Hold on to your hats because AnySwap just ventured into new territory! Liquidity farming and rebased CNY stable coins on BSC (called CYC).
A new tab “farms” is available on the AnySwap Binance Smart Chain menu. https://anyswap.exchange/farms/bscfarming
You’ll be greeted with the following message:
Christmas Farming CYC
2020.12.18 12:00–2021.1.1 11:59 UTC.
BSC cross-chain liquidity farming rewards Christmas CYC Token, no private sale, no pre-mining, and no team share. Total supply 2,286,000, liquid mining share 80% and trading mining share 20%. Each BSC block rewards 10 CYC, and the reward halved every 48 hours, end in two weeks.
Rebase rules: anchor the price of CNY and rebase once an hour. Trading mining rules: every 24 hours will release according to anyUSDT/BNB trading volume share.
1. Deposit BTC, ETH, USDT, FSN or ANY tokens via cross-chain bridge https://bsc.anyswap.exchange/bridge,
2. Add liquidity with BNB,
3. Stake liquidity tokens to farming pool,
4. Withdraw the farming rewards CYC token,
5. Swap CYC for BNB.
This activity aims to verify the cross-chain stablecoin algorithm, the contract code has not been audited, please evaluate the risk yourself.
In short you will need BNB and some guts to play ball, and you need to provide liquidity for it either coupled with ANY, FSN, aBTC, aETH or aUSDT.
Once you start earning CYC, you can harvest it and provide liquidity for CYC with a 10x yield option (ANY has 2x and the other coins 1x).
The full supply will be out in two weeks and early birds have better yields since it’s halving every two days. And what you’re getting isn’t worthless. It’s a stable coin tied to CNY.
But what’s the future for CYC after the first two weeks? Will it be a relatively boring stable coin? Like other rebase tokens it will be tied to it’s chain (in CYCs case Binance Smart Chain), but it’s dynamic based on demand (which means you lose or win CYC depending on demand, even if the price of CYC is always the same). If it’s a success CYC may launch as separate contracts on other AnySwap chains as well.
The potential reward for joining this can be great, with high short term yields, but be aware of the risks as it is new territory.