Impermax announced a new launch for SushiSwap that brings leveraged yield farming for users on Arbitrum, too. In simple terms, Arbitrum users can now use their SushiSwap’s SLPs as collateral on Impermax to leverage their farming positions. Its great news for both Arbitrum and SushiSwap because they can now offer more opportunities to farmers and attract more liquidity providers. Currently, the supported SLPs are ETH-NYAN. NYAN is Arbitrum’s meme token with over %1.5B in TVL.
Easier Rewards for Arbitrum’s SushiSwap
More rewards and earning opportunities for DeFi users mean faster growth for any ecosystem. Arbitrum is trying hard to compete with big names in the market and is becoming successful on some fronts. Working with SushiSwap is enough to find more customers easily, but new features are always welcome and help the ecosystem grow. The new tool from Impermax helps Arbitrum offer more services to SushiSwap users. Leveraged yield farming is now available on Arbitrum’s SushiSwap.
As mentioned above, the new leveraged yield farming currently supports ETH-NYAN. It’s an SLP that currently yields more than 3200% APR. according to the announcement by Impermax, “Users on Impermax can now leverage their ETH-NYAN positions up to 3x in order to get a much higher and auto compounded return.”
Leveraged yield farming is among the most popular opportunities for DeFi farmers. They can borrow funds and increase their farming positions with the option. If a farmer chooses farms wisely, they can increase their earning by up to 50X with the help of borrowed funds. The borrowing is possible using collaterals. In the new Impermax leveraged yield farming on Arbitrum, users can use their SLPs as collateral and borrow funds.
Indirect liquidity funding is another offering from Impermax on Arbitrum. It’s a solution for earning yields with a single token deposit and no worries about the impermanent loss risk. But how is it possible? According to the announcement:
“An indirect liquidity provider is a lender. They deposit funds that are borrowed by other liquidity providers to multiply their yields, as noted above. The yields are shared with the lender. So the lender is earning yield indirectly through borrowers.”
Impermax shows its potentials again by providing a new offering on Arbitrum. The new leveraged yield farming helps both SushiSwap and Arbitrum ecosystems. They now have more to say in the DeFi competition and can find new farmers as well as investors. The new tool adds to currently supported pairs on Uniswap V2 and Quickswap for Impermax.