Introducing an incentivized BTC Liquidity Pool by Ren, Synthetix, and Curve

Taiyang Zhang
Ren Protocol

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In partnership with Synthetix and Curve Finance, we are introducing a new incentivized liquidity pool for farming CRV, BAL, SNX, and REN.

https://www.curve.fi/sbtc

This pool consists of three BTC ERC20 variants; renBTC, WBTC, sBTC. Our goal is to create the most liquid Ethereum based BTC pool available to offer traders access to the lowest slippage for trades between sBTC, renBTC, and WBTC.

How it Works | Welcome to Yield Farming

In addition to the normal yield produced by Curve Pool’s trading fees, this pool includes an attractive basket of tokens for liquidity providers:

  • SNX
  • REN
  • CRV
  • BAL

To capture all of the incentives available, liquidity providers will need to contribute sBTC, renBTC, and/or WBTC to the BTC Curve liquidity pool.

BTC liquidity providers will receive CRV rewards, BAL rewards, and BPT rewards (i.e. wrapped SNX and REN).

Behind the scenes, Synthetix and Ren have created a Balancer pool for SNX and REN where LP Rewards are distributed in the form of BPT (wrapped SNX and REN). As a calculated side effect, this Balancer pool will also earn BAL tokens which will be redistributed to Curve BTC liquidity pool contributors. Finally, the Curve LP tokens, CRV, which is launching soon, earned through the main BTC pool will also be redistributed to liquidity providers.

Each week, liquidity providers will receive BPT (wrapped SNX and REN), BAL, and CRV tokens in proportion to their Curve BTC liquidity contributions. Liquidity providers will receive 10,000 SNX and 25,000 REN in the weekly distribution of BPT. This incentive will run for 10 weeks.

Please note that BAL and CRV tokens are not yet available on the open market and will be distributed pro-rata once they are available. Also, this is an experimental yield hacking exercise, the team is not able to assess the overall yield or outcome from this pool.

Get Started

In the meantime, you can start contributing to the liquidity pool by following these steps:
1) Provide sBTC, renBTC, and/or WBTC to the liquidity pool: https://www.curve.fi/sbtc

2) Once added, stake your Curve LP tokens (these tokens are sent to your wallet in reward for contributing to the BTC Curve liquidity pool) in Mintr via the LP Rewards tab at https://mintr.synthetix.io/

3) If you have any questions regarding Mintr, please visit the Synthetix Community Discord.

We are thrilled with this collaboration, and look forward to partaking in the early stages of DeFi yield farming with Curve and Synthetix.

Onwards and upwards,

— Taiyang Zhang, CEO

About Ren

Ren is an open protocol that enables the permissionless and private transfer of value between any blockchain.

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