27 April 2022, IOSTSwap Farm launch! IOSTSwap Farm is the first cross-chain DeFi Dapp on the IOST EVM Ecosystem. It offers a new use case for Wrapped IOST by enabling users to obtain LP rewards and Staking.
Wrapped IOST is also added to Sushiswap, providing easy access to new users who want to explore the IOSTSwap Farm & IOST Entroverse Ecosystem. This exciting launch, together with the kickoff of the decentralized cross-chain interoperability protocol IOSTSwap, marks the beginning of the new IOST’s multichain era.
To celebrate the launch of IOSTSwap Farm, IOST and Sigma will co-host a 30-day high annualized staking event to offer users ultra-high returns through pledging SLP tokens!
Two-tier structure + Double rewards
IOSTSwap Farm consists of a two-tier structure:
Wrapped IOST-USDT liquidity pool in Sushi and Farm contract deployed on Ethereum. Users can get SLP tokens after depositing Wrapped IOST and USDT with the corresponding portion, and the obtained SLP tokens can be pledged through this contract and receive double rewards in Wrapped IOST tokens.
Contract Audit: The IOSTSwap & Farm contract has been jointly audited by the IOST developer community and has been in public beta for two weeks, with results showing that the code is mature and stable without any potential risks.
Meanwhile, KnownSec has completed the contract audit of IOSTSwap & Farm, and the audit report is PASS.
IOSTSWAP Farm Features
- 1. Double Rewards in IOSTSwap Farm
When providing liquidity for the Wrapped IOST-USDT liquidity pool, users can enjoy the handling fee dividends generated within the pool. The ratio is about 0.3% of the total transaction volume. Besides, users can also obtain SLP tokens after depositing Wrapped IOST and USDT in the liquidity pool with the corresponding portion. The SPL tokens can be pledged with rewards through the Farm contract.
- 2. New Liquidity Channels & Pools
IOSTSwap Farm is the first cross-chain DeFi application in the IOST EVM ecosystem on Ethereum. IOST has provided a large amount of financial support to the Sigma team, allowing users to obtain high returns through IOSTSwap Farm.
- 3. High Transaction Speed & Low Fees Alternative
IOSTSwap Farm not only achieved the use of Wrapped IOST on Ethereum but also bridged the ecosystem between IOST and Ethereum. As such, users with Ethereum native assets can enjoy the high transaction speed with low transaction fees on IOST and obtain considerable returns simultaneously.
- 4. High Returns & Reward Dividends
Based on the liquidity and reliable security of Sushi, users can smoothly exchange their WIOST and USDT, for the users who provide liquidity can also receive LP reward dividends (The consumed handling fees when participating in Wrapped IOST and USDT transactions).
- 5. No Locking Period of Pledged SLPTtokens
Compared with the previous staking Dapps/feature on IOST, such as nodes voting and staking, IOSTSwap Farm holds no locking period of pledged SLP tokens, increasing liquidity for the users.
Furthermore, through Sushi’s routing function, users can also exchange Wrapped IOST with other tokens on Ethereum that are supported by Sushi, such as ETH and USDC. Up to now, Sushi has supported hundreds of tokens, which means that users can exchange Wrapped IOST for hundreds of tokens. There is no doubt that the launch of the Wrapped IOST-USDT liquidity pool on Sushi is a big move on for IOST’s multi-chain ecosystem building.
For a full IOSTSWAP Farm Tutorial, check here
IOST is backed by major financial and VC firms such as Sequoia, Matrix, and ZhenFund, IOST is a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma once and for all.