Router Protocol Announces Farming Collaboration with UniFarm
We are pleased to announce that Router Protocol will be collaborating with UniFarm, a new staking product developed by OpenDeFi, to enable users to stake $ROUTE and farm multiple tokens in the UniFarm pool.
Yield farming has taken over the crypto industry by storm, becoming one of the most popular ways to earn returns on crypto investments in 2020. However, the huge rise in popularity of yield farming saw led to the creation of numerous farming protocols, each one competing for the same slice of the market.
And while having multiple farming protocols on the market gives traders options, it also fragments the liquidity on the market and requires farmers to gain exposure to dozens of different assets in order to maximize their gains.
All of this will become a thing of the past thanks to UniFarm, a new-generation staking protocol developed by OpenDeFi. UniFarm offers users exposure to a multitude of different tokens while providing competitive APYs.
UniFarm will be launching its second cohort of DeFi projects on February 13th, with six major decentralized projects taking part. Router Protocol will be one of the pools in Cohort2, joining the likes of OpenDeFi, Matic Network, Nord Finance, Terra Virtua, and Zeroswap.
The cohort will contribute their native tokens alongside the OpenDeFi native token to create a reward pool worth $150,000. Users will be able to stake their ROUTE tokens and earn rewards in all of the five tokens in the pool according to a weekly timeline.
The reward pool is set at $25,000 per protocol, with users able to stake up to $350,000 worth of tokens per protocol.
For example, users that stake their ROUTE tokens in the UniFarm Cohort2 pool will earn yield for ROUTE tokens during the first week of staking. The second week of staking will enable users to farm both ROUTE and ORO tokens, the native cryptocurrency of the OpenDeFi protocol. During the third week of staking, those staking ROUTE tokens will be able to farm ROUTE, ORO, and MATIC tokens. The fourth week of staking will unlock farming ROUTE, ORO, MATIC, and NORD.
The above schedule is just an example and subject to change based on the dynamic situation.
The UniFarm Pool will go live on February 13th, 7 PM IST/1:30 PM GMT, and last for 90 days. Users will get a minimum APY of 56% and a maximum APY of 300% depending on how long they stake their funds in the pool.
Tokens can be un-staked from the UniFarm Pool at any time. However, removing tokens from the pool will reset the rewards clock, which means that users that want to re-stake their tokens will have to start the farming cycle from the first week.
About Router Protocol
Router Protocol is building a suite of cross-chain liquidity infra primitives that aims to seamlessly provide bridging infrastructure between current and emerging Layer 1 and Layer 2 blockchain solutions.
Telegram announcements: https://t.me/router_ann
OpenDeFI is a fintech protocol created by Oropocket that enables custody of real-world assets on blockchains and allows developers to build applications on top of it. OpenDeFi launched UniFarm, a staking protocol that will further incentivize users to use the platform and access a slew of DeFi farming tools and benefits from a single access point.
By enabling users to farm multiple tokens in one place with limited exposure, UniFarm provides traders with the opportunity to reduce the need to use multiple different farming platforms.