Maximizing xMARK yield on Polygon: A how-to Guide on Auto Compounding with Beefy Finance
Until recently, the powers of compounding interest were reserved for traditional finance. Now, using Beefy.Finance, you can use the power of compounding interest to increase the yield of your xMARK-USDC LP on the Polygon Network. DinoSwap.Exchange is currently the largest LP token farm for XMARK — USDC on Polygon.
● By compounding interest earned via farming directly into your xMARK-USDC LP, the interest earned grows exponentially.
● Beefy.Finance will autocompound xMARK-USDC LP by selling the DINO rewards earned from farming and selling it for more xMARK-USDC LP.
● Users who autocompound their rewards on Beefy.Finance will see massive gain to their harvests. At the time of writing, an improvement from 400% APY to 8,450% APY is possible.
Keep in mind that APY is variable and constantly changing
Beefy.Finance Staking Guide
Before following this guide, please make sure you familiarize yourself with the use of MetaMask and bridging xMARK from Ethereum network to Polygon
Add xMARK to MetaMask (Add Token)
xMARK Token specifics (on Polygon):
USDC Token specifics (on Polygon):
Guide to Creating and Staking XMARK-USDC LP on Beefy.Finance
1) Connect your Wallet
Go to app.sushi.com
Click connect wallet in the top right corner
2) Click “Liquidity”
Set the inputs to XMARK and USDC by clicking the drop-down boxes and finding XMARK and USDC using their contract addresses.
Before you can add liquidity, you’ll need to approve the tokens to stake into the contract.
3) Go to https://beefy.finance , and click the Polygon symbol, shown below.
4) Connect your wallet
5) Find the xMARK-USDC LP box and click it
6) Click “Approve” and confirm the transaction to allow you to deposit LP into the smart contract.
7) Enter the amount of LP you’d like to stake, and click Deposit.
You are now auto compounding! Enjoy the gains!
Thank you to community members @omni999 and @hoffsteady for creating this guide.
About Benchmark Protocol
Benchmark Protocol mitigates liquidation events and hedges risk with the MARK token; a supply elastic, stablecoin-alternative that connects traditional capital markets to DeFi. The protocol operates as a rules-based utility that dynamically adjusts supply based on the CBOE volatility index (VXX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent, baseline liquidity during periods of high volatility. Benchmark is built on the Ethereum blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network.
Learn more by visiting the project website: benchmarkprotocol.finance
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Maximizing xMARK yield on Polygon: A how-to Guide on Auto Compounding with Beefy Finance was originally published in BenchmarkProtocol on Medium, where people are continuing the conversation by highlighting and responding to this story.