Earn High APY on Aurigami Finance with your USDC (up to 48%)
Before we get started with earning APY on Aurigami Finance, this is not a recommendation or endorsement to buy AUR, PLY, or any token mentioned.
NEAR Protocol’s Aurora
NEAR is “a development platform built on a sharded, proof-of-stake, layer-one blockchain designed for usability.” NEAR has been in development for many years, going back to 2018, but has been slower to see its popularity peak this last bull run in the way other L1s have, hosting DeFi applications and liquidity mining the last few years.
Similar to the way Ethereum Mainnet is different from Ethereum L2’s like Optimism, a team has developed an EVM-compatible L2 for NEAR called Aurora. This offers a few advantages over NEAR L1 including more affordable transactions, users can leverage existing tools like MetaMask, and a familiar UX where aETH (ETH on Aurora) is used to pay transaction fees.
Aurora currently hosts about $500M TVL of economic activity, including an array of DeFi applications. Aurigami Finance is one the most popular dApps on Aurora, as a borrowing and lending market, similar in nature to what we use on Compound or Aave on Ethereum, with $62M TVL today, as high as $550M TVL at its peak a few weeks ago. As a non-custodial liquidity protocol, depositors can provide liquidity to earn passive income, while borrowers are able to borrow in an overcollateralized fashion. The governance token of Aurigami is PLY, with a total supply of 10B, and currently a FDV of $26.8M (with a market price of $0.00268773).
In the following tutorial, I’ll walk through how I can simply lend USDC to borrowers on Aurigami, netting 48% APY, thanks to yield composed of USDC borrowing interest and
