Mar 15
Earn up to 20% stable APY on Stablecoins — GenomesDAO
GenomesDAO is proud to announce stablecoin vaults — You can now get up to a stable 20% APY on DAI, USDC, USDT, mUSD or FRAX on Polygon.
At a time when stablecoin APYs are dwindling, we are launching a base rate of 10% APY on DAI, USDC, USDT, mUSD or FRAX on Polygon, that can be boosted to 20% by locking GNOME for veGNOME. The APY rewards will be paid out in GENE or GNOME.
Token Price Protection
The GenomesDAO DeFi team will be using those stablecoin to earn yield elsewhere. With the yield from this, the GenomesDAO will be buying GENE and GNOME based on the stablecoin pool the funds came from.
If stablecoin stakers dump their GENE and GNOME — this will be counterbalanced by buybacks and prices will remain static.
If stablecoin stakers hold their GENE and GNOME — this will be counterbalanced by buybacks and prices will go up.
Method
(Optional) You can read how to lock GNOME for veGNOME here. If you have veGNOME in your wallet, you will get an APY above 10%.
- To start earning GENE or GNOME, click on the vault you’d like to add your stablecoins to, and choose the stablecoin you’d like to stake via the dropdown.
Please note — When you withdraw your stablecoins, it can take up to 24 hours for your tokens to be withdrawn. You will need to confirm you have read this message to proceed.
2. Click approve and deposit to deposit your stablecoins
3. Your staked tokens will be indicated in the interface (DAI & USDC here)
4. Your earnings can be harvested at any time using the harvest button.
5. To withdraw, click the withdraw button, tokens will be back in your wallet within 24 hours. You do not need to take any further action.
We will be adding more benefits for veGNOME holders in the coming month, including but not limited to
- Discount off Genomic Sequencing (when paid with crypto — GENE, GNOME, ETH)
- Boosting of Liquidity Pool vaults (Reminder, you can currently earn >100% APY on LP on Harvest.finance with triple rewards)
- Distribution of GNOME to holders in a profit sharing model
Stake your GNOME for veGNOME at https://vote.genomes.io/
IMPORTANT — As described in the interface, it can take up to 24 hours for withdrawals to be processed. When you withdraw, the withdrawal amount of a stablecoin will be added to your withdrawal account within 24 hours.
If you have any questions about this or anything else — jump in the discord — Discord.gg/genomes
Token Addresses on the Polygon Blockchain
GNOME Polygon Address — 0x6E8a8726639d12935b3219892155520bdC57366B
GENE Polygon Address — 0x34667ED7C36cBBbF2d5d5c5c8d6Eb76a094EDb9F
