Curve Yield Farmers Rush to Deploy $60M on Newly Launched Conic Finance, Capture 21% APY on USD Coin
A new tool to capture yields from prominent stablecoin swapping service Curve has attracted over $60 million from depositors just over a week after launch. Conic Finance, which went live Mar. 1, allows users to deposit tokens into its omnipools, a new product that diversifies exposure across the Curve ecosystem while increasing rewards.
Conic users can earn up to 21% annualized yields on the three omnipools for dai (DAI), frax (FRAX) and USD Coin (USDC). The USDC pool has attracted over $50 million in liquidity alone, as Conic is currently providing one of the highest available yields in the crypto market for USDC. Deposits of frax and dai are considerably lower at $7 million and $5 million, respectively. Each omnipool allocates liquidity of a single asset into different Curve pools. All Curve liquidity provider (LP) tokens get staked on Convex to boost curve (CRV) rewards earnings. Convex (CNX), another Curve ecosystem token.
Source
@CryptoWorldAnalysis
