Project Update: February 2022
- This week (20–27 Feb): OH! Finance is launching its new high-yield strategy on Moonwell on Kusama’s Moonriver chain! We expect to see up to 30% APY. (…and currently paying nearly 70% APY!)
- Next week (27 Feb-5 Mar): New website UI will go live.
- The week after that (6–12 Mar): Staking of OH and OH<>LP tokens will go live.
- + Growing: Platypus strategy to improve yields across the Avalanche-side strategies.
- + Burning: First major OH token buybacks.
- + Folding: More strategies, perhaps with some abominable friends?
- + More: Specifics on these updates to follow in later posts!
OH! Finance x Moonwell
OH! Finance is launching on Kusama’s Moonriver chain, debuting with its new high-yield strategy for Moonwell! Moonwell is the first and largest open lending and borrowing DeFi protocol on the Moonbeam (Polkadot) and Moonriver (Kusama) parachains.
This strategy, like all OH! Finance strategies, is simple and secure. The fine folks at Moonwell successfully completed their initial round of smart contract audits by Halborn Security very recently.
We’re currently expecting to see yields up to 30% APY on this strategy using our single token USDC vault. Oh! …and we think we can push that APY even higher once we test yet another new strategy of ours there.
New to “Dotsama?” To use this new strategy you’ll need to have funds on Moonriver. Don’t worry — we’ll have a guide for you soon.
You’ll be able to find this new strategy in the usual place: oh.finance
New Website UI
Next week our slick new UI will go live. Featuring light/dark mode, network selector, performance chart, $OH info, and more.
The website will still be oh.finance so there’s no need to update your bookmark.
Staking, Staking & More Staking
We know the community is eager for this one :) In the next two weeks we will launch our staking module.
Upon launch users will be able to:
- Stake OH to earn OH
- Stake OH-AVAX (LP) to earn OH
Earning OH rewards on stablecoin deposits will come in a future update, as will long-term stablecoin staking opportunities.
This update would have gone earlier but we are resolving a critical bug found very recently. At OH! Finance security is essential.
Enter the Platypus
OH! Finance is excited to join the Platypus Party! We are accruing a growing pile of PTP and using that to improve yields across our existing Avalanche strategies —USDC.e, USDT.e, and DAI.e.
Platypus.finance is an automated market maker (AMM) built on Avalanche with very low slippage and fees on stablecoin swaps. Currently, Platypus offers swaps between USDC, USDC.e, USDT, USDT.e, and DAI.e. The dApp also features stablecoin staking with rewards paid in PTP. Its native token, PTP, can also be staked to boost those rewards. Festive indeed!
The Platypus TGE (token generation event) was held by our good friends at Avalaunch, who also held OH! Finance’s TGE. #BFFs
OH Buyback & Burn
Our first buybacks + burns will begin soon. A portion of the yield generated by the OH! Finance protocol is used to buy back OH tokens and burn them, thereby creating deflationary pressure.
The initial share of earned yield will be decreased to 10% in order to return maximum yield to stakers (that’s you). You can learn more about this mechanism’s function and history on Cointelegraph.
What’s on the Horizon?
We’re constantly looking for new strategies, partnerships, and, just generally, ways to provide value to our enthusiastic community.
Crypto moves extremely fast. Sometimes our ideas take flight. Other times, they don’t have a chance to get off the ground. Case in point: we had a folded MIM strategy ready to deploy when things suddenly changed and that strategy was no longer effective. C’est la DeFi.
Undeterred, the OH! Finance team has been sent to scout the snowy, mountainous wilds of DeFi in search of yields guarded by a legendary creature. Will we return with treasure? We won’t know until we look.
About OH! Finance
OH! Finance is an optimized yield-generation protocol, focused on reducing risk and increasing volume exposure. Start earning industry-leading interest rates on stablecoins in just a few clicks: https://oh.finance
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