FRAX-aROME farm on Solarbeam is offering 700%+ APR
FRAX-aROME farm on Solarbeam is offering 700%+ APR
How you can participate, what is RomeDAO and more...
Disclosure: Members of our team are participating in the following farms. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token or participate in any farms. 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 these opportunities.
Note: The yield mentioned in this article may consist of both native & protocol rewards. Yield breakdowns can be found in the protocol dashboard.
Table of contents
What is RomeDAO?
What is aROME?
What is FRAX?
Where is this yield coming from?
How to participate in the FRAX-aROME farm?
Adding liquidity to the pool
Staking your LP tokens to farm SOLAR
Secret Bonus Content
What is RomeDAO?
RomeDAO is a fork of OlympusDAO, launching soon on Moonriver. It is being developed by a team of early OlympusDAO contributors, but they are NOT endorsed or officially partnered with OlympusDAO.
RomeDAO will launch the ROME token, a decentralized reserve currency similar to OHM, which will be backed by the RomeDAO treasury and hence, will be protected from unpredictable and unfavorable market conditions.
To learn more about what RomeDAO is and how it works, see their official announcement.
What is aROME?
Alpha Rome (aROME) is an ERC20 token deployed on Moonriver, which was sold by RomeDAO at an initial price of $15/aROME which was paid in DAI. aROME is an IOU token that will be redeemable 1:1 for ROME at launch.
The speculative return potential of this OHM fork has pushed the price of aROME to over $1500 in the FRAX/aROME pool on Solarbeam.
What is FRAX?
FRAX is a fractional reserve stablecoin pegged at $1, which means it is partially backed by collateral and partially stabilized algorithmically.
To learn more about how FRAX works, see their official documentation.
Where is this yield coming from?
The FRAX-aROME farm is seeing a very high trading volume to total liquidity ratio on Solarbeam, which has pushed the fees APR to over 700%. In addition to this, liquidity providers can stake their LP tokens on Solarbeam to earn an additional 24% APR in SOLAR rewards which further boosts the overall yield.
How to participate in the FRAX-aROME farm?
Go to the add liquidity page on Solarbeam and connect your wallet.
Make sure that the FRAX-aROME pair is selected.
Deposit FRAX and aROME in a 50/50 proportion, then confirm.
NOTE: You can swap your tokens for FRAX and aROME using https://app.solarbeam.io/exchange/swap
You may need to approve both FRAX and aROME to be used by Solarbeam’s smart contract before adding liquidity. This is a one time action.
Click on Confirm Adding Liquidity after approving both.
Verify the amount of FRAX-aROME LP tokens that you will receive. These tokens represent your share of the pool and can be redeemed to receive the underlying aROME and FRAX at current exchange rate.
Finally, to farm SOLAR, go to https://app.solarbeam.io/farm.
Select the FRAX/aROME pool and enter the amount of LP tokens you want to stake. Then click Approve & Stake.
🎉 Congratulations! You have successfully staked your FRAX-aROME LP tokens on Solarbeam.
Go to https://app.solarbeam.io/farm?filter=my to see your farms. You can see your holdings and pending rewards on the sidebar to the left.
NOTE: Please exercise extreme caution if you intend to participate in these opportunities. Happy farming!
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Secret Bonus: Spotted at the bay
Our sources report that some sailors have come ashore and started building a Warp Zone in the bay for Solarbeam liquidity pools. Keep an eye out for people warping in and out of Solarbeam pools.
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