Avalanche Rush allocates $3 million in AVAX incentives to Stake DAO!

Published on: 19.10.2021

Over 3 months on all Stake DAO strategies on Avalanche

Herd, over the last few months they had the privilege of building with one of the fastest-growing and most collaborative teams in DeFi. Together with Avalanche Foundation, they been working to ship lightning-fast, high-yield strategies and staking on their scalable smart contract platform.

Today, the Avalanche Foundation has doubled down on its commitment to us confirming a $3 million allocation in AVAX incentives from the Avalanche Rush program, to be allocated over three months across all Stake DAO Avalanche strategies.

Avalanche Rush is a flagship incentive program launched to scale DeFi and create a more accessible, decentralized, and cost-effective ecosystem through the allocation of AVAX to a select number of established and emerging DeFi protocols. Stake DAO is thrilled to be included in the program, and will be pushing forward hard on expanding the limits of DeFi on Avalanche!

How can start earning AVAX incentives

Users can prepare to earn their share of AVAX rewards simply by staking in any Avalanche strategy on Stake DAO, including Passive Aave USD Strategy and Passive TriCrypto (coming soon). With $3 million in AVAX to distribute, Stake DAO strategies on Avalanche will soon offer some of the most competitive APYs in the market — launch date will be announced very shortly!

To deposit in Passive Aave USD Strategy on Avalanche, users can follow these steps (if you already have tokens on Avalanche, skip to Step 3).

1. Add the Avalanche Network on Metamask (official Avalanche instructions here)

2. Bridge tokens from ETH (or other network) to Avalanche via Avalanche Bridge

3. Head to Passive Aave USD on Stake DAO’s Strategy tab -> Avalanche

4. Click aCRV -> Deposit tokens on Curve Finance for aCRV (Deposit — do NOT ‘Deposit & Stake in Gauge)

5. Enter amount to stake in strategy -> Approve + Deposit

What are the risks of using the strategy?

Like all Stake DAO products, Stake DAO strategies on Avalanche have been thoroughly tested, however, risks must be noted:

Smart contracts

Permanent loss of peg

Staking risk

About Stake Dao

Stake DAO is a new multi-service DeFi platform built by the community which leverages the entire DeFi ecosystem to give users access to the most effective investment strategies. Token holders can stake their earned SDT to receive a share of the DAO fees.