Use your BVM-ETH LP on Beefy as collateral, take out a non-liquidatable loan. Extending the Time Machine’s support to another exotic asset!
The Time Machine has reached into the furthest strands of the timeline to save another exotic asset from capital inefficiency: mooBVM!With Beefy’s auto compounding LP solution and Timeswap’s non-liquidatable leverage, the era of exotic assets becoming superfluid capital is just getting started!
Exceeding Terminal Velocity
From Aura to Pendle, we have been onboarding exotic assets at a breakneck pace and today we are unveiling a new integration: Beefy’s auto compounding LP tokens! With over $188 million in LP tokens locked on the platform, this new integration signals the start of a new kind of superfluid capital being introduced in the DeFi ecosystem.
To start out, we are onboarding the Velocimeter BVM-ETH LP locked on Beefy, represented by the mooBVM token. Velocimeter is an innovative DEX on Base building on the foundations of the Solidly model. On Base, it has already amassed $1.89 million in TVL!
This integration will allow all those who have locked their LP tokens on Beefy access to leverage at a fixed rate and in a non-liquidatable manner! This is the first time a Beefy LP token is being used as collateral instead of ending its life cycle just as a receipt token. We are excited to onboard more LP tokens which are one of the soundest financial instruments in DeFi with a secured claim to the underlying assets!
How can you use mooBVM as collateral?
First, you need to LP on the Velocimeter BVM-ETH pool. Then, you need to deposit your LP tokens on Beefy Finance to receive the receipt token, mooBVM. Finally, you can use the mooBVM token as collateral to take out a non-liquidatable WETH loan on Timeswap!
That’s it folks!
What can you do with it?
We are launching mooBVM token as collateral! This allows you to borrow WETH against your existing mooBVM tokens with no liquidations and at a fixed rate.
What are the possibilities, you say?
- Non-liquidatable leverage: Borrow WETH against your mooBVM collateral. Loop this into more mooBVM for extra rewards!
- Fixed-rate hedging: Want to limit your downside from price volatility? Borrow WETH and hedge using your newly minted capital!
- Superfluid capital: Unlocks the potential of Beefy tokens to be more than just a receipt token. Borrowing against it can now also lead to improved liquidity on Velocimeter itself.
Pool Details
- Network: Base
- Collateral asset: mooBVM (BVM-ETH)
- Supplied/borrow asset: WETH
- Transition price: 0.022 mooBVM (BVM-ETH) / WETH
- Maturity: September 25, 2023 at 12:00 UTC (~3 weeks)
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