How to Get Profits on EURS in DeFi: the Definitive Guide 1.0.
Capitalize on your Crypto Euro!
Decentralized Finance gains momentum and EURS users enjoy growing demand for the largest euro-backed stablecoin. It’s time to unravel how to capitalize on your preferred digital asset.
The latest lucrative opportunity to capitalize on EURS in DeFi is the pool on Yearn Finance — it automatically converts rewards and provides the maximum boost. Yearn launched the EURS Pool yVault that accepts Curve EURS Pool LP tokens and stakes them in the EURS gauge on Curve. The strategy harvests CRV emissions and sells CRV for more of the underlying LP tokens. Curve boost levels as of January 23rd (current/max): EURS Pool: 2.49/2.49
Max boosts are determined in part by strategy holdings relative to total pool holdings while the current boost is affected by how much veCRV Yearn has locked. Furthermore, an update to the yearn.finance UI is coming soon that will display current boost levels for each vault. This data is currently accessible in the contracts as well as from the API here.
In this step-by-step guide, we will explain to you how to deposit assets on Curve’s EURS liquidity pool, unstake from the gauge, and then use eursCRV from the wallet to join yearn.finance vault.
Step 1. Deposit EURS assets into sEUR/EURS pool.
There are 2 possible options here:
● Deposit and stake in gauge.
Next, if you choose just “Deposit ”, the pool tokens will be in “user’s wallet” (we need this for yearn.finance eursCRV vault).
Congratulations! You nailed it! You can now jump to Step 3!
However, if you choose “Deposit & Stake in gauge” the pool tokens will be staked instead (not in your wallet). There’s no stake term so everyone can unstake at any time to move the pool tokens back to your wallet.
Step 2. Supposing we choose the “Deposit & Stake in gauge” option, and we would like to use yearn.finance, first we need to unstake:
Click on withdraw gap:
We have several options:
● Withdraw: Take out our assets from the current Liquidity Pool;
● Withdraw and claim: Take out our assets from the current Liquidity Pool and claim staking rewards;
● Claim SNX/CRV: To claim Pool trading fees + incentives;
● Unstake from gauge: This option will unstake assets, this way, our funds would be only deposited into the pool, and pool tokens will be in “our wallet”. This step is required for yearn.finance eursCRV vault).
Also, there is an advanced option where the user can unstake the desired staked amount:
We need to unstake from gauge if we want to use the yearn.finance vault, so we will click on “Unstake from gauge”.
Then, we need to check our wallet and eursCRV should be shown there:
Step 3. Join eursCRV vault on yearn.finance:
To be completed. Check updates on Yearn Finance.
How to Boost CRV Rewards:
This step is assuming users have already provided liquidity and are currently staking LP tokens on the DAO gauge.
One of the main incentives for CRV is the ability to boost rewards on provided liquidity. Vote locking CRV allows users to acquire voting power to participate in the DAO and earn a boost of up to 2.5x on the liquidity you are providing on Curve.
The first step to getting rewards boosted is to figure out how much CRV we need to lock. All gauges have different requirements meaning some pools are easier to boost than others. It depends on how much others have locked and how much the liquidity gauge has.
In EURS pool: (we used calculator feature — https://dao.curve.fi/minter/calc)
Once we know how much and how long we would like to lock for, visit the following page to look CRV:
We need to enter the desired amount to lock and select the “expiry” option. Note! Remember that locking is not a reversible feature. The amount of veCRV received will depend on how much and how long we are voting for.
Moreover, we can extend a lock and add CRV to it at any point but the expiry date will be the same for every adding.
After creating the lock, we will need to apply the boost.
How to Apply Boost
1.If you see your new boost after the current boost: then you do not need to do anything else.
2. If your current boost hasn’t changed, you will need to claim CRV from each of the gauges you’re providing liquidity in to update your boost. After doing so, your boost should be showing.
Your boost will not be updated until you withdraw, deposit, or claim from a liquidity gauge.
Note: Our boost will continue being 1 since we do not have enough CRV.
The boost mechanism will calculate your earning weight by taking the smaller amount of two values. The first value is simple, it’s the amount of liquidity you are providing which in this example is $10,000. This amount is your maximum earning weight.
That finalizes our current guide! We wish you all the best with getting profits from your EURS in DeFi field. As we broaden our expansion into Decentralized Finance, will update the guide. Don’t hesitate to experiment, but be cautious and attentive when doing so. DeFi is an emerging field full of tricky surprises.