sUSD liquidity trial with Curve/iearn
We are excited to announce the launch of our Curve trial through iearn. Before going into detail on the trial we wanted to say thank you to Andre Cronje for helping to make this trial possible. We are all very lucky to have such a dedicated person in the community, he was able to pull together four different teams to get this trial launched, and he did it in less than a week.
With that said, this trial will create a liquidity incentive for the sUSD/iearn token pool. This is important as it will help to balance out the existing sETH incentive on Uniswap and will increase the overall liquidity into the Synthetix ecosystem.
Curve has a unique AMM (auto market making) mechanism that is designed to facilitate high liquidity between stablecoin pairs and low fees so it is perfect for creating an sUSD incentive.
The trial will run for four weeks starting Friday at 10am Sydney time. Each week 32k SNX will be supplied by the Synthetix foundation and distributed pro-rata to liquidity providers who stake their curve LP tokens.
In order to participate you need to deposit sUSD and one of the other supported stablecoins (or a mixture of stablecoins). The stablecoins supported are DAI, USDC, TUSD, and USDT.
To provide liquidity, go to https://iearn.finance/pool and click deposit. You will then be presented with a recommended breakdown for adding liquidity. Once you have added your liquidity you will receive Curve.fi sUSD/y.curve.fi tokens. You must then go to https://mintr.synthetix.io/, select the LP Rewards tab in the top right, select the Curvepool option, and select the Stake Tokens option.
This trial is an important step towards improving the sUSD peg and overall Synthetix liquidity. One final thank you to Anton from 1inch for writing and deploying the staking rewards contract. This was very much a team effort and it is great to see all of the DeFi teams cooperating to launch new initiatives like this.
If you've got any questions about how it works, come join us in Discord!