- Iotabee stated that its yield-farming facility also known as IOTA DEX farming is soon coming to the ShimmerEVM testnet.
- It explains how users can earn handsome yields by providing liquidity with offerings of as little as $2,000.
Iotabee is establishing its foothold as a major decentralized exchange (DEX) for the IOTA and the Shimmer platforms. It is a multichain swap + DEX that offers liquidity for SMR, SOON and SHIMMER and has catered to more than 3,000 customers so far.
The goal for IOTAbee is to boost the decentralized finance (DeFi) activity taking place on the IOTA network. In the latest development, IOTAbee announced that it soon plans to launch its yield-farming facility, dubbed IOTA DEX farming, to the ShimmerEVM testnet. Initially, Iotabee will be introducing the test version of the platform. Here’s how it will work:
- Users can lend tokens to the farming pools thereby boosting liquidity for the decentralized trading activity.
- Similarly, traders can play the role of a liquidity provider by paying fees on swaps and earning a share of these fees.
- Users who stake their liquidity provider (LP) tokens to a farm shall be rewarded with more tokens.
IOTAbee has not stated when it exactly would they be launching the testnet version of its yield-farming facility. However, it provided an idea of how much yield they can generate a year, just by offering liquidity as little as $2,000.
🤔🧮 Let's do some math! 💡 Calculate your potential earnings with Iotabee farming! 🐝🌾
1️⃣ You provide $2,000 in #MIOTA /#SMR, total liquidity pool is $200,000.
2️⃣ Your stake: 1%.
3️⃣ MIOTA/SMR pool collects $120,000 in fees/year.
4️⃣ Your earnings: $❓ (yield: ❓% on $2,000… https://t.co/1cwFfvckpu pic.twitter.com/IlHnddY0c9— Iotabee (@iotabee) May 3, 2023
IOTAbee Introduces A Bridge for ShimmerEVM
The IOTAbee decentralized exchange (DEX) has recently introduced a bridge on the ShimmerEVM testnet that allows users to seamlessly transfer assets across the IOTA mainnet, ShimmerEVM, and the Ethereum blockchain network.
According to Iotabee, the usage of the Iotabee bridge is uncomplicated and can be initiated in several simple steps.
- Initially, users must set up their wallets on IOTA’s self-custody wallet TanglePay or the Web3 wallet Metamask, which is the leading wallet.
- After that, users can obtain their ATOI and MATIC test tokens.
- Additionally, users can report any bugs in the Iotabee Discord channel or submit a screenshot of the bug to Zeely’s channel to earn extra XP and obtain the exclusive “bug hunter” badge. T
To utilize the bridge, users must “wrap” their assets on one chain by securing them in a smart contract and creating a corresponding wrapped token that can be transferred easily to the other chain. Once the wrapped token reaches the destination chain, it can be “unwrapped” simply by burning the token and releasing the underlying asset from the smart contract. Below are some of the potential benefits of a bridge as explained by Iotabee:
- Liquidity Provision: Bridges facilitate the transfer of liquidity between different networks, thereby augmenting the overall liquidity accessible in the crypto and DeFi space.
- Asset Diversification: By utilizing a bridge to move assets across different networks, users can diversify their holdings and take advantage of the distinct features and opportunities presented by various networks.
- Arbitrage: With the help of bridges, users can exploit price discrepancies across networks by purchasing assets on one network and selling them on another.
- Yield Farming: Through the transfer of assets across diverse DeFi protocols, users can participate in yield farming strategies and earn passive income from their holdings.
- Bridges provide users with access to new opportunities that may not be available on native blockchains, such as trading, staking, borrowing, and lending.
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