Yield Farming V2 of the Rigel Protocol is HERE!
The emergence of decentralized finance has been fueled by the demand for a more transparent and open financial system. Yield Farming is the hottest trend in DeFi since it allows users to share in the upside of a protocol’s growth while also receiving rewards.
Rigel Protocol has just launched its Yield Farming DApp V2 and there’s no holding down on its goals to offer a much better user experience, more security and contract stability to this market.
So What is Yield Farming, and how does it work?
Yield farming, also known as yield or liquidity harvesting, is a method of allowing cryptocurrency users to lock up their assets in exchange for rewards.
Yield Farming, in other words, allows investors to contribute liquidity on farming platforms in order to provide lending and borrowing services at a set interest rate. In exchange, these platforms offer high interest rates to investors as well as a stake in the platform’s native token equal to the amount they contribute to the farming pools. Investors are frequently paid a share of the fees from all of the platform’s transactions.
What Makes RigelProtocol Yield Farming Unique?
The Rigel Protocol will be built on both Binance Smart Chain and the Ethereum Blockchain. Fast, convenient and secure. The Rigel Protocol will allow users to have full control of their funds while using any of the platform products. Smart Swapping, Yield Farming, Margin Trade, and many more. Cross chain operations guarantee low transaction fees without the need to leave funds on custody to third parties or go through KYC process.
Liquidity providers will get rewards in $RGP, the Rigel Protocol platform’s native token, in addition to a percentage of fees (interest) earned by the platform. The APY (Annual Percentage Yield) and inflation rate are both quite appealing. Transaction fees will flow straight into the liquidity pool, therefore the tokens will appreciate in lockstep with the liquidity pool’s growth.
Also the protocol is built to foster existing Decentralized Finance (DEFI) products while introducing several innovative DEFI products to boost and support scalability, security and improve user experience and adoption.
In addition, according to the quantity of funds contributed to the platform, a share of the accruals from all DApps, games, and other features generated by Rigel Protocol will be allocated among liquidity providers. As long as they keep their token locked on any of the pools supplied, liquidity providers will receive a part of the Rigel Protocol earnings.
Because Rigel Protocol is a community-powered DeFi platform, liquidity providers will be awarded unique voting privileges while their liquidity is locked on the network, which will be proportional to the amount of funds provided.
Participants in the pool will be able to manually harvest tokens at any time or activate automatic weekly harvesting by turning on the auto haverst feature.
Steps to follow on Farming and to Yield
Farming V1 Liquidity Providers will need to move their liquidity to the new farming version whenever it is introduced.
Simply remove your LP tokens from the V1 DApp and re-establish them on the Farming V2 DApp.
Users will have 5 days to move before the award earning on the V1 ceases. Current users and any LPs will be able to transfer or contribute liquidity without limitations 5 days before the Farming V2 opens.
Once the prizes on V1 are stopped, the farming rewards will automatically commence on the new version.
Several more farming pools will be gradually introduced to the new DApp version, with new farms such as AXS/RGP and AXS/BUSD being among the first to be added.
For more information, join our community:
Telegram Channel: https://t.me/rigelprotocol
Telegram Updates: https://t.me/rigelprotocolupdates
White paper: https://www.rigelprotocol.com/whitepaper