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Yield Strats #33 – Leveraged Yield Farming on Solana, Uniswap V3 Vaults & Single Staking Farms on Fantom

Oct 25, 2021 · 7 min read

By Jimin Noh

Note: The yield mentioned above may consist of both native & protocol rewards. Yield breakdowns can be found in the protocol dashboard

Apricot Farm

Apricot is a next-generation lending protocol that maximizes yields through cross-margin leveraged yield farming while covering user downside with an automated self-deleveraging mechanism. In Apricot Lend, you can also borrow from the platform against your deposited assets as collateral. X-Farm enables users to start leveraged yield farming without the need to own any of the underlying tokens. Apricot Assist is an automated self-deleveraging assistant that you can configure to help you reduce your account’s leverage with your specific risk profile in mind. Learn more about Apricot Assist here and X-Farm here.

Yield Calculations are provided by https://app.apricot.one/. To access Apricot, you’ll need to connect to a Solana-compatible wallet.

Alpha: The APY mentioned in the tutorial and exposure summary DOES NOT include Apricot retroactive rewards

Tutorial: Deposit SOL

1. Go to https://app.apricot.one/, connect to your wallet and Deposit SOL

2. Enter your SOL, then Supply

Note: Apricot’s Cross-margin leveraged yield farming (LYF) is a unique feature. This is due to LYF protocols on market today requiring users to supply certain types of tokens or own the LP constituents in order to enter a farming position (i.e. supply USDC/USDT first to farm USDC-USDT LP).

However, this is not ideal. Users may be forced into trades or have unwanted exposure to use these LYF platforms.

At Apricot, X-Farm enables users to supply any tokens (as long as Apricot supports it) to farm directly. You do not have to own the LP constituents in order to enter a position. In fact, you can even deposit the LP tokens you already own in order to farm another LP token you want.

So using the SOL tutorial above, you can lend SOL into Apricot to generate more yield through X-Farm while earning deposit interest at the same time. Here’s a tutorial to visually explain.

Tutorial: X-Farm after lending SOL

3. Left of the dashboard, select X-Farm to access the LYF dashboard

4. Select the desired Liquidity Pool to leverage yield farm. SOL-USDC LP will be used in this example because of the positive yield. Select Farm

Note: A major risk that comes with borrowing and leverage is liquidation risk. Apricot Assist is an automated self-deleveraging assistant that you can configure to help you reduce your account’s leverage with your specific risk profile in mind. With Apricot Assist, you will be able to control:

  • WHEN to start selling or redeeming your collateral assets
  • WHAT and HOW MUCH assets should be sold or redeemed

When the market moves against you, and your account’s Borrow Limit Used reaches 100%, your account would be subject to liquidation. So how does Apricot Assist help here? Well, you can configure Apricot Assist to help you redeem/sell some of the tokens in your deposit before your Borrow Limit Used reaches 100%.

Tutorial: Apricot Assist Stay Protected

4A. Left of the dashboard, select Assist to access the Apricot Assist dashboard

The parameter you can set here is called Trigger Level. When your Borrow Limit Used reaches the Trigger Level (e.g. you can set it to 95%), Apricot Assist will help you take actions to automatically reduce your Borrow Limit Used to a lower level called the Target Level, which is also configured by you.

Recommendation – It is recommended to keep the difference small (e.g. <5%) especially if you have large positions that can create non-trivial slippage when deleveraging

4B. Enter the desired Trigger LevelTarget Level and then Enable

5. Slide the bar to select the leveraged farm value. Right below, you can see the Borrow Limit Used. With the maximum portfolio leverage being 3X, select the desired amount below, Start Farming.

6. Go to the Dashboard to see your Borrow Limit, Earnings, Positions and Assist Trigger and Target Levels

 

Lixir Farm

Lixir is a concentrated liquidity manager on Uniswap V3. A significant portion of Uniswap V3’s liquidity is inactive most of the time and hence not productive, causing yields to suffer. Lixir ensures that your liquidity stays highly concentrated through a data-backed, algorithmic strategy that will improve over time. Lixir ensures optimized yields by continuously concentrating liquidity around the current price while minimizing impermanent loss. Learn more about it here.

