Lido, the largest liquid staking protocol, is working with Arrakis Finance, to bring wstETH-USDC liquidity depth to UniswapV3.
With the growth of stETH, Lido is looking to increase the utility of the ETH liquid staking token by pairing it with other assets. In order to achieve this goal Arrakis Finance is deploying a conservative wstETH-USDC vault on the 0.05% pool which anyone can deposit into.
Pool: https://beta.arrakis.finance/vaults/1/0x98A8e81Bd4F79F1827711cBBb1E9f31DE2945Cae
This pool was setup as very conservative in order to make sure that the risk of high IL is reduced in the short term to mid term. This pool is currently not incentivized, Lido would like to analyse the data and see what happens in regards to both liquidity as well as trading activity. There is a possibility of rewards being announced at a later date.
How it Works?
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Make sure you have both stETH and USDC tokens
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Wrap your stETH tokens to wstETH on the Lido stETH wrapper site here
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Once wrapped go to the Arrakis Vault here
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Click on “Add Liquidity”
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Enter the amounts to deposit and click on “Deposit & Stake”
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Approve the contract to use both wstETH and USDC
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Click on “Deposit & Stake”
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Enjoy earning fees and claim these whenever you like!
Arrakis looks forward to this collaboration with Lido, and helping them increase their liquidity depth via leveraging concentrated liquidity.
To learn more about Lido, what they do and how you may be able to leverage their services check out their website and FAQ.
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