Developer, Writer, Rookie Degen & web3 enthusiast.
Developer, Writer, Rookie Degen & web3 enthusiast.
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We all wish to get into the amazing world of defi and earn some of those sweet passive yields from our assets. But in reality, the learning curve is quite complex in defi and any mistake could come with a huge cost.
On a deeper glace, defi is not as passive as most #degens claim it to be. For day-to-day people, it's not a cakewalk to check all the liquidity pools, staked and leveraged assets, and actively manage their positions.
If only there is a way for people to buy once and not have to maintain their positions on Defi protocols while earning the rewards…
credits: gifer.com
xToken products are simple “set it & forget it” type wrapped ERC-20 tokens that make defi simple. They allow users to mint wrapped versions of popular defi protocols that make it easy for the users to easily manage their staking, governance, leverage & liquidity pool positions in those protocols.
But, xToken Team got you covered there too. No more, we need to pay those mammoth of a gas fee ⛽️ as xToken is live on Arbitrum L2. Now we can earn those easy defi yields while paying a very little gas fee. Let's see more about that process.
To buy xToken products in Arbitrum, we need our assets in the Arbitrum chain. There is two way to bridge our assets to the Arbitum chain.
I would suggest you bridge sufficient ETH & USDC as per need.
Note*: If you haven't added Arbitrum to your wallet until now, Visit chainlist.org ➡️ connect your wallet & search for Arbitrum ➡️ select “Arbitrum one” network & click “add to wallet”.*
**visit 🔗 **bridge.arbitrum.io
connect your wallet & switch to Ethereum mainnet
Note that the demo screens are taken in testnet, mainnet should show as Arbitrum One bridge.
Select the token and enter the amount you wish to bridge to Arbitrum, click deposit & approve the transaction.
Wait for ~10 mins for the bridged assets to reflect on the Arbitrum chain.
Hop Protocol is a hassle-free way to bridge assets across multiple networks. Kind of a one-stop solution for your bridging needs.
**visit 🔗 **app.hop.exchange
Select the token to send (ETH or USDC)
Select Mainnet in the “from” tab & Arbitrum in the “To” tab, Enter the amount of tokens to be bridged.
Review the Estimation & click approve ➡️ send.
Now that you’ve bridged the required assets to Arbitrum, let go purchase some xToken Products.
While xToken in the Ethereum network has a wide variety of products available for various strategies, in arbitrum there are only a few. let’s explore them.
These are ERC-20 tokens that approximate the performance of **3x longed position on ETH & BTC **respectively. This requires no active participation from the user to manage the leverage ratio and will be maintained at 3x, it is a set-and-forget token.
Users can mint these tokens with ETH/WBTC and cash out anytime by burning these tokens to ETH/WBTC (given that redemption liquidity is available)
xToken charges a fee of 0.4% for mint & burn of xETH3x and 0.75% for xBTC3x.
These are ERC-20 tokens that act as a fungible wrapper for uniswap V3 LPs. xU3LPa is for the USDC-DAI pair & xU3LPb is for the USDC-USDT pair. This requires no active participation from the user. LP trading fees are reinvested automatically into pools (auto compounding).
Holders can mint & redeem this with/to any of the underlying assets at any time, given that buffer liquidity is available.
xToken charges a fee of 0.1% on mint & burn of these tokens.
Yep, you read that right. To incentive early users of xToken in Arbitrum the team has created a collection of limited-edition free to mint Web3 themed NFTs.
**Visit **🔗 xtoken.market/app/invest & mint different NFTs based on your usage of xToken products.
Invest: Mint a min of 500 xU3LPa or xU3LPb tokens with USDT/USDC/DAI ➡️ claim 🎁 GM NFT.
Lend: Deposit WBTC/WETH/LINK as collateral and take out a min of $500 USDC loan (you would be required to put at least $750 in collateral) ➡️ claim 🎁 GA NFT.
Leverage: Mint a min of 500 xETH3x or xBTC3x tokens with ETH/WETH/WBTC ➡️ claim 🎁 GN NFT.
Adding Liquidity: get this limited edition 🎁 WAGMI NFT by providing and maintaining a min of $3000 in liquidity for XTK-WETH pair for at least 2 weeks in the Sushiswap Arbitrum Liquidity pool.
Note: only whitelisted addresses can avail of these free to mint NFTs in xToken Arbitrum. The eligibility criteria to be whitelisted are as follows;(snapshot taken on Nov 22, 21)
Holders: YFI, INDEX
Stakers: CRV, VISR, SDT, CVP, THALES, SNX (optimism), MAGIC (Arbitrum)
Traders: LYRA (optimism)
All Aave V2 and Compound borrowers in 2021
Anyone who has ever used an xToken product or staked XTK
If you are eligible and if you’ve purchased xToken products on Arbitrum, then you can mint the NFTs you are eligible to do, from the “MY XTK NFT” modal.
Go Ahead! Experience easy defi and earn some cool NFTs in the process.
Disclaimer: The intent of this content is purely educational #NFA. It is always a good practice to Do Your Own Research #DYOR before making any financial decisions.
If you’ve liked this read, consider reading some of my other works in Medium 😃, also follow me on Twitter for resourceful defi threads like these.
