Hello to the community!
Last week we announced that Wrapped SCRT - an ERC-20 version of SCRT - had been deployed to the Ethereum mainnet. We also announced the launch of a Uniswap pool for WSCRT / ETH. Today we're announcing a new campaign: rewards for liquidity providers on Uniswap on the WSCRT / ETH pair.
50,000 SCRT will be allocated to all WSCRT / ETH Uniswap LPs over the next two weeks to incentivize additional Ethereum-based liquidity. LP token holders can use the Secret Ethereum Bridge and stake their secretLP tokens to earn SCRT rewards on Secret Network.
Based on some initial calculations (taking as input the SCRT rewards, , here's what this could mean for you:
- If no additional liquidity is added to the WSCRT / ETH pool and all LP tokens are staked: APY would be ~500% or 18.5% over the 2 week period.
- If WSCRT / ETH liquidity grows to $1 million and all LP tokens are staked: APY would be 150% or 5.75% over the 2 week period.
As we approach the launch of the first AMM on Secret Network (scheduled for mainnet week of Feb 15), we hope this campaign brings even more liquidity into the bridged Secret / Ethereum DeFi ecosystem.
Here's how to get your share of rewards as a liquidity provider:
First, deposit liquidity to the WSCRT / ETH pool on Uniswap. You can acquire WSCRT in one of three primary ways: purchase via the Uniswap pool, purchase on Zerion, or wrap your mainnet SCRT using the Secret Ethereum Bridge. Here's a video showing how!
By becoming a liquidity provider, you'll get Uniswap LP tokens. Now you can take your Uniswap LP tokens over the Secret Ethereum Bridge and turn them into secret LP tokens!
The Uniswap LP token for the WSCRT / ETH pair can be found here on Etherscan. The Secret version of this LP token can be found here on Secretnodes (a Secret block explorer).
Go to the Secret Ethereum Bridge and select your Uniswap LP tokens, then go through the steps to turn them into secret tokens. (You can find much more information about how to use the bridge here.)
Now, head to the Earn page on the bridge. There is an option to begin earning with your Uniswap LP tokens! Select that pool (it's at the bottom) and deposit your tokens to begin earning your share of 50,000 in SCRT rewards.
Need more help figuring out how to go over the bridge and begin earning? Here's a bridge mining tutorial video from WhisperNode that will walk through everything.
Interested in providing liquidity to WSCRT and earning rewards? Want to become a liquidity provider for Secret Network's first mainnet AMM later this month? Come join our community in the Secret Chat for all questions and support!
Keep an eye on the Secret Blog, our Twitter, the Secret Chat, the Secret Forum, the community Telegram, and other channels this week as we share more information about Secret DeFi and more opportunities!
Onwards and upwards!
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