Vesper Finance has extended its Grow Pool service to Avalanche. Now users of the network can take advantage of Vespers unique lending strategy. One coin in, and you earn the same coin back as interest.
Earn Pools were already available on Vesper. In this pool, you deposit a token to earn another, the opposite of the Grow Pool strategy. Here are some of the things that Vesper Finance and its pools have to offer.
Grow Pools on Vesper Finance (VSP)
Users can easily manage their investments through Vesper’s DeFi platform. The platform has a feature called ” Grow Pools “, which is an algorithmic financial lending strategy. Basically, they pool money from a group of users and use it to generate interest in many DeFi protocols. The recent expansion into Avalanche means even more interest for holders.
Avalanche is a leading L1 blockchain with some of the fastest speeds, lowest fees, and an extremely secure network due to the high number of PoS validators.
As of right now, Avalanche offers pools for USDC, WBTC, DAI, AVAX, and WETH. In addition to the pools, Vesper added an extra 50,000 VSP. Therefore, this is only for the first two months that the pools are live. The first month sees 35,000 VSP added. On top of that, the second month sees another 15,000 VSP.
As with everything in the financial world, there’s also always a risk. In this case, a so-called ‘black swan’ is the risk factor. That’s when one asset in the pool flash crashes. This happens very fast and can leave a lender insolvent. In turn, this could mean a liquidation fee. In other words, you lose your assets.
Source: Vesper Finance
How to Add to the Grow Pool
The steps that you need to follow to join a Grow Pool are easy. Here is a breakdown.
- Choose a pool and crypto you like to join.
- Decide if you like an aggressive or a conservative pool. Vesper compounds the yield and makes sure they take it regularly. Of course, on your behalf. During the first two months, you share in the extra VSP.
- Now the real beauty comes, you only need to deposit your crypto. Vesper takes care of everything else.
Vesper takes now over and contacts other top DeFi protocols. For example, Trader Joe, BenQi, Curve, or Aave. All these platforms offer different strategies. Therefore, Vesper deposits to these pools and borrows, using them on top of each other.
That sounds fairly easy, now, does it? However, before you can deposit into the Avalanche Grow Pools, you need funds on Avalanche. Here is an explanation of how to do that.
In addition, Vesper is cross-chain and is also available on Polygon and Ethereum mainnet. Then, Vesper intends to add more chains later this year.
Now Available: Vesper Grow pools on Avalanche!
Passively grow your crypto while taking advantage of Vesper’s simplicity *and* @avalancheavax’s low fees.https://t.co/4D4jq3f1cy$AVAX $DAI $USDC $WBTC $WETH pic.twitter.com/UwVUhMvJwb
— Vesper Finance (@VesperFi) April 20, 2022
Earn Pools in Vesper Finance (VSP)
A quick word on the Vesper Earn pools. Here you add a token and earn a different token. For example, the yield is 1.27% in the WBTC pool, where you earn DAI. Moreover, the highest yield is 78.56%. You deposit DAI and earn LINK.
There’s also one Governance Pool where you earn 2.75% on VSP. Moreover, stable Pools with a fixed APY are coming soon.
Source: Vesper Finance
Conclusion
Vesper Finance offers an easy way to earn passive income. Now available on Avalanche, with various strategies. Finally, deposit your asset and sit back and relax. As easy-peasy as DeFi comes.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