Yield calculations are provided by https://app.lixir.finance/.

Note: Users only pay gas fees for deposits & withdrawals, not management. LP’s earn additional $LIX farming rewards on top of their LP fees and can even boost these rewards by staking LIX

Tutorial: USDC-ETH Pool

1. Go to https://app.lixir.finance/ and select the USDC-ETH pool

2. Approve USDC, Approve ETH, adjust the slippage, then Deposit Liquidity

3. Go to the header and select the Farm tab. Select on the USDC-ETH pool, Approve Gauge then Deposit iv_WETH-USDC LP tokens

4. (Optional) Go to the header and select the Boost tab. To boost your emissions, Approve LIX, then Deposit LIX.

Note: To boost emissions in Lixir vaults, you need to lock LIX tokens for an average lock time of 1.86 years. Each gauge is given a ‘type weight’ that will either increase or decrease that gauge’s share in the total farming emission w.r.t. the other gauges. By staking your LV tokens in the corresponding gauge, you’re rewarded proportional to the amount of liquidity you’re providing.

 

MorpheusSwap Farm

Morpheus Swap is a new yield farming & yield aggregator protocol on Fantom. Morpheus is currently distributing its token MORPH to both LP pools and single pools. At the end of October, the MORPH token can be used to mint PILLs through a burning swap. The governance token PILLs will be the only token used to farm Neo Pools, allowing you to receive platform revenue as well as earn other protocol tokens. Learn more about it here.

Yield calculations are provided by https://morpheusswap.app/. To access Morpheus, you’ll need to configure your MetaMask to run Fantom’s Mainnet using this guide.

Note: Your rewards are not vested and can be claimed at any time. You can see LP and Pool deposit fees and distribution ratios here

Tutorial: WETH-FTM Pool

1. Go to https://morpheusswap.app/farms and select the WETH-FTM Pool

2. Get WETH-FTM LP to be redirected to SpookySwap. Deposit assets in a 50/50 proportion, Approve wETH and Supply

3. Go back to the WETH-FTM Pool, Connect Wallet, Enable, then Deposit

Astroport on Terra have announced their Governance Token drop. There will be three ways to obtain ASTRO governance tokens:

✦ Phase 0: An ASTROdrop to verifiable TeFi ecosystem chads (determined based on on-chain data pre-dating this article)

✦ Phase 1: An ASTROdrop to Terraswap LPs who migrate Terraswap LP tokens from Terraswap to Astroport for a user-selected trial period; and

✦ Phase 2: An ASTROdrop to Astrochads who supply ASTRO and/or UST to the ASTRO/UST pool on Astroport

There will be a three-month post-launch airdrop claim period, which will be the sole opportunity to claim any ASTRO to which you may be entitled in the airdrop. After 3 months, ownership and control of all unclaimed airdrop ASTRO will be transferred to the Astral Assembly (aka, the Astroport DAO), and you will lose all ability to obtain or receive any benefit from such ASTRO. Learn more about it here.

Retroactive liquidity mining rewards can now be viewed on SolendThese tokens are still being earned and will be claimable in the coming weeks. SLND is emitted in every slot. These rewards are split evenly between supplying and borrowing and are distributed proportionally according to each market’s weight. All you have to do to earn liquidity mining rewards is use Solend – by supplying or borrowing SOL, USDC, ETH, BTC, or USDT. Learn more about it here.

Popsicle Finance Sorbetto Fragola, the Uniswap V3 Optimizer is relaunching within just a few days. The vaults will be launching on Arbitrum and Ethereum, with half the vaults having TVM limits (Total Value Managed). Furthermore, leveraged LPing will be available shortly after the relaunch. Learn more about it here.

Note: Popsicle Finance V1 was exploited but since then, they have repaid those who suffered loss and have had another audit conducted by Quanstamp and Certora before their V2 release.

As always, please exercise extreme caution if you intend to participate in these opportunities. Happy farming everyone!