While NFTs (non-fungible tokens) have enjoyed a record year of growth, one obvious shortcoming has been a steep learning curve and challenging UX for new creators and artists looking to release their art as NFTs.
For example, NFT standards require a variety of upgrades to provide creators the ability to collect resale royalties across all NFT auction platforms in secondary markets such as Rarible.
In light of the many improvements needed in the minting and auctioning processes for NFTs, Universe Protocol launched recently to better enable “a community-driven content backed by social tools, media services, and content distribution as well as tokens, games, and finance.” The xyzDAO which governs the Universe Protocol will focus first on “a novel method for creating new Collections, and second, on auctioning off those Collections.” The xyzDAO will govern the parameters of the Universe Protocol functions that make this possible.
Specifically, the Universe Protocol aims to offer the following NFT-related products:
- A better collection curation and launch toolset, including the ability to bundle NFTs for “collections” and transform NFTs from standalone objects to a Franchise of Collections.
- An easier UI for minting, including the ability to batch mint up to 40 NFTs in one transaction and support resale royalties
- An Auction House and NFT marketplace to sell any NFT whether you created it or own it
As of today, I want to emphasize that no products have been launched. It is very early for the Universe Protocol. It is also worth noting the Universe co-founders include the co-founders of the BarnBridge protocol, which I’ve written extensively about and interviewed for Yield TV.
For now, the Universe Protocol is distributing its new XYZ governance token and for those who resonate with the mission behind the Universe Protocol, you can stake many popular DeFi tokens as well as provide liquidity for the XYZ-USDC LP in SushiSwap to earn as high as 953% APR, based on today’s market price of the XYZ token ~$0.26.
How to Earn Up to 953% APR Staking in Universe Protocol
Before we get started, please be aware of a few major risks.
- Smart contract risk in Universe Protocol
- Systemic risk in DeFi composability
- Estimated APRs can go up or down with the price of the XYZ reward token and staked liquidity
Here’s how to get started!
1 – First, I would consider what I want exposure to and what rewards can I earn for staking and risking such liquidity in the Yield Farming dashboard for Universe.
- Do I already hold these tokens and am I willing to stake any of them at these estimated APRs? A great place to check real-time APRs is the Universe Bots in the Universe Discord here. The APRs as of this writing are:
- AAVE – 18%
- BOND – 50%
- COMP – 42%
- SNX – 47%
- SUSHI – 11%
- LINK – 18%
- ILV – 40%
- I could alternatively just stake XYZ in the Governance module at 732%
- Or I could become an XYZ-USDC LP in SushiSwap and stake the LP for 954%
2 – Let’s assume I want to simply work with the blue chip DeFi tokens I have. I would go to this Yield Farming dashboard, find the asset, and click Staking.
3 – Then, click Enable, confirm on MetaMask and then specify how much token to deposit and click Stake.
4 – These pools accrue XYZ rewards based on how much one deposits and for how long, with weekly epochs. If you…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
