We’re excited to announce that we have teamed up with the DeGods to launch a DUST Vault on PsyFinance! DUST holders will now be able to deposit their holdings in our Vault to earn additional yield! This is the first yield product for DUST, and we’re aiming for it to serve as one of the primary token sinks for DUST. Let’s take a closer look at what all of this means.
What is it?
Our DUST Vault will allow DUST holders to stake their tokens for a starting yield of 3.33%. We are aiming to boost the yield to 33.3% by providing depositors with additional SRM Rewards through on-chain governance. A proposal is up now on our Realms page, and holders of our PSY governance token can vote on whether or not a portion of our SRM Grant emissions should be directed toward the DUST Vault. Depositors are not obligated to lock up their tokens, and can deposit or withdraw their DUST at the end of each week. To start, this will be a simple staking Vault before transitioning into a Covered Call Vault which will generate yield (premiums) by selling call options on DUST. To read more about what a Covered Call is, and the risks associated with them, check out this thread.
How Do I Use It?
- Head over to PsyFinance, connect your wallet, and click on our Vaults tab.
- Navigate to the DUST Vault (and check out our other Vaults while you’re at it!)
- Once you select the DUST Vault, the Deposit Page will pop up. Enter the amount of DUST you wish to deposit into the Vault.
- That’s it!
Why is it Important?
This Vault will serve as a token sink for DUST by giving users more options (pun intended) on what they can do with their holdings. Additionally, this Vault will help bridge the gap between the NFT and DeFi sectors of the crypto industry, further strengthening the resiliency of web3. We’re proud to now be a part of DeFam, and are looking forward to a long lasting relationship!
PsyFinance: https://www.psyfi.io/
DeGodsNFT: https://www.degods.com/
PsyDO Discord: https://discord.gg/9sbbxdkKeJ