The Wombat Exchange Factory Pool has been successfully deployed on Magpie, leveraging the power of our accumulated veWOM to offer users the most efficient way to participate and earn rewards. Liquidity providers on the Wombat Factory Pool now have the opportunity to maximize their earnings by depositing their assets on Magpie. For stablecoins holders seeking higher APR%, the Factory Pool presents a riskier and more volatile alternative. This aligns with our commitment of providing passive income opportunities to a wider audience. Let’s dive into the details to see its components.
Factory Pool is live, but what is it composed of?
The Factory pool is composed of these pairs: CUSD-HAY, iUSD-BUSD & axlUSDC-BUSD.
- CUSD: Is a decentralized stablecoin introduced by the Coin98 team to fulfill the liquidity needs in the DeFi space. CUSD is envisioned to serve as a bridge, connecting cash flow between various services and products within the Coin98 ecosystem and eventually expanding to other DeFi platforms. Being a decentralized stablecoin, it can be traded for other popular coins at a 1:1 rate. CUSD holders can deposit their assets on Magpie to earn boosted passive income. Since a routing token is needed, in this case, Wombat utilizes HAY.
- iUSD: Also referred to as iZUMi Bond USD, is a stablecoin pegged to the value of the US dollar. It is issued by iZUMi Finance in the form of a bond, which is sold to private investors. The funds raised from this bond issuance are utilized for the development of the iZUMi ecosystem and are fully supported by the collaterals and future revenues of iZUMi. iUSD holders can deposit their assets on Magpie to earn boosted passive income. Since a routing token is needed, in this case, Wombat utilizes BUSD.
- axlUSDC: axlUSDC is a bridged version of USDC created by Axelar. For each axlUSDC, there is an equivalent USDC locked on Ethereum. axlUSDC serves as a routing asset across the 30 chains supported by the Axelar Network. The axlUSDC-BUSD pool will drive numerous cross-chain applications built on Axelar’s decentralized cross-chain infrastructure, including direct cross-chain swaps between native assets. axlUSDC holders can deposit their assets on Magpie to earn boosted passive income. In this case, Wombat uses BUSD because a routing token is required
Note: The routing tokens act as a bridge, allowing the user to swap assets between various pools (Main Pool, Side Pool, Innovation Pool, and Factory Pool) on the platform.
In summary, the implementation of the factory pool provides a fresh opportunity for users on the BNB chain to interact with and derive benefits from Magpie. By providing enhanced rewards for new stablecoins that have their own growing ecosystem, Magpie has the capacity to broaden its user base and extend offerings to a wider audience.
About Magpie XYZ: Magpie XYZ is a platform built on BNB Chain to boost yields for liquidity providers and governance token holders of veTokenomics protocols. Essentially the platform incentivizes governance token holders and liquidity providers to pool their assets together so that the platform can acquire governance tokens, convert them into veTokens, boost yield for liquidity providers, and in return share part of the protocol revenues derived from liquidity providers’ boosted profits back to governance token holders.
