Farm oVCX on Arbitrum & Optimism
A how-to guide on VaultCraft Tokenomics — Part II
The first guide on Farming oVCX with VaultCraft walked you through the process of earning yield with Smart Vaults, oVCX rewards, and bribes on Mainnet. With the integration of Connext’s xERC20 cross-chain native token standard, users can now farm oVCX on both Arbitrum and Optimism and convert to xVCX, the bridgeable VCX token, to bridge back to Mainnet. This represents a significant upgrade to oVCX farming because users require only a fraction of the gas fees to claim, exercise, and bridge tokens, ultimately allowing them to exercise on Mainnet.
oVCX L2 Benefits
- Earn up to 5X in oVCX rewards by locking your VCX LP
- Claim oVCX for pennies on the dollar
- Exercise oVCX for xVCX for pennies on the dollar
Make sure to add the new bridge tokens to your wallet!
xVCX on Optimism
-0xfe7950eC9AfE82538CEAC95735f1daf31829d066
xVCX on Arbitrum
0x18445923592be303fbd3BC164ee685C7457051b4
Here is a step-by-step guide on how to farm oVCX on Optimism
Step 1 — Deposit into Smart Vault on Optimism
To earn oVCX on L2s, you must deposit into a Smart Vault on Optimism or Arbitrum that has been voted on to receive oVCX. This is indicated by Min Rewards APY & Max Rewards APY on both the Smart Vault Page and Boost page.
Your deposit is automatically staked into the Smart Vault gauge and you receive a vault share in exchange.
Step 2 — Sync veBalance
Now that Smart Vault gauges are directed oVCX rewards on Optimism and Arbitrum, you’ll need to sync your veVCX to both chains such that Mainnet, Optimism, and Arbitrum read the same veVCX balance to be able to earn multiples on your oVCX weekly distributions. If you don’t sync, you will only receive a 1X multiple on your oVCX rewards. Don’t worry 😌 you will always earn oVCX if you’ve deposited into a Smart Vault on Optimism or Arbitrum.
Step 3— Claim oVCX
Head over to app.vaultcraft.io/boost to check your claimable oVCX. Since you’ve deposited into a Smart Vault on Optimism with oVCX rewards, you will see that you have earned Optimism Claimable oVCX. Note that if the Smart Vault has a significant amount of oVCX rewards allocated, you should start seeing your claimable oVCX increase within a day.
Then click Claim OPT oVCX to claim.
Step 3— Exercise oVCX
After you’ve claimed, click Exercise oVCX and then Exercise OPT oVCX on the following module to exercise your oVCX with WETH. This means you will swap WETH on Optimism for a 25% discount on xVCX from the VaultCraftDAO treasury.
Step 4— Bridge VCX
Now click Bridge on the app.vaultcraft.io/boost page and enter the amount you would like to bridge to Mainnet.
You’re Farming on L2’s 🥳
With the introduction of oVCX on Optimism and Arbitrum, users can now earn that much by saving on gas and instantly arbitraging on Balancer. Remember, you can also provide more liquidity in the 20 WETH 80 Balancer pool and lock your BPT on app.vaultcraft.io/boost to earn up to 5X in oVCX rewards on L2s now.
Happy Farming!
