Muesliswap to enable yield farming in via its V2 smart contract
MuesliSwap is about to launch yield farming on its liquidity pools; in later October. This function will be activated via Vasil-enabled V2 smart contracts. MuesliSwap is now a fully-fledged hybrid DEX with orderbook and AMM capabilities.
So far, the DEX has been running yield farms on the Milkomeda sidechain. On Cardano's mainnet, MuesliSwap has an ADA/MILK liquidity pool that lacked the farming function. Now that V2 contracts are live, ADA/MILK pool remains as the largest farm, with an early APY of about 12.51%. The amount of ADA locked is still lower compared to its rivals, but that may change soon when yield farming function drops.
Yield farmers on the DEX will earn double or triple rewards. Part of these multiple rewards will be through staked ADA. This native staking feature that other Cardano DEXes, namely Wingriders and MinSwap have already enabled.
MuesliSwap yield farms governance vote
MuesliSwap has asked its community to engage in a governance vote that will determine which SPOs where the ADA in its pools will be staked. The DEX team has suggested @AdaRarePool, @CardanoChefPool, @StakeWithPride, @ShawnA3C, @SmaugPool, @CardanoCenterPL, @PoolLighthouse, @ArmySpies, @KOALA_Steve & @GranAdaSwiss for the vote. The vote ran from September 9th through September 12th (4 days). The winning SPO would receive the ADA delegation until it reaches saturation, where the position 2 pool will be used, and so forth.
The actual date of when MuesliSwap will actually bring yield farming to its mainnet pools remains unknown. Nonetheless, it was expected that this function would go live sometimes after Cardano's Vasil Hardfork event i.e September 22nd. The MuesliSwap has confirmed that it will come sometime in October or November.
For clarity, today we have launched liquidity pools and plutus v2 contracts, Yield Farming with double and triple yield opportunities will launch in the coming weeks. 🧑🌾 ~ MuesliSwap October 5th
Once the Vasil upgrade was merged, the MuesliSwap announced their V2 upgrade schedule:
What an incredible and flawless launch of #CardanoVasil - we are proud to be a part of this community 🙏
The upgrade also marks the start of huge launches on our DEX, and we are very happy to announce that our new website is now LIVE! 🔥 ~ MuesliSwap Team Twitter
Even before the yield farming feature goes live, the DEX has also brought its MYield token to the Cardano mainnet.
Earlier in September, MuesliSwap revealed that Empowa's EMP/ADA, GERO/ADA, HOSKY/ADA, NMKR/ADA, DRIP/ADA, cNETA/ADA, and CARDS/ADA pools will be its initial double farms.
We are getting ready for Yield Farming on Cardano mainnet 🌾🌾 and with this, launch $MYield on Cardano mainnet as well. To make them compatible to Milkomeda we introduced some changes to MuesliYield ~ MuesliSwapTeam
By the end of the vote, the governance vote results were as follows:
MuesliSwap upgrades it front-end UI
In related news, MuesliSwap has launched a new version of its website. This launch was its first step towards its V2 launch. Consequently, the DEX has renamed its v1 orderbook DEX as a legacy product. Users are at liberty to either trade on the old product or cancel their existing orders.
The new DEX website has a clean and elegant UI comparable to MinSwap's, but undoubtedly unique on its own.
Token price charts and graphs are now much better looking and have more functionality.
MuesliSwap talks post Vasil hardfork benefits
Cardano's Vasil upgrades have helped MuesliSwap make huge strides in their product. Not only are their contracts significantly smaller (up to a tenth of Plutus V1 size ), but they can be bundled in a single transaction. The transaction fees are smaller too. These updates help MuesliSwap more legroom to improve concurrency on its Orderbook offering of the DEX.
After Vasil, Cardano allows inputs to be filled by multi-source inputs. This newfound power enables MuesliSwap to open up its AMM protocol to third-party dApps. These dApps can now directly interact with MuesliSwap.
Because of the backward compatibility of the Plutus v2 smart contracts, the MuesliSwap V1 product will work with their V2 smart contracts. There is a caveat though, the V1 product will not have all the functionality of the V2 contracts. Since it a legacy product, users are advised to ideally move on to the new MuesliSwap product.
MuesliSwap launches its MILK LBE
Muesliswap has launched a liquidity bootstrapping event on its new launchpad. The event will allow the DEX to onboard ADA liquidity on its primary pool (MILK/ADA). The events runs from 10 days i.e 12th to 22nd October.
This LBE borrows from Minswap's LBE approach. ADA holders will supply their ADA to in exchange of MLBE tokens. These MLBE token holders will have the option to leverage them for bonus yield farming rewards, for one month. Alternatively, they can redeem them for ADA and MILK tokens in a 1:1 ratio. These conversion can only be done after this LBE ends.
MuesliSwap is supplying half a million MILK tokens for this event. The idea behind the LBE is that the pool should have a 50/50 balance of ADA and MILK. If the ADA supplied valuation reaches the valuation of the 500,000 MILK, MuesliSwap will close the campaign. However, they will still average the cost for the 10 days period.
If the amount of ADA supplied is less than the 500,000 MILK tokens, only a fraction of these MILK tokens will be applied.
update: MuesliSwap's community supplied 1.308 million ADA in just 2 days. This hit 100% of all the ADA liquidity they required to match the 500K MILK tokens. Yield farming is expected to start on 22nd October.
First published on Sep 9, 2022