For all the apxETH holders hunting for additional yield, Redacted launched a new partnership with our friends at TimeSwap to help you out. In this blog post I’ll show you how to use TimeSwap to squeeze as much yield as possible out of your apxETH.
TimeSwap is a new money market project on Ethereum with a few innovations that allow assets like apxETH to earn up to 50.06% APY.
Please note: This guide is not a recommendation and interacting with DeFi protocols can be risky. Please do your own research and use your best judgment. Best of luck out there!
Overviews
Before we jump in, let's cover all the details to ensure you're well-prepared before aping.
What is apxETH?
Pirex ETH offers two tokens: pxETH for users who want DeFi yield and apxETH for users who want staking yield. Fortunately, TimeSwap has integrated apxETH – meaning you can earn ETH staking yield and yield from TimeSwap – a win-win. I’ll cover how to mint apxETH below.
What is TimeSwap?
TimeSwap is an oracle-less lending/borrowing protocol, facilitating the creation of money markets for ERC-20 tokens. TimeSwap offers non-liquidatable, fixed-term loans and operates without oracles, eliminating risks of oracle manipulation. Its independence from oracles allows for diverse lending/borrowing markets for a wide range of ERC-20 tokens.
Obtaining apxETH
Before getting started, you’ll need to get your hands on apxETH. You can mint some here. The mint screen will provide you with two options:
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Mint pxETH with ETH
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Mint apxETH with ETH
For this use case we will mint staked apxETH in order to use it on TimeSwap.
Earning on TimeSwap
After minting apxETH, go here to the Timeswap home page.
Once you’re on the main pools page, you’ll have access to all of TimeSwaps products and some nice statistics. Head over to the “all pools” tab, within the search bar you’ll find the apxETH pool by searching in the bar. Type “apxETH” and you’ll see the list populate with the pools available to you:
Using the apxETH / WETH Pool
The apxETH / WETH pool is simple, to start the liquidity pool is made up of apxETH and WETH. Lenders can lend WETH and receive TIME and BTRFLY rewards. While borrowers can earn TIME and BTRFLY rewards for collateralizing their apxETH for borrowing WETH.
Borrowing WETH on TimeSwap
Since we have already minted apxETH we will now be collateralizing it in order to borrow WETH. Below I’ll walk you through the steps of borrowing WETH.
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Connect your wallet if you haven’t already
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Enter the the amount of WETH you would like to borrow
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Approve your apxETH, wait for your approval
Note: Borrowers have to repay their debts before maturity in order to claim their locked collateral. If not, your collateral will be forfeited.
- Click Borrow your confirmed amount, wait for confirmation
Lending WETH on TimeSwap
Now for all my lenders looking to earn some yield on WETH.
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Connect your wallet if you haven’t already
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Enter the the amount of WETH you would like to lend
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Approve your WETH lend amount, wait for your approval
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Click Lend your confirmed amount, wait for confirmations
Rewards on TimeSwap
Once you do that, you’re set. You will now earn TIME and BTRFLY rewards for collateralizing your position with apxETH or for the WETH you have lent.
Make sure you monitor your positions. For TIME tokens, rewards will be redeemed in full at the Token Generation Event (TGE). Which has been tentatively set for Q1 2024. As for BTRFLY tokens they will be redeemable monthly from the pool's inception date (01/15/24). After harvesting your yield, I recommend you lock your BTRFLY into rlBTRFLY to earn additional rewards.
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