Liquidity Mining, $APT Staking & X-Farming
Here we are 🍑 with some exciting updates on Apricot’s action items this week.
Liquidity Mining & Retro Claiming
We have now started our official liquidity mining program. You can check out the latest reward rates for deposit, borrow, and farming from app.apricot.one.
Rewards from our liquidity mining program will be made claimable on Monday each week.
Our retroactive liquidity program ends today. Retro rewards have been calculated according to the rules outlined in the previous post with the end-date extended to today.
The first 25% of the retro rewards will be available for claim on Nov 25th. You can check the exact amounts of retro reward available to your wallet from the Rewards tab of our app.
$APT Staking & X-Farming
From Nov 24th onwards, APT holders will be able to stake their APT tokens with Apricot to earn additional yield in the form of APT tokens.
Users can stake via supplying APT to earn both deposit rates and additional APT rewards just like any other assets we accept. However, APT will be ascribed an LTV of zero, meaning users wouldn’t be able to borrow against APT — or in other words, depositing APT tokens will NOT increase users’ borrowing power.
This is to ensure the safety of the platform since APT is live only for 5 days. In the future, when APT price stabilizes at a comfortable range, we would be able to accept APT as a collateral (with LTV >0) to further expand APT’s utility.
While APT will not be made available for direct borrowing, once we make APT-USDC pool available on X-farm, users will still be able to borrow APT for X-farming.
We are partnering with Orca to establish another APT-USDC trading pool. This pool will be supported on X-farm. Users who provide liquidity in this pool will receive significant APT as incentive.
Putting it together 🌟
The APT staking mechanism may seem novel as it is uniquely designed to Apricot given how closely it is integrated with Lend and X-Farm.
The APT rewards you receive by staking APT under Lend will be recorded real-time and the longer and the more you stake, the more APT you will be receiving. The rewards will be made claimable at the start of each Monday.
We are just getting started, with many things on our roadmap. Stay tuned!