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    Home » Lido Finance officially launches onto Layer 2 solutions with wstETH Farms on KyberSwap Elastic! | by Kyber Network
    ICO List

    Lido Finance officially launches onto Layer 2 solutions with wstETH Farms on KyberSwap Elastic! | by Kyber Network

    AdmincryptBy AdmincryptOctober 8, 2022No Comments5 Mins Read
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    Ethereum Staking giant Lido Finance has officially expanded to Layer 2 solutions Optimism and Arbitrum! KyberSwap is proud to be the official first mover liquidity partner for Lido Finance wstETH pools and farms.

    WstETH Farms — LIDO x KyberSwap

    To further celebrate our partnership with Lido Finance, KyberSwap has added 2 new $wstETH pools each on Arbitrum and Optimism chains for liquidity mining incentives!

    From 8th to 31st Oct, liquidity providers can deposit wstETH, WETH & USDC assets into KyberSwap Elastic and earn your share of LDO and KNC rewards! This first phase is set to bring KyberSwap LPs over ~$130,000 in KNC and LDO incentives, with more to come over the next phases!

    Don’t forget, LPs can enjoy optimised earnings with higher capital efficiency, thanks to concentrated liquidity and auto-compounding fees on KyberSwap Elastic.

    *Learn more about KyberSwap Elastic here.

    What is wrapped stETH (wstETH)?

    Lido’s wrapped stETH (wstETH) is stETH which is deposited into the stETH wrapper to create a new token called wstETH.

    Wrapping stETH creates a DeFi-compatible version of the stETH token which allows for easier integrations with DeFi protocols such as KyberSwap.

    *Learn more about wstETH here

    How to get wstETH?

    The easiest way to get wstETH would be to buy directly on KyberSwap on Arbitrum or Optimism chain!
    Alternatively, stETH holders can wrap your tokens here.

    Important Details:

    Eligible Pools (Fee Tier)
    Arbitrium — Total Rewards: ~$72,360

    • wstETH — ETH (0.04%) ➡ (Pool rewards: 23,000 LDO + 6667 KNC)
    • wstETH-USDC (0.04%) ➡ (Pool rewards: 17,000 LDO + 5333 KNC)

    Optimism — Total Rewards: ~$57,660

    • wstETH — ETH (0.01%) ➡ (Pool rewards: 17,000 LDO + 6667 KNC)
    • wstETH-USDC (0.04%) ➡ (Pool rewards: 13,000 LDO + 5333 KNC)

    *Do bear in mind the USD value may change over time due to volatility.

    Token Addresses

    Deposit Liquidity

    • On KyberSwap, under “Earn ➡️ Pools”, select [Elastic Pools]
    • Add liquidity to the eligible pools at the fee tiers mentioned above.
    • Key in your deposit amount for the token pair. Approve the tokens if you have not done so earlier.
    • Input a custom price range in which you would like to provide liquidity by indicating the min price and the max price of that range. A narrower range gives your higher concentrated liquidity and more fees, while a bigger range would give a higher chance of the pool always being active (and get yield farming rewards).
    • After adding liquidity, you will receive an NFT (non-fungible token) that represents your liquidity position. (You can view your liquidity positions on the “Earn ➡️ My Pools” page.)
    • Note: While you can deposit both ‘Out of range’ and ‘In range’ liquidity positions, only your ‘In range’ liquidity positions will earn you farming rewards.
      If your ‘Out of range’ liquidity position becomes active again, and you’ve already deposited it into the farming contract, you’ll start earning rewards for this liquidity position as well.
      So make sure when you add liquidity, input a min and max price for your chosen token pair that would not go out of range!

    Staking

    • On the “Farm” page, select the same farm you added liquidity for. Click [Deposit] and select your liquidity position NFT (ID number). Click [Deposit Selected], approve and wait for your transaction to be confirmed.
    • *IMPORTANT* After depositing your liquidity position NFT, click the [+] button to stake your deposited NFT.
    • Note: If the [+] button is disabled, it means that you haven’t deposited your NFT liquidity positions into the farming smart contract yet. You MUST stake your liquidity position NFT in the farm to start accumulating rewards (depositing the liquidity position NFT earlier is not enough).

    Harvesting & Claiming Rewards

    • On the “Farm” page, click the “axe” icon button on the far right of the farm you want to harvest from, or the “Harvest All” button.
    • A “Harvest” popup will be displayed and you can see the rewards you have accumulated so far in terms of total dollar value and in terms of individual tokens. Click on “Harvest”.
    • To claim rewards, click on [Vesting] on the Farm page and click on [Claim] button under [Vesting Schedules] to claim the harvested rewards that have been unlocked. If there is no vesting period, your rewards are unlocked immediately after harvesting them.

    Unstaking

    • To unstake your NFT, simply click on the [-] button on the Farm.
    • You will see a popup prompting you to select the liquidity position NFT you wish to unstake. Make your selection and click [Unstake Selected]. Confirm and wait for your transaction to go through.

    For more detailed instructions on farming with Elastic pools, please visit: https://docs.kyberswap.com/guides/how-to-farm

    You can also view farming tutorials directly on KyberSwap or watch our tutorial video here:

    KyberSwap — Trade & Earn at the best rates

    Kyber Network is building a world where any token is usable anywhere. KyberSwap.com, our flagship Decentralized Exchange (DEX) aggregator and liquidity platform, provides the best rates for traders in DeFi and maximizes returns for liquidity providers.

    KyberSwap powers 100+ integrated projects and has facilitated over US$10 billion worth of transactions for thousands of users since its inception. Currently deployed across 13 chains including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Velas, Aurora, Oasis, BitTorrent and Optimism.

    KyberSwap | Discord | Website | Twitter | Forum | Blog | Reddit | Github| KyberSwap Docs





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