Farming with added benefits
Good news! Farming with Alchemix is about to get a lot better:
Starting from Tuesday the 2nd June, in addition to ALCX our humble farmers will receive extra rewards in the form of SUSHI and CRV tokens. So not only will our farming community now benefit from higher effective APY, they are also being offered a diversified set of rewards from within the DeFi space.
Specifically, the new rewards shall be:
Sushi (ALCX/ETH) LPs:
Alchemix is excited to be the first pool in the new and improved contract by Sushiswap, MasterChefV2. One upgrade of this new contract is the ability to handle dual rewards. Alchemix has been awarded the max allocation for a single pool with 100 allocation points, which are all going to ETH/ALCX SLP. Once live you’ll receive ALCX tokens as well as some tasty SUSHI rewards to go along with it.
3Curve (DAI/USDC/USDT/alUSD) LP:
Alchemix’s alUSD has been officially added to curve.fi and will soon be eligible for Curve gauge rewards. The amount of CRV rewards is determined by how much veCRV is used to vote on our pool. Alchemix is also working with Curve to deploy a rewards pool for this LP pool on Curve. Once live you’ll receive ALCX tokens along with CRV tokens.
“What do our current liquidity providers need to do to take advantage of this?”
In SUSHI’s case you will need to unstake your SLP token from the farm found on our website and re-stake on SUSHI’s farm (links directing you to the Onsen pool will be provided in our Farms page).
In total, this will be three transactions:
- Withdraw ETH/ALCX SLP from the current pool (https://app.alchemix.fi/farms)
- Approve ETH/ALCX SLP tokens for MasterChefV2 (https://app.sushi.com/yield)
- Deposit ETH/ALCX SLP into MasterChefV2 (https://app.sushi.com/yield)
Similarly, for Curve you will do the same thing as above but deposit into either the UI provided by Alchemix in our Farms UI, or on curve.fi directly.
This too will be three transactions:
- Withdraw alUSD3CRV LP from the current pool (https://app.alchemix.fi/farms)
- Approve alUSD3CRV LP tokens for CurveGauge (https://dao.curve.fi/minter/gauges)
- Deposit alUSD3CRV LP into CurveGauge (https://dao.curve.fi/minter/gauges)
There’s a lot going on at Alchemix from enhanced farming to the eagerly awaited release of alETH just around the corner, not to mention Alchemix 2.0 making excellent progress in development.
If you have any questions about the new farming setup please feel free to pop by in our Discord channel and you’ll find plenty of motivated Alchemist’s ready to help steer you through it.