Yield Farming on Binance Smart Chain – Launch of USDO:MTLX Pool
Aug 18, 2021
We are thrilled to share that we are extending our partnership with OpenDAO and OCP by adding a USDO/anyMTLX pool to Binance Smart Chain! Thus, we are expanding the utility of the MTLX token even further by offering new lucrative opportunities to all users and holders.
Second stablecoin/anyMTLX pool on PancakeSwap
After the BUSD/anyMTLX* Amplify pool, this is the second stablecoin/anyMTLX pool live on PancakeSwap.
USDO liquidity providers can start yield farming at the USDO/anyMTLX pool right away and collect transaction fees anytime a swap with these cryptocurrencies occurs. At the time of writing, the APY is over 2000%.
The LP tokens earned in the USDO/anyMTLX pool can then be staked at OmniFarms for yield in OCP tokens – the governance token of the OCP ecosystem.
New OCP/anyMTLX Pool
Surprises do not end here – we have thought about putting your OCP holdings to work as well. By staking OCP liquidity to the new OCP/anyMTLX pool on OmniFarms you can farm anyMTLX and start the process all over again.
Both pools – USDO/anyMTLX and OCP/anyMTLX begin rewards distribution on August 19th, 2021, 00:00 UTC, and will run for approximately 6 months. The total number of anyMTLX-related pools on OmniFarms is now three.
Continuously compounding yields
Simply put, what we have achieved through this partnership is enabling users to invest their MTLX holdings for significant yields which can be, in turn, reinvested for even higher returns.
Here’s a possible scenario for an anyMTLX investor:
1. Stake anyMTLX at omnicomp.ocp.finance for an APY in OmniC tokens.
2. Use the stake to mint the USDO stablecoin and earn more OmniC tokens.
3. Use your anyMTLX as collateral to borrow BUSD or other stablecoins and earn even more OmniC tokens.
4. Use BUSD and/or USDO to provide liquidity in this OmniTrade pool and then deposit the LP tokens in OmniFarms for an APY in anyMTLX tokens. $25,000 in MTLX have been dedicated to this yield farming program.
5. Swap the USDO for BUSD or other stablecoins on OmniTrade. Go to step 4.
7. Stake the OCP on OmniFarms to farm anyMTLX. Additional $25,000 in MTLX have been dedicated to this yield farming program.
8. Repeat from step 1.
In addition, you will soon have another profitable option to employ your newly-minted USDO, namely use it in the Mettalex DEX. You will be able to stake it to mint long and short position tokens and provide liquidity to farm additional rewards in anyMTLX. The first USDO-backed market on Mettalex is to be released soon!
*The anyMTLX token is the Binance Smart Chain equivalent of the MTLX token on Ethereum. Users can use the two-way AnySwap bridge to move their MTLX to Binance Smart Chain (and get anyMTLX) and back.