The protocol released details on how to participate in its lending process and obtain $KALM rewards via staking.
Kalmar V2 is Up and Running
Kalmar has been hard at work on the V2 of their protocol, and the team is ready for users to reap the benefits. On June 28th, Kalmar announced on Twitter that its V2 upgrade is fully operational. The upgrade features $BUSD lending, $KALM rewards, $iBNB, and $iBUSD staking, including a unique burn mechanism. The Decentralized Finance (DeFi) bank also reported that $BUSD borrowing would commence on June 29th.
Kalmar V2 Lending: Relevance of BUSD And BNB Lending
Lending to Kalmar is straightforward. Lenders receive the corresponding amount of BNB or BUSD they provide to Kalmar in iBNB or iBUSD tokens. For instance, if a lender offers 3BNB to Kalmar bank, he will receive the corresponding amount in iBNB. The same goes for BUSD.
The tokens received represent their shares of either of the two assets deposited on Kalmar. Lenders stand a chance to obtain rewards as they provide BNB or BUSD on Kalmar. The assets provided by the lender are lent to yield farmers. As long as users borrow BNB and BUSD from the bank, lenders receive interest according to their provided amount.
How Can I Lend BUSD or BNB to Kalmar?
Lending BNB or BUSD to Kalmar can be completed in five easy steps. The following guide can also be utilizes the Kalmar Guides to provide an accurate tutorial.
Step 1: Open the Kalmar website and navigate to the “Lend and Earn” tab.
Step 2: Choose the asset you want to provide to Kalmar (BNB or BUSD).
Step 3: Fill in the amount you wish to provide.
Step 4: Click the “Convert” button and make sure that the transaction is confirmed on your wallet.
Step 5: Your holdings in iBUSD or iBNB will be displayed, verifying that you have completed the process.
iBNB and iBUSD Staking
Users can earn KALM rewards by staking iBNB and iBUSD. Lending BNB and BUSD means that you have the option to stake iBNB or iBUSD tokens. Therefore, staking offers KALM rewards on top of the profits users stand to get by providing assets on Kalmar. Staking iBNB/iBUSD is also straightforward, like lending BNB and BUSD to Kalmar. Here is a step-by-step guide on staking iBNB and iBUSD.
Step 1: Open the Kalmar page and navigate to the “Stake” tab.
Step 2: Select the “Lender Staking” tab and input the amount of iBNB/iBUSD you wish to stake.
Step 3: The process is complete. This means that you are farming KALM by staking iBNB/iBUSD.
To learn more about Kalmar’s leveraged yield farming, farming KALM as a borrower, claiming KALM rewards, read their official guide on leveraged farming.
Kalmar is a decentralized bank powered by DeFi and Non-Fungible Tokens (NFTs). The protocol uses secure financial instruments and advanced gamification models to make banking engaging, transparent, and accessible.
Kalmar continues to offer a premier DeFi bank for lovers of Binance Smart Chain. Obtaining interest by providing assets on the protocol is a tried-and-true model. In essence, the bank offers users a chance to benefit from different means through staking, assets provision, and farming. The Kalmar team will continue to update users about their latest upgrades. They are also urging users to research the risks and benefits of leveraged yield farming on its intuitive protocol.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.