rewards and unstake when you’re ready from the withdraw section on curve.fi.

Join with pBTC+sbtcCrv!

Curve liquidity providers who want to join the pBTC+sbtcCrv Curve pool with assets in a balanced proportion (and enjoy lower slippage) are able to do so and still be eligible for incentives. Once you have provided liquidity via the Curve interface, you can use the “stake pBTC+sbtcCrv within gauge” section to start accumulating rewards.

Join the pBTC on Curve incentives program via steroids.finance

Connect your wallet to steroids.finance and navigate to “Earn”. Here you’ll find the available strategies to provide liquidity within the pBTC Curve pool for rewards. The steroids.finance interface will redirect you to the relevant incentivised pBTC Curve pool.

Join the pBTC on Curve incentives program via Eidoo.app

The Eidoo wallet facilitates the interaction process with a variety of DeFi protocols, including pNetwork. If you entered the pBTC incentives program on Uniswap via the Eidoo interface and wish to migrate your liquidity to Curve for extra rewards, you can unstake your liquidity via the “Stake pBTC & Earn” section by clicking on “unstake and claim”. No rush though, rewards on the Uniswap pool will continue for another week and the Uniswap pool will remain active for anyone to enjoy LP perks.

As always, Eidoo serves as a facilitator to interact with DeFi protocols – a dedicated one-click interface will enable you to stake within the pBTC Curve pool and get rewards.

Enter pBTC on Curve to indulge in DeFi yield farming and earn PNT. And once you have it, you won’t want to miss out on other opportunities to grow your yield. For example, PNT holders can earn 42% APR when they stake and vote in the pNetwork DAO.

🦜 Want to join our flock? Connect with us on Twitter and join the conversation in our pNetwork Telegram.

💡 For a more technical deep dive into pTokens infrastructure, read our technical paper or check out the summary on our website.

🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.

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Enabling cross-chain DeFi composability

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