Flux Protocol DeFi Strategies -Part 2
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Leveraging Assets on INS3
Welcome to our Defi Strategies using Flux Protocol series! In our last article, we discussed how to supply assets on Flux to earn APY% and how to borrow assets to provide liquidity on Moonswap. If you need a refresher on how to complete these actions, go check out the previous article here.
This week, Flux added the YFII token to the protocol for users to supply and borrow! We will be taking advantage of the high APY supply rates in tangent with our liquidity mining event to double up on Flux rewards! We will also discuss another strategy where we will stake assets on INS3 to further leverage our earnings! Keep reading to learn how…
As discussed previously, high APY rates are perfect for earning great returns on your assets. Since YFII is allowing this opportunity, we will supply some tokens to earn rewards!
Staking on INS3
Most do not realize that INS3 provides great staking and farming opportunities for stablecoins and Conflux native assets. I will show you how to stake on INS3 using borrowed assets from Flux.
Here we will borrow 150 cDAI from the YFII assets we supplied earlier.
Now that we have our stablecoin, let us head over to INS3. Click on the “INS3” icon which will take you to their website. Here you can read about INS3 and how it works. Click on “Conflux Open App”. This will take you to the farming/staking platform on INS3.
This is the farming/staking page on INS3. Click on “staking”
Then click “DeFI”. Here you can choose different protocols that we would like to stake and earn rewards. The great thing about INS3 is that we are allowed to select all four protocols and use the same 150 cDAI to stake with, further increasing our reward position. This might be risky for some, but for this example, I will choose all four.
Click “Pay” and approve the transaction.
Once the transaction is approved, you can see that we have new items in our “My Staking”. Click on this and we can see that our 150 cDAI is staked and now earning ITF tokens!
Try checking out the “iNFT stake” button for some additional features!
Check out this article for a more in depth tutorial on INS3