Earning opportunities in decentralized finance are still plentiful despite the broader crypto market slump. This platform is offering more than 60% returns for staking certain tokens.
DeFi earnings platform PowerPool has announced a new vault for the Tornado Cash token, TORN. The protocol made the announcement that the ppTORN pool was live on May 10.
Furthermore, the new vault allows users to maximize TORN staking returns by utilizing PowerPool’s auto-compounding algorithm. The vault uses a ppTORN smart contract that aggregates user deposits into the Tornado Cash governance staking contract.
Tornado Cash is a popular Ethereum mixing service that anonymizes transactions. Furthermore, the vault harvests and auto-compounds Tornado protocol fees for additional rewards.
🌪+🎱 We’re happy to announce that new $ppTORN vault is launched. Stake $TORN to receive auto-compounding rewards!
🎱 https://t.co/FP0RX9L3Le
🎱 #ppTORN was audited by https://t.co/D0EXzYi1ch
🎱 First harvest has already been executed!
🎱 $TORN community feedback upgrades 👉 soon— PowerPool $CVP (@powerpoolcvp) May 10, 2022
More Than 60% APY
According to the announcement, the team calculated that during a two-month period, users generated 61% APY in the ppTORN vault. This is better than the 52% they earned for direct staking without the vault.
Additionally, users only pay the transfer fee and there is no fee for staking into the Tornado Cash contract, harvesting, or re-staking. To use the ppTORN vault, DeFi farmers need to do the following:
- Navigate to the app.powerpool.finance website,
- Click the “Vaults” section,
- Deposit TORN into the ppTORN vault, (needs wallet approval)
- Enjoy decent returns,
- Withdraw staked tokens when ready.
There was almost $100,000 in total value locked in the vault at the time of writing.
To develop the new DeFi product, the team ran experiments that processed on-chain data from the Tornado governance staking contract. A two-month test was run to estimate a staker’s income in different scenarios with harvesting and re-staking.
“The results revealed that ppTORN allows users to generate more income while reducing ETH gas costs and yield management time.”
It calculated that the ideal time frame for harvesting and re-staking was around 40 hours. Furthermore, PowerPool has automated all of the operations making the process very simple for TORN holders.
Additionally, there is no fixed lockup period so stakers can withdraw their initial deposit and rewards whenever they feel like it.
PowerPool has a mission to create and actively manage a diversified portfolio of automated, gas/capital-efficient, structured DeFi product portfolios, and smart vaults.
TORN Price Outlook
The Tornado Cash token has made no gain over the last 24 hours. As a result, TORN was trading at $43.01 at the time of writing. However, the token has been battered with the rest of the crypto market this month.
TORN has slumped 15.8% over the past week and is down 90% from its February 2021 all-time high of $436.
The PowerPool Concentrated Voting Power token, CVP, has dropped 9.9% on the day to trade at $0.466. CVP has fallen even further from its all-time high.
⬆️Get $125 for SIGNING UP with MEXC Exchange (FREE $25 in your MEXC wallet + 1-month ALTCOIN BUZZ ACCESS PRO membership (worth $99). MEXC supports U.S. Traders in all trading pairs and services.
(To get your ALTCOIN BUZZ ACCESS PRO membership, DM us with your “newly signed up MEXC UID” and “Telegram ID” on our Twitter @altcoinbuzzio)
⬆️Find the most undervalued gems, up-to-date research and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.
⬆️Finally, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.