Fantom DeFi #2 - Beefy Fresh Statera Duet
Over the weekend I staked Wrapped Staters ($wSTA) and Beethoven-X ($BEETS) on FANTOM, as an educational experience for an Publish0x competition. Was one of the lucky users and received $20 worth of wSTA, and made me look for the best staking option. This is how I discovered that the Statera Maxi Duet can be staked on Beefy.Finance, for auto-compounding rewards! Everything is Zom-Beethoven approved!
Everything happens on the FANTOM chain. However, Fantom is not a real block-chain, but a Directed Acyclic Graph-based smart contract platform with 3 blockchains. The DAG system used by Fantom doesn't centralize all the power on a single decentralized ledger, creating a "decentralized, permissionless and open source, high performance, scalable, customizable and secure platform for smart contracts, designed to overcome the limitations of previous generation blockchains."
Beefy Finance is a decentralized, multi-chain yield optimizer platform that adds compound interest on crypto holdings. Beefy expanded on FANTOM and the 1000% APY was like a symphony in my ears!
I had the Statera Maxi Duet LP staked on Beethoven so I decided to pull it out and move it at Beefy.Finance for a much better yield return.
The weekend earnings where decent... as I farmed 16.9 $BEETS in 48 hours. But 1000% APY is better than 256% APR ... as the reward is better and will add up automatically to the deposit.
I decided to take the Statera Maxi Duet LP and move it to Beefy. I will say it again ... STATERA Maxi Duet ... on Beefy! I was quick-quick and deposited ASAP to get advantage of the early entry.
The Wrapped Statera & Beets Maxi Duet gets users ready for the DeFi Spring. The high APY and the low fees are few of the advantages of using FANTOM and Beefy.Finance
I got beefy about this product, because I already staked both BEETS and wSTA. I must tell everyone about the low fees on FANTOM, the big APY on Fantom that keeps compounding.
I followed the steps above and withdrew the Statera Maxi Duet from Beethoven-X, to stake it on Beefy. The APY while staking was 911%, with 0.6360% compounded daily. As a proof of quality pool ... the Total Value Locked was $222,280 dollars.
The users will receive "mooBeetFreshStateraMaxiDuet" token as a receipt for the deposited $wSTA and $BEETs. The token is required to withdraw the Statera Maxi Duet LP, so do not trade or transfer moo Beet Fresh Statera Maxi Duet to anyone.
Did you hear my friend .... stake $STA and $BEETS to receive auto-compounding rewards. Did I make your spider-sense trigger? Or this is not a danger because of various reasons. The only danger is if the user will transfer the receipt/invoice.
Good news from Beefy... as many users are opting to deposit the Fresh Duet in the auto compounding pool. I say this to all ... Milk it while is hot!
Fantom DeFi Library:
Fantom DeFi #1 - Earning on Beethoven-X with Statera (wSTA)
Resources:
Join the CakeDeFi revolution and get $30 worth of DeFiChain (DFI)
Amazon author page: PV Mihalache
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It's my first time to heard, let me check to see for myself.