WagyuSwap, the first decentralized exchange launched on the ultra-fast Velas chain, just activated the Great Steak today, December 1, marking an industry first. Elsewhere, staking is taking off, and now WagyuSwap’s cross-chain abilities via Velas really come into their own.
Staking BNB and USDT on platforms such as Binance Yield draws an APY of 5.23% and 4.79%, respectively. Meanwhile, staking and farming the BCH-BNB liquidity provider (LP) token on PancakeSwap attracts an APY of 1065871.07%, where the staker receives CAKE.
By taking a new innovative approach and introducing a twist to staking, WagyuSwap Chefs will allow users to stake WAG—the WagyuSwap utility and governance token—and earn other high-yielding and hottest tokens. It is the first in DeFi, a differentiating feature that will undoubtedly draw liquidity to supported pools.
The Great Steak: Stake and Earn Hottest APY Tokens
The Great Steak is unique and strategically set so that staking APY will depend on whether their APY will be greater than in Auto WAG. The Auto WAG pool under WagyuSwap’s Sizzle Pools already manages over 33.12 million WAG with a 1,631% APY. As a start, $WAG stakers will have an option of earning Velhalla’s native Metaverse ecosystem token $SCAR, which is extremely exciting news.
The great steaking event is live!
— WagyuSwap (@WagyuSwap_app) December 1, 2021
Later, the Great Steak Event will allow WAG stakers to earn BitOrbit, ASTRA, VelasPad, TRONPad, BSCPad, and other coins.
Velas Ecosystem Growing
The introduction of the Great Steak is an exciting development, further highlighting the capability of the Velas chain. The ledger has a high throughput, clocking 75k in TPS, and is interoperable. More than 40 projects have been launched on its rails so far.
The Velas Grant program is currently distributing $100 million for projects looking to develop on its chain. Reflecting on this stellar performance, VEL, the native currency of the Velas blockchain, is one of the highest gainers.
The Great Steak will be a gamechanger in WagyuSwap, the Velas chain, and the entire crypto and DeFi scene. Therefore, the steaking event—for what it promises–will be closely monitored by DeFi, Velas, and DEX followers in the next 12 months
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