dForce is collaborating with Lido Finance to incentivize lending activities around $wstETH on Optimism and Arbitrum, including:
- Lend $wstETH and stake the deposit receipt with dForce (tutorial)
- Borrow USX against $iwstETH (tutorial)
- Borrow USX against $wstETH/$ETH Curve LP token
With dForce’s support, now LPs of $wstETH/$ETH Curve pools on Optimism and Arbitrum are able to mint $USX and farm across different platforms to improve your DeFi yields!
This is a how-to guide for leveraging your position at Curve ($wstETH/$ETH Curve LP token) to further enhance your capital efficiency and earn more $LDO token rewards on dForce!
Deposit wstETHCRV-gauge into dForce
- In order to farm $LDO on dForce, you will need to provide liquidity for the $wstETH/$ETH pools on Curve (Arbitrum & Optimism) and stake the LP tokens on Curve in exchange for the wstETHCRV-gauge token.
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Head over to dForce (https://app.dforce.network/) and connect your wallet to the Optimism or the Arbitrum network.
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On the ‘Vault’ page, you will be able to see the wstETHCRV-gauge vault, simply click on it to expand the menu.
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You should be able to see some key parameters for the wstETHCRV-gauge vault, including Total Supply in dollar value, Adequacy Ratio (keep it above 1 to avoid liquidation), Supply APY (real-time lending rate), LTV (the value of your borrowed USX against the value of your collateralized wstETHCRV-gauge token), etc.
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Enter the amount of gauge token you’d like to deposit into dForce, and click on ‘Supply’ to continue. First-time users will have to enable the asset to kick start.
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Now you should be able to see your $LDO rewards growing over time on dForce!
Borrow $USX
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Now users can mint $USX using deposited wstETHCRV-gauge token as collateral. One the same page, you will be able to see details of your open position. Please note dForce doesn’t charge any loan origination fee or withdrawal fee, but you will have to pay 3% APR for your borrowed $USX. 7% liquidation fee will be captured by liquidators for defaulted loans, so please please watch your Adequacy Ratio closely and make sure it stays above 1 at all times to avoid liquidation of your collateralized wstETHCRV-gauge tokens.
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Enter the amount of $USX and click on ‘Borrow’ to continue (you are suggested not to exceed the suggested ‘SAFE MAX’ amount).
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After confirming the transaction from your wallet, you should be able to see your $LDO rewards growing over time on dForce!
Join our communities for any questions related to using dForce.