Belt Finance v2 is set to launch on the 21st of April, mining distribution will kickstart on the following day — the 22nd of April, 2021.
Belt Finance announced that their Total Value Locked (TVL) hit $1.2 billion with users’ participation in a short period. This extraordinary expansion resulted in a lower yield from Venus. Until now, the venus pool used a single Venus protocol strategy. Venus’ lowering base APR resulted in Belt users not getting the high rewards Belt.fi expected them to. In this light, the platform has decided to release a new update — a multi-strategy update.
With the multi-strategy update, Belt.fi will minimize the dependence of any protocol. Users will not have to move their assets actively in search of optimal yield. What more, Belt Finance auto-compounds these assets and gives BELT rewards in return. The new update will not only generate yield on stablecoins, but it will also be a competing protocoll to generate the best yields on ETH, BTC, and BNB. In this article, we will briefly describe in detail the significant changes in the new update.
Belt Finance At a Glance
Belt Finance is an AMM protocol that integrates multi-strategy yield optimization on the Binance Smart Chain (BSC). This is done with low fees/slippage, which provides aggregation through vault compounding, lending, and yield generation to produce massive returns.
Belt Finance v2 Update
In summary, the new update comprises of the following:
New multi-strategy yield for Belt.fi pools and vaults.
New pool (4BeltLP [(b)USDT, (b)USDC, (b)DAI, (b)BUSD])
New multi-strategy vaults (BTC, ETH, BNB, BUSD, USDT, USDC, DAI)
New mining distribution rates.
The major Liquidity Provider (LP) staking pool on Belt Finance will be the 4Belt pool. The new pool will utilize multiple strategies simultaneously for every asset in the pool. This puts Belt.Fi in the running of the highest yields across all of BSC DeFi. The pool will acquire trading fees and BELT rewards alongside auto-compounding users’ yield. Similar to the Venus pool, users get to create the LP on the Belt.fi website. However, the Venus pool no longer acquires BELT rewards, it only auto-compound users’ venus yield.
New Multi-Strategy Vaults
In the new update, seven new vaults will be included. Again, the vaults will utilize multiple strategies to produce the most precise, high yield. Furthermore, some vaults will also get BELT mining rewards along with auto-compounding. Users will get the increased yields not only on stablecoins but also on BNB, ETH, and BTC.
NOTE: BELT rewards and trading fee APR will not be given to the stablecoins vaults. They will utilize different strategies at an optimal rate and auto-compound users’ yield from there. To obtain BELT rewards from stablecoins, the 4Belt LP pool should be used. Also, the new pools and vaults will open on the 21st of April.
New Mining Distribution Rates
To improve Belt Finance’s growth, some BELT mining distribution changes have been added as part of the new update. The new distribution rates are:
Source : bsc.news
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