Farms of The Week🌾: Put Your Stables to Work With Starstream or Anchor Protocol

Garrett
-
Mar 21, 2022
|6 minutes read
farms of the week

This is part of the Farms of the Week series – providing you intel into the freshest crypto yield for the most honest farmers only.

By Garret and Edward Bush

Farm up to ~14% APR on stables with Starstream Finance

⚠️THIS YIELD FARMING STRATEGY INVOLVES AN UNAUDITED PROTOCOL THAT IS BUILT BY AN ANONYMOUS TEAM. USE THE INFORMATION BELOW AT YOUR OWN RISK. NEVER YIELD FARM WITH ASSETS YOU CAN’T AFFORD TO LOSE.

This farm involves the provision of MIM-m.USDC liquidity on Hermes Protocol  before staking the LP tokens on the yield optimizer Starstream Finance. If you would like to learn more about these protocols, please refer to the March 17th edition of Alpha Tractor.

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Bridging funds to Metis Andromeda Network

Before diving into this staking opportunity, note that Metis requires its native METIS token to pay for gas fees instead of ETH. You can bridge METIS and other tokens like USDC (a stablecoin) to Andromeda via the Metis Network Bridge

Upon a successful first time bridging of a value over $100, you may use the #faucet channel within the Metis Official Discord for a small amount of free Metis. 

Also, you’ll need to have Andromeda added to your browser wallet. You can use Chainlist to add the Andromeda network if you haven’t already. 

Farming on Starstream Finance

Image taken from Starstream Finance

Once you have your wallet ready to go, please follow the steps listed below:

  1. You will need equal amounts of MIM and m.USDC to provide liquidity. To prepare, you can swap METIS for MIM and m.USDC on Netswap, Tethys or Hermes
  2. In the case of Netswap and Tethys, you may need to import the MIM token by pasting the token address into “Select a token”. (MIM’s address can be easily found via dexscreener and is “0x44Dd7C98885cD3086E723B8554a90c9cC4089C4C”)
  3. Once you have equal amounts of MIM and m.USDC, head over to the pool section in Hermes. 

📍Note: It is recommended that you navigate to the correct pair within the pools section to examine how much of each token you need

Image taken from Hermes Protocol
  • Press “Add Liquidity
  • Input the amounts of MIM and m.USDC that you want to turn into sAMM MIM-m.USDC LP tokens
  • Approve your MIM and m.USDC via your wallet
  • Hit “Supply” and confirm it in your wallet
  • You should automatically receive sAMM MIM-m.USDC LP tokens in your wallet (the tokens are invisible unless you import the LP token address)
  • Approve your sAMM MIM-m.USDC LP tokens 
  1. Next, venture over to Starstream Finance’s pools section  
    • Connect your wallet
    • Locate the MIM * USDC LP pool, it should state that you have LP tokens available under the “Balance” section

📍 Note: Whilst the pool name is MIM * USDC, USDC on Metis is called m.USDC and these terms are used interchangeably on Starstream Finance.

  • Input the amount of LP tokens you want to deposit under “Deposit”, approve them
  • A “Stake” button should appear now. Press it and confirm the transaction in your wallet
  • Your sAMM MIM-m.USDC LP tokens are now staked
  1. You can track your earnings next to the “Claimable HERMES” section in the pool description
  2. You can claim your earnings using the “Claim HERMES” button that will appear once you have refreshed your browser
  3. You can also unstake your sAMM MIM-m.USDC vAMM LP tokens, if you wish to, using the “Unstake” button along with the amount you desire to unstake.  You can then unwind your position via the Hermes pool section

💡 Bonus consideration: If you would like to automatically earn rewards in the form of additional LP tokens, you can use Starstream’s vault section. Additionally, if you enter that vault you may be subject to a higher APR

⚠️ Starstream Finance has been audited, however Hermes Protocol is unaduited. This staking opportunity entails cross-protocol risks, market risks, impermanent loss risks, smart contract risks, and more. Treat this yield farm as experimental, and never deposit more money than you can afford to lose. 


Earn 19.5% APY with UST on Anchor Protocol!

Over the past year, many stablecoin yield opportunities have originated and gone, but one of the most consistent sources of stable yield called Anchor Protocol offers an exciting staking opportunity. 

What is Anchor Protocol?

Anchor Protocol is a money market originally launched on the Terra blockchain, but recently added support to the Avalanche Network

Its money market, inspired by Compound, allows users within the Terra ecosystem to stake their stables to earn yield, or deposit approved collaterals (bLUNA and bETH) and borrow UST against them.

Image via Anchor Protocol 

Bridging funds to Avalanche Network

Before diving into this staking opportunity, note that Avalanche requires its native AVAX token to pay for gas fees instead of ETH. You can bridge AVAX and other tokens like USDC (a stablecoin) to Avalanche via the Avalanche Network Bridge. Upon a successful bridging of a value over $75, you will be airdropped 0.1 AVAX for gas fees. 

Also, you’ll need to have Avalanche added to your browser wallet. You can use Chainlist to add “Avalanche C-Chain” if you haven’t already. 

Farming on Anchor Protocol

After you’ve bridged funds over and have your wallet ready to go, you could consider the following yield farming strategy:

  1. You will need to buy Wormhole UST for staking on Anchor (0xb599c3590f42f8f995ecfa0f85d2980b76862fc1). To prepare, swap your bridged tokens for Wormhole UST on Trader Joe
  2. Head over to the Anchor Protocol’s WebApp 
    • Change the chain to Avalanche
    • Connect your Metamask wallet
  3. Venture over to the “EARN” page
  4. Now, deposit your Wormhole UST
    • Press “Deposit
    • Input the amount of Wormhole UST you desire to deposit
    • Press “Proceed
    • Approve your Wormhole UST
    • Confirm the transaction in your wallet
    • If your transaction is confirmed you are now earning the specified APY on your deposit

⚠️ Anchor Protocol has been audited. This staking opportunity entails protocol risks, market risks, smart contract risks, and more. Treat this yield farm as experimental, and never deposit more money than you can afford to lose. 


All info in this publication is purely educational and should only be used as research. DeFi Pulse is not offering investment advice, endorsement of any project or approach, or promising any outcome. This post is prepared using public information (which does not account for specific goals or financial situations). Be careful and keep up the honest work!