Following the previous article “Extra Finance farming: Elevating leverage” on enhancing farming leverage with Extra Finance, this article focuses on obtaining the veEXTRA boost to unlock even higher leverage levels.
What you will find on this article:
The Extra finance protocol offers special leverage options in its farming section for some pools. To access these special leverages, the protocol requieres one condition: owning veEXTRA of a certain value, which varies depending on the pool where you wish to farm. Acquiring these veEXTRA is a straightforward as staking a certain number of EXTRA tokens necessary for the pool you’ve selected. For instance:
For the USDC/VELO pool, to access the maximum leverage of 4x, you need to have 2,000 veEXTRA.
For the USDC/UX pool, to access the maximum leverage of 5x, it is necessary to have 10,000 veEXTRA.
But, how do we acquire these veEXTRA?
1) First and foremost, you need to have the necessary EXTRA tokens to stake. In the first example, it would be 2,000 EXTRA tokens.
2) In the “Stake” section of the Extra Finance protocol, you will see a panel titled “My Balances”. Here you will fins information about:
EXTRA token balance.
veEXTRA balance.
Staked tokens.
APR of staking.
Pending rewards.
Date for the next rewards.
3) By pressing the “Start Lock” button, a token locking menu for obtaining veEXTRA will appear.
It’s important to highlight that 1 EXTRA token equals 1 veEXTRA when locked for the maximum time (365 days).
If you look at the image below, even by staking 2,000 EXTRA tokens, if they are not staked for the maximum time, they amount to less veEXTRA.
4) When the “Lock” button is pressed, the tokens you have deposited can be locked.
5) INCREASE: this serves to deposit and lock more EXTRA tokens in the lock.
6) EXTEND: once the lock is created, it’s essential to keep in mind that as days pass, the locked veEXTRA will gradually be released, thus having less locked veEXTRA and potencially falling below the total amount of veEXTRA necessary for the boost. Therefore, it is not possible to access the higher leverage pools without maintaining the required veEXTRA.
That’s why the protocol offers the “Extend” option, to manually adjust the lock time, and thus continue maintaining the necessary veEXTRA for the exclusive leverages.
7) MAXIMIZE DURATION: this button serves to set the lock directly to the maximum time, without having to adjust it manually.
8) UNLOCK: if you ever need to reverse the process, the “Unlock” feature is your tool to retrieve EXTRA tokens back into your wallet.
Furthermore, one thing to note is that this locking system offers weekly rewards. At the beginning of each new epoch (Thursday 00:00 GMT), each user with EXTRA tokens locked will receive an amount of EXTRA tokens proportional to the volume of their locks as rewards. These tokens can be used to maintain the number of tokens needed to access the exclusive levers or to perform lending within the same protocol, for example.
Having secured your veEXTRA tokens, you're poised to unlock higher leverage in Extra Finance farming. For a step-by-step guide on applying this leverage, revisit our previous article on increasing leverage in Extra Finance farming deposits.
Lynn Brooke
This article serves educational purposes and is not financial advice. We encourage you to do your own research and be responsible for your actions in the financial space.
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✨Lynn Brooke exploring DeFi's world✨ Here I share simple how-to's from my experiences, easing the way for fellow DeFi explorers
Following the previous article “Extra Finance farming: Elevating leverage” on enhancing farming leverage with Extra Finance, this article focuses on obtaining the veEXTRA boost to unlock even higher leverage levels.
What you will find on this article:
The Extra finance protocol offers special leverage options in its farming section for some pools. To access these special leverages, the protocol requieres one condition: owning veEXTRA of a certain value, which varies depending on the pool where you wish to farm. Acquiring these veEXTRA is a straightforward as staking a certain number of EXTRA tokens necessary for the pool you’ve selected. For instance:
For the USDC/VELO pool, to access the maximum leverage of 4x, you need to have 2,000 veEXTRA.
For the USDC/UX pool, to access the maximum leverage of 5x, it is necessary to have 10,000 veEXTRA.
But, how do we acquire these veEXTRA?
1) First and foremost, you need to have the necessary EXTRA tokens to stake. In the first example, it would be 2,000 EXTRA tokens.
2) In the “Stake” section of the Extra Finance protocol, you will see a panel titled “My Balances”. Here you will fins information about:
EXTRA token balance.
veEXTRA balance.
Staked tokens.
APR of staking.
Pending rewards.
Date for the next rewards.
3) By pressing the “Start Lock” button, a token locking menu for obtaining veEXTRA will appear.
It’s important to highlight that 1 EXTRA token equals 1 veEXTRA when locked for the maximum time (365 days).
If you look at the image below, even by staking 2,000 EXTRA tokens, if they are not staked for the maximum time, they amount to less veEXTRA.
4) When the “Lock” button is pressed, the tokens you have deposited can be locked.
5) INCREASE: this serves to deposit and lock more EXTRA tokens in the lock.
6) EXTEND: once the lock is created, it’s essential to keep in mind that as days pass, the locked veEXTRA will gradually be released, thus having less locked veEXTRA and potencially falling below the total amount of veEXTRA necessary for the boost. Therefore, it is not possible to access the higher leverage pools without maintaining the required veEXTRA.
That’s why the protocol offers the “Extend” option, to manually adjust the lock time, and thus continue maintaining the necessary veEXTRA for the exclusive leverages.
7) MAXIMIZE DURATION: this button serves to set the lock directly to the maximum time, without having to adjust it manually.
8) UNLOCK: if you ever need to reverse the process, the “Unlock” feature is your tool to retrieve EXTRA tokens back into your wallet.
Furthermore, one thing to note is that this locking system offers weekly rewards. At the beginning of each new epoch (Thursday 00:00 GMT), each user with EXTRA tokens locked will receive an amount of EXTRA tokens proportional to the volume of their locks as rewards. These tokens can be used to maintain the number of tokens needed to access the exclusive levers or to perform lending within the same protocol, for example.
Having secured your veEXTRA tokens, you're poised to unlock higher leverage in Extra Finance farming. For a step-by-step guide on applying this leverage, revisit our previous article on increasing leverage in Extra Finance farming deposits.
Lynn Brooke
This article serves educational purposes and is not financial advice. We encourage you to do your own research and be responsible for your actions in the financial space.
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40 Acres introduces a new era of utility for veNFT holders, going beyond voting to unlock liquidity, automation, and passive income. Designed for users of veAERO and veVELO, this protocol enhances the way you interact with your locked assets - allowing you to borrow against them, automate compounding of rewards, and earn through lending. 🔍 What you will find in this article:What you need.Borrowing with veNFTs (without liquidation risk).How auto-compounding works.Earning yield through USDC le...
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After familiarizing yourself with installing and starting the Rabby browser extension and the Rabby Desktop app, it's time to explore the Rabby Wallet's mobile application. Expanding the Rabby Wallet ecosystem to mobile devices enhances accessibility and convenience for managing digital assets on the go. This guide will specifically focus on importing a MetaMask address and adding a watch-only address. Quick Safety Tip for Mobile Wallets: When using mobile wallets, consider keeping ...
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✨Lynn Brooke exploring DeFi's world✨ Here I share simple how-to's from my experiences, easing the way for fellow DeFi explorers
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