Derps, we hope you are all ready for a new era we are unlocking in the DerpDEX ecosystem! We hope you are also “farming” for this moment…we are thrilled to introduce: DerpDEX’s Yield Booster!
🧐 What is DerpDEX’s Yield Booster?
Yield Booster is a great way to be incentivized on DerpDEX. The Yield Booster requires users to stake xDerp in order to get multipliers on their farming reward from the selected booster pools after they provide liquidity.
🧐How does the Yield Booster work?
DerpDEX’s Yield Booster works in two ways:
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Provide liquidity to one of the yield booster pools and earn LP Rewards APR; or
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Allocate your xDerp here to increase the yield of your staking positions up to +100%!
🌟 Booster multiplier
Check out the details below for the factors of the reward you’ll get by using DerpDEX’s Yield Booster! This can help you decide to get started!
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Factors to determine the multiplier: Amount of xDERP staked Period of xDERP staking Value of the LP position Concentration of the LP position
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Rewards are in $DERP and other project tokens depending on the farming pools.
✨ The first farming pool to launch: ZKPEPE/ETH! ✨
DerpDEX is thrilled to introduce that the first farming pool to launch on DerpDEX’s Yield Booster is ZKPEPE/ETH! Get ready to boost your $ZKPEPE yields today!
Pool details below 👇
Token Pair: ZKPEPE/ETH
The reward pool for LP token Farm:
-100,000,000 $ZKPEPE monthly $30K worth of $DERP monthly
Pool Duration: December 8, 2023, to March 7, 2024, for 3 months.
📚 Ready to BOOST YOUR YIELDS? You probably need more technical guidance. We got you covered!
1. First, go to DerpDEX’s xDerp Dashboard here 👇 (SITE IS LIVE!)
2. Before anything else, a similar pop-out will appear and you can choose any chain you wish to use. You can also change it later!
3. You will now be directed to DerpDEX’s xDerp Dashboard! First of all, don’t forget to connect your wallet found in the right corner, like the image shown below.
4. Now that your wallet is connected, let’s proceed to the left section of the landing page where we’ll be able to “Get xDerp” by staking your $DERP!
5. Let’s get a closer look! You can see here under “Convert”, you can convert your $DERP Tokens to xDerp, which you’ll use to enjoy multipliers in the Yield Booster, as well as other benefits in the DerpDEX ecosystem. Read more here .
In this sample, we are converting 2000 $DERP to xDerp. You can also see below the total $DERP in your wallet.
After you decide how much you are converting, you can now click “Approve” and your wallet will ask for approval.
6. Now that you have xDerp in your wallet, let’s look on the right side of the dashboard again, and you’ll be able to see on the upper right side of that area that indicates your “Total Derp”, “Staked xDerp” and “Redeeming xDerp”
Below that area is the “Yield Booster” area where you can see the Total xDerp you’ve converted! We’re all set to boost our rewards. Let’s proceed and click “Farming”.
7. You will now be directed to the same page as below.
Now, if we go to the dashboard, you’ll be able to see the different LIVE Yield Booster Pools based on the chain you choose. Make sure the yield booster pool and xDerp staked are on the same chain! (In the 1st pool case, you need to stake xDerp on zkSync in order to get boosted on the zkpepe/ ETH farming pool )
As we mentioned, if you hold the xDerp, the multiplier or APR will increase up to 2x of the APR from the dashboard!
Don’t have an LP position yet on DerpDEX?
You can simply use our innovative feature Zap-To-Earn to add liquidity instantly and get started with the Yield Booster! With Zap-To-Earn, DerpDEX automatically swaps 50% of the token applied by the user to any of the selected token pair.
You can check this doc for the full tutorial on how to do this! https://derpdex.gitbook.io/home/products/zap-to-earn
8. After you click the Yield pair you’ve chosen, you will be able to see the Available Position. You can proceed to “Stake” and a notification from your wallet will ask you to approve that transaction.
9. Once updated or refreshed, on the right-hand side you’ll now be able to see the “Staked Positions” with the options of “Unstake”, “Boost” and “Harvest”.
- Unstake: You can unstake your LP anytime, but it will be a shame not to harvest anything!
- Yield Booster: Once you click “Boost”, you will see the image below and have the chance to increase your reward up to 2x if you are holding xDerp!
Like the image below, it will generate how much APR will be multiplied based on the xDerp that I will lock and the duration of it. Once you have decided the amount of xDerp you’ll lock and the duration of it, you can click confirm and approve through your wallet!
- Now, let’s proceed with the juicer part of them all - the Harvesting section! Just on the same dashboard, you will be able to see your DERP earned, the pool multiplier, and the juicy APR%.
You’re all set to BOOST YOUR YIELDS! We hope this brings more excitement to the community and continues to help us grow our DEX. 🚀
What’s next?
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There will be more farming pools added in the coming months.
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We will also initiate the voting system so the DERP community can decide on the pools / reward that they want to get yields from.
❓FAQ:
Q: Can users stake their position and earn yield without xDerp?
A: Yes they can , But then they don't get to enjoy the multipliers .
Q: Can I unstake my position any time or is there a locking period?
A: No there’s no locking period and users are free to unstake the position any time.
Q: On which chain should I stake my xDerp in order to get boosted?
A: Make sure the yield booster pool and xDerp staked are on the same chain! (In the 1st pool case, you need to stake xDerp on zkSync in order to get boosted on the zkpepe/ ETH farming pool )
If you encounter any technical issue or have more questions, feel free to open a supporting ticket in our discord.
😙 About DerpDEX
DerpDEX combines the best of web3: the perfect blend of “DeFi + memes + NFTs” powering the meme movement on L2 network. By restoring the old glory of derps as internet sensations designed to entertain degens worldwide, we are making derps great again. Trade, earn, stake, and launch crypto with the most ̶a̶u̶t̶i̶s̶t̶i̶c̶ best DEX on the internet. Make derp great again! 😉