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First-Ever Velas-Based DeFi WagyuSwap Announces "The Great Steak Event"

Wed, 12/01/2021 - 09:00
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Vladislav Sopov
WagyuSwap, pioneering decentralized finance protocol on Velas blockchain, introduces novel staking program
First-Ever Velas-Based DeFi WagyuSwap Announces "The Great Steak Event"
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WagyuSwap application is the first decentralized finance protocol built on Velas (VLX) blockchain. This blockchain leverages Solana's codebase but works on its own custom-built AI-powered proof-of-stake (AIDPOS) consensus system.

The Great Stake Event to take place on Dec. 1, 2021

According to the official announcement shared in WagyuSwap's social media channels, its staking ecosystem is approaching a major upgrade.

Starting from Dec. 1, 2021, following the unparalleled interest among WagyuSwap community enthusiasts, the DeFi protocol initiates "The Great Steak Event."

During this staking incentive, WagyuSwap customers will be able to stake WAG, a core native utility and governance asset of the protocol. Rewards for stakers will be repaid in multiple "earn" coins from Velas token ecosystem.

As of Q4, 2021, seven staking pools are available on WagyuSwap for Velas (VLX) tokenholders. VLS tokens can be locked with WAG, Ethereum (ETH), BITORB and SCAR tokens as well as with Binance USD (BUSD), USD Coin (USDC) and the U.S. Dollar Tether (USDT) stablecoin.

Annualized percentage yield rates vary between 136.2% in the VLX/ETH pool and 394.89% in the VLX/WAG pool.

Bringing DeFi experience to Velas ecosystem: case of Wagyuswap

Incubated by BlueZilla, a crypto-focused VC conglomerate for early-stage blockchain products, WagyuSwap introduces a SushiSwap-like decentralized exchange and staking experience for Velas blockchain supporters.

As Velas is 100% compatible with Ethereum Virtual Machine (EVM), users can deposit and stake assets with their Ethereum-native wallets like Metamask, TrustWallet and so on.

In the "Sizzle Pools" module, users can stake WAG tokens in single-asset pools with ultra-high APY rates. For instance, in the Auto WAG pool, 1624% APY is offered, while Manual WAG pool works with 286.45% APY.

Thanks to integration with Swapz, another BlueZilla-incubated crypto startup, WagyuSwap boasts cross-chain compatibility. Within this partnership, the single ecosystem is built between Binance Smart Chain (BSC), Ethereum (ETH), Velas (VLX) and Polygon Network (MATIC).

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)