Earn 175,000%+ APY through staking on RomeDAO
Earn 175,000%+ APY through staking on RomeDAO
How to acquire ROME, stake in RomeDAO and more…
Disclosure: Members of our team are participating in staking on RomeDAO. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase/stake/bond ROME. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice. Please exercise extreme caution if you intend to participate in this opportunity.
Table of contents
What is RomeDAO?
How does RomeDAO work?
How to stake ROME?
Get ROME
How to redeem aROME for ROME?
Stake ROME
What is RomeDAO?
RomeDAO is a fork of OlympusDAO, which was deployed on the Moonriver network on 29th November. It has been started by a team of early OlympusDAO contributors, but they are NOT endorsed or officially partnered with OlympusDAO.
RomeDAO has launched the ROME token, a decentralized reserve currency similar to OHM, which is backed by the RomeDAO treasury and hence has a floor price determined by the Risk-Free Value. Risk Free Value is the amount of funds held in the treasury in the form of stablecoins.
How does RomeDAO work?
ROME employs the same game theory strategies of bonding and staking as OHM. You can read more about them here.
You can either bond stablecoins or LP tokens of ROME liquidity pools to get ROME at a discount from the market price.
Bonding allows RomeDAO to acquire a share in its own liquidity pools and also other reserve assets such as FRAX by selling ROME at a discount in exchange for these assets.
Currently, the discounts are running deeply negative. Hence, it doesn’t make sense to bond right now.
Staking is where all the jaw-dropping yield is. The current APY on staking is a staggering 175,000%.
This yield comes from the fees accrued through the bonded LP tokens and the minting of new ROME tokens against the surplus assets in the treasury.
How to stake ROME?
Get ROME
If you participated in the whitelist and bought Alpha Rome (aROME) tokens, you can redeem them for ROME tokens. The steps below explain how.
NOTE: If you don’t have aROME, you can directly buy ROME tokens from solarbeam.
How to redeem aROME for ROME?
Using the RomeDAO website, add sRome (staked ROME) and ROME to your wallet by clicking on the Add sRome to Wallet and Add ROME to Wallet buttons in the right sidebar. This stores the contract address of these tokens in your wallet and allows you to send and receive these tokens and also see your balance.
Approve the prompt to add the token from your wallet (metamask in this case).
Go to the Claim Page, fill in your aROME balance and Approve. This allows RomeDAO to use your aROME balance. Confirm the transaction from your wallet.
Click on Claim Rome and confirm the transaction from your wallet. You will receive ROME in your wallet in exchange for aROME.
Staking ROME
Go to the Staking page. Enter the ROME amount you want to stake and click Approve. This allows RomeDAO to use your ROME. Sign the transaction prompt displayed by your wallet.
Click on the Stake button and approve the transaction prompt displayed by your wallet.
🎉 Congratulations! Your ROME has been staked and you should have received an equal amount of sROME (staked ROME) in your wallet. You can unstake sROME and receive an equal amount of ROME from the Unstake tab.
NOTE: sROME gets rebased every hour, which means, your sROME balance will increase every 8 hours according to the Reward Yield.
Use this Google Sheet to calculate your % yield. Just enter the current ROME Index and the ROME Index when you began staking. The ROME Index is displayed on the Staking Page.
NOTE: Please exercise extreme caution if you intend to participate in these opportunity. Happy farming!
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