If you are already blessed with some business acumen🧠, then you’d know the importance of yield farming🧑🌾 in De-Fi. Yield farming will allow you to earn passive returns on your holding by staking, lending your tokens to generate returns on it.
In crypto economy, staking and lending plays a major role for hodlers can actively increase📈 their holding and earn income out of it.
So, here is a guide to manually lend your BTCB on the WOWswap protocol.
But first and foremost, what exactly is BTC Lending?
BTC lending💸 is a process by which BTC holders can provide liquidity to WOWswap by depositing bitcoins and generate rewards for doing so. The modus operandi of it comprises depositing BTC for a specific period of time and promoting the sound operations of WOWswap network.
👉The WOWswap protocol uses the liquidity to provide funds to leverage traders and charges them interest on the funds to generate revenue which is used to provide returns to LPs.
How to earn by lending BTC on WOWswap?
WOWswap is a decentralized leveraged trading protocol that runs on top of Pancakeswap DEX. It is a decentralized exchange on the BNB Chain that allows for the trading and delivery of BTC (BTC symbol on BNB Chain is BTCB) as well. Moreover, you can leverage trade (up to 5️⃣x) for both long and short position whilst an ongoing liquidity pool🌊, wherein depositors will lend to the liquidity pool and, will also get rewarded via the interest💸 charged to traders.
How to stake BTCB through WOWswap?
1️⃣ Go to the earn section on WOWswap portal and then you’re required to opt and connect to a wallet type. WOWswap trading protocol incorporates a varying range of EVM compatible networks, particularly: Ethereum, Solana, Arbitrum, Avalanche, BNB Chain, IoTeX, Polygon and HECO Chain.
3️⃣ Search and select the token pair that you’re willing to stake in WOWswap liquidity pool. For this article, we will provide BTCB to the pool so we need BTCB to supply it on WOWswap.
3️⃣ To provide liquidity:
- Enter the BTC amount that you want to provide for lending.
- Metamask/Wallet will throw up a signature confirmation depending on the network you are using.
- Accept the digital signature request and BAM!
- Your BTCB are in the liquidity pool earning 700%+ APY*.
To learn more about lending to WOWswap, check out our documentation 👇
*Interest rate changes based on the utilization ratio. Check out more here.