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The first liquidity mining program on Fuse Lending Network will launch on Sunday, June 6th, rewarding Liquidity Providers on the lending pools with $10,000 in FUSE tokens, initially during 30 days.
- Program Starting: Sunday, June 6th.
- Duration: 30 days, initially.
- Total Rewards: $10,000 in FUSE.
- Platform: Fuse Lending Network.
- Protocol: Ola Finance.
- Blockchain: Fuse Network
Last week, in collaboration with Ola Finance, we publicly released the first decentralized lending network on Fuse. It currently supports four crypto assets: WETH, WBTC, USDC, and FUSE, and users can supply and borrow any of those, provided that they provide sufficient collateral. Despite just having been launched, the network has already had more than $100,000 in crypto assets deposited into it.
In order to further boost activity on the network, the teams at Fuse and Ola Finance today introduce a new liquidity mining program to reward suppliers and borrowers of funds on Fuse Lending Network.
The “Rainmaker” Program will distribute a total of $10,000 in FUSE rewards for network participants during the initial 30-day period. The terms of its extension (if any) will be announced later.
The rewards will be allocated as follows.
- Suppliers and borrowers of FUSE will share 40% of the LP rewards (20% for the suppliers and 20% for the borrowers) in proportion to their participation shares.
- Suppliers and borrowers of WBTC, WETH, and USDC will collect 20% of the allocation per market. (10% for suppliers and 10% for borrowers).
FUSE rewards are airdropped to all the network participants, with rewards accruing at every new Fuse Network block. Importantly, unlike the liquidity mining programs on DEXes, there are no LP tokens that users need to deposit to be eligible for rewards, the latter are allocated automatically to all the addresses supplying and (or) borrowing funds on Fuse Lending Network.
Head to Fuse Lending Network now and click on the button in the top right to check the amount in rewards that has already been accrued for your lending/borrowing activities!
A quick guide on how to participate in the Rainmaker Liquidity Rewards Program on Fuse Lending Network:
Step 1: Transfer assets from Ethereum or BSC to Fuse Network via the bridge on FuseSwap (if needed). You also have the option of depositing to Fuse Network straight from your bank account using the “Buy FuseDollar” button on FuseSwap.
Step 2: Supply and borrow funds on Fuse Lending Network. Bear in mind that you need to supply a significantly higher value of collateral to be able to borrow.
Step 3: Claim the accrued rewards by clicking on the button in the top right of the app.
Additional information:
APY is constantly changing as more people participate and more funds are supplied and borrowed or repaid and withdrawn.
Users can consult our video tutorials on supplying and borrowing funds here and here.
More information on how to use Fuse Lending Network and its parameters, as well as the underlying Ola Finance protocol can be found in our previous articles.
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