The team behind the launch of Wrapped AR (WAR), everFinance, announced today a new way to stake AR to earn yield farming rewards. everFinance has partnered with DODO, a PMM (Proactive Market Maker) liquidity protocol, to make it possible to earn liquidity mining rewards by staking WAR/ETH.
The campaign will run for two weeks starting August 11th. Participants adding funds to DODO’s WAR/ETH liquidity pool receive DLP tokens (DODO proof of liquidity provider), which can be staked to earn WAR and DODO as rewards.
The reward breakdown in DODO’s announcement states that the first week will see $7,500 worth of DODO and 500 ERC-20 WAR tokens rewarded to liquidity miners in the first week, with 1,000 WAR released over the campaign’s duration.
everFinance announced on Twitter that the team had received funding from Arweave for the initiative, which aims to increase liquidity for Wrapped AR on the Ethereum mainnet.
We are so excited to announce that we have received a grant from @ArweaveTeam that we plan to use the grant to provide more LP for WAR Yield Farming. After that, we will post more information about the our first yield farming. 🥳 BTW, red packets are prepared for you! pic.twitter.com/cTCkJ0UpTL
— everFinance (@FinanceEver) August 9, 2021
DODO is a Hong-Kong based DEX founded in 2020. It raised $5m from Binance and 15 other funds across seed and venture rounds in late 2020, and held an ICO in February 2021. Wrapped AR joins DODO’s token list as part of the DEX’s Booster Program – regular short-term opportunities to earn by staking newly-released tokens.
AR token holders can mint Wrapped AR at 1:1 value using everPay. Alternatively, Wrapped AR can be swapped in Uniswap for any of the 300+ supported tokens. Read more about WAR and how to get it here.
everFinance will airdrop the next red packet of WAR via Mask on Twitter at 12:30 UTC today.