WagyuSwap, a BlueZilla-incubated DeFi platform on the high throughput Velas Chain, will launch a new program that will allow WAG stakers to earn other high flying, high APY tokens. Kicking off today, WagyuSwap will activate the Great Steak Event, a first in DeFi with a differentiated approach to staking and rewarding.
Through staking open finance projects receive rewards offered by the DeFi dApp. Depending on the popularity of the project and the aggressiveness of its team, yields vary. Stablecoins like USDT and BUSD earn 4.79% and 2.89% on most staking platforms, influenced by market conditions.
Meanwhile, whenever users stake their liquidity provider tokens, yields can be significantly higher. For example, staking SFI-GEEQ LP tokens on Saffron Finance attracts an APY of 7,965.44% – But these high APYs come with enhanced risks.
Stake WAG and Earn Hot Coins
The Great Steak program by WagyuSwap will be a fresh avenue for stakers to not only receive high APYs but also earn other tokens with high APYs on their portals. Qualifying users need not stake LP tokens but $WAG, the native currency of WagyuSwap.
The great steaking event is live!
— WagyuSwap (@WagyuSwap_app) December 1, 2021
WagyuSwap runs on the highly scalable Velas Chain and has a well-supported ancillary system with backing from BlueZilla, a veteran incubator. Running on the Velas chain translates to low trading fees, and earnings from the Great Steak will certainly be no slouch – The Great Steak APYs on supported tokens will always be higher than the Auto WAG on the Sizzle Pools, which currently earns 1,631% in APY.
The first token to be supported is $SCAR, the native currency of the Velhalla Metaverse ecosystem, allowing $SWAG stakers to tap into the immense capabilities that the metaverse is bringing. Later, stakers on WAG on the Great Steak will be able to earn TRONPad, BSCPad, BitOrbit, ASTRA, and VelasPad coins, amongst others.
Velas Growth: VLX ROI in H2 2021 is 1100%
The ingenuity of WagyuSwap’s creators points to how dynamic and innovative DeFi is. At the same time, this points to the promise of the Velas chain and its ecosystem. Already, VLX, the native currency of Velas, is one of the top gainers this year, adding 1100% in H2 2021 alone. In September, WagyuSwap became the largest of the Velas $5 Million Grant Program.
Velas has since expanded this program. It is distributing $100 million to support ambitious projects launching on the interoperable, high throughput ledger whose ecosystem is rapidly growing. Thus far, more than 40 projects have been launched.
With the activation of the Great Steak and the possibility of earning other high-yielding tokens by staking WAG, Velas and WagyuSwap will be projected to be closely watched in the next 12 months.