Medium: 0xdeee.medium.com Twitter: twitter.com/0xdeee
Thank you 🙌
We all wish to get into the amazing world of defi and earn some of those sweet passive yields from our assets. But in reality, the learning curve is quite complex in defi and any mistake could come with a huge cost.
On a deeper glace, defi is not as passive as most #degens claim it to be. For day-to-day people, it's not a cakewalk to check all the liquidity pools, staked and leveraged assets, and actively manage their positions.
If only there is a way for people to buy once and not have to maintain their positions on Defi protocols while earning the rewards…
credits: gifer.com
xToken products are simple “set it & forget it” type wrapped ERC-20 tokens that make defi simple. They allow users to mint wrapped versions of popular defi protocols that make it easy for the users to easily manage their staking, governance, leverage & liquidity pool positions in those protocols.
But, xToken Team got you covered there too. No more, we need to pay those mammoth of a gas fee ⛽️ as xToken is live on Arbitrum L2. Now we can earn those easy defi yields while paying a very little gas fee. Let's see more about that process.
To buy xToken products in Arbitrum, we need our assets in the Arbitrum chain. There is two way to bridge our assets to the Arbitum chain.
I would suggest you bridge sufficient ETH & USDC as per need.
Note*: If you haven't added Arbitrum to your wallet until now, Visit chainlist.org ➡️ connect your wallet & search for Arbitrum ➡️ select “Arbitrum one” network & click “add to wallet”.*
**visit 🔗 **bridge.arbitrum.io
connect your wallet & switch to Ethereum mainnet
Note that the demo screens are taken in testnet, mainnet should show as Arbitrum One bridge.
Select the token and enter the amount you wish to bridge to Arbitrum, click deposit & approve the transaction.
Wait for ~10 mins for the bridged assets to reflect on the Arbitrum chain.
Hop Protocol is a hassle-free way to bridge assets across multiple networks. Kind of a one-stop solution for your bridging needs.
**visit 🔗 **app.hop.exchange
Select the token to send (ETH or USDC)
Select Mainnet in the “from” tab & Arbitrum in the “To” tab, Enter the amount of tokens to be bridged.
Review the Estimation & click approve ➡️ send.
Now that you’ve bridged the required assets to Arbitrum, let go purchase some xToken Products.
While xToken in the Ethereum network has a wide variety of products available for various strategies, in arbitrum there are only a few. let’s explore them.
These are ERC-20 tokens that approximate the performance of **3x longed position on ETH & BTC **respectively. This requires no active participation from the user to manage the leverage ratio and will be maintained at 3x, it is a set-and-forget token.
Users can mint these tokens with ETH/WBTC and cash out anytime by burning these tokens to ETH/WBTC (given that redemption liquidity is available)
xToken charges a fee of 0.4% for mint & burn of xETH3x and 0.75% for xBTC3x.
These are ERC-20 tokens that act as a fungible wrapper for uniswap V3 LPs. xU3LPa is for the USDC-DAI pair & xU3LPb is for the USDC-USDT pair. This requires no active participation from the user. LP trading fees are reinvested automatically into pools (auto compounding).
Holders can mint & redeem this with/to any of the underlying assets at any time, given that buffer liquidity is available.
xToken charges a fee of 0.1% on mint & burn of these tokens.
Yep, you read that right. To incentive early users of xToken in Arbitrum the team has created a collection of limited-edition free to mint Web3 themed NFTs.
**Visit **🔗 xtoken.market/app/invest & mint different NFTs based on your usage of xToken products.
Invest: Mint a min of 500 xU3LPa or xU3LPb tokens with USDT/USDC/DAI ➡️ claim 🎁 GM NFT.
Lend: Deposit WBTC/WETH/LINK as collateral and take out a min of $500 USDC loan (you would be required to put at least $750 in collateral) ➡️ claim 🎁 GA NFT.
Leverage: Mint a min of 500 xETH3x or xBTC3x tokens with ETH/WETH/WBTC ➡️ claim 🎁 GN NFT.
Adding Liquidity: get this limited edition 🎁 WAGMI NFT by providing and maintaining a min of $3000 in liquidity for XTK-WETH pair for at least 2 weeks in the Sushiswap Arbitrum Liquidity pool.
Note: only whitelisted addresses can avail of these free to mint NFTs in xToken Arbitrum. The eligibility criteria to be whitelisted are as follows;(snapshot taken on Nov 22, 21)
Holders: YFI, INDEX
Stakers: CRV, VISR, SDT, CVP, THALES, SNX (optimism), MAGIC (Arbitrum)
Traders: LYRA (optimism)
All Aave V2 and Compound borrowers in 2021
Anyone who has ever used an xToken product or staked XTK
If you are eligible and if you’ve purchased xToken products on Arbitrum, then you can mint the NFTs you are eligible to do, from the “MY XTK NFT” modal.
Go Ahead! Experience easy defi and earn some cool NFTs in the process.
Disclaimer: The intent of this content is purely educational #NFA. It is always a good practice to Do Your Own Research #DYOR before making any financial decisions.
If you’ve liked this read, consider reading some of my other works in Medium 😃, also follow me on Twitter for resourceful defi threads like these.
Medium: 0xdeee.medium.com Twitter: twitter.com/0xdeee
Thank you 🙌
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