What to do with MAI on Fantom
This tutorial will present the different options that will let you use your freshly minted MAI on Fantom.
The goal of this tutorial is not to present in details what you can do with your MAI stable coin, but have a list of all the websites and DeFi application that you can use on Fantom that will let you use your MAI directly, or in combination with other stable coins. For more details about specific ways to use MAI, you can refer to other tutorials on this site, or get help on Discord or Telegram.
Please note that the list is not complete, and will never be since there are new dapps launching every week on the network. I can't review them all, so I will only present the main options, or the most famous / most "secured" options.
Bluechip projects are the DeFi applications that proved to be solid and present a lower risk. They are usually audited and the team behind them have been working on them for a long time. They usually don't have huge APRs (Annual Percentage Rate) but they can be trusted.
BeethovenX is a fork of Balancer, a project that has not launched on Fantom, but which presence is well established on other networks. Like Balancer, BeethovenX is an automated portfolio manager, liquidity provider, and price sensor. On the platform, you will be able to lend your crypto and you collect fees from trades. If you need more info about the projcets, please visit their official doc.
The BeethovenX team not only forked the Balancer project, it also built amazing additional features (portfolio management, native token BEETS tracking, rewards that can be claimed anytime). And all this with a fantastic universe and story, which helped them create a fantastic community.
On Fantom, you will be able to add your MAI in the
Guqin Qi V2pool that is composed by MAI (65% of the pool), DAI (17.5% of the pool) and USDC (17.5% of the pool), and the APR (Annual Percentage Revenue) is fluctuating between 20% and 30%, paid in BEETS and the swap fees.
Guqin Qi pool as of November 2021
As for Balancer, the best thing about BeethovenX is probably the fact that you don't need to provide the exact ratio for the pool. The algorithm that is keeping the correct balance between the 3 assets will take whatever deposit you have and will sell/buy tokens to make sure the balance is maintained. This way, you can simply deposit MAI and let the pool do the rest.
BeethovenX is also the best application if you want to swap your MAI for another currency using the swap feature.
SpookySwap is probably one of the best DEX on Fantom where you will be able to swap your ERC20 tokens, provide liquidity and farm yields, create LP (Liquidity Provider) tokens, stake their native BOO token, and you can even bridge some assets from Fantom to other chains (and vice versa). It's a fork of Uniswap v2 on top of which the team built additional amazing features.
SpookySwap recently introduced a MAI-USDC pair that people can now farm and gain BOO tokens with an average APR between 25% and 30%.
MAI-USDC pool on SpookySwap as of November 2021
You will be able to stake your BOO tokens to get an extra ~20% APR which is a great way to use your reward token. As a side note, by staking the BOO token, you will receive a sBOO proof of deposit that may be accepted as a valid collateral on Mai Finance later. This would actually create a nice little loop where people will be able to deposit MAI-USDC, earn and stake BOO, deposit sBOO on Mai Finance and borrow MAI to add to the MAI-USDC pool.
Mai Finance is a lending and borrowing platform, and the main project that we all love. In order to support the peg of MAI and have more use cases for MAI on the Fantom network, additional pools have been added to the Mai Finance platform. Hence, you will be able to deposit MAI-USDC LP token previously created on BeethovenX (search for the MAI Concerto pool there) and get rewards in Qi tokens.
MAI-USDC pool on Mai Finance as of November 2021
The Qi token you will get by farming directly on Mai Finance can be used in the Qi-FTM pool that is also present on Mai Finance (you can create the LP en BeethovenX too) and on which you will be able to earn even more Qi. You can also use AnySwap's router to send your Qi harvested on Fantom to Polygon. Then you can stake Qi on Mai Finance,participate in the governance and collect dividends from the protocol.
Bridging Qi from Fantom to Polygon using AnySwap
Beefy Finance is an aggregator present on all the major platforms, including Fantom. You will be able to deposit some LP tokens on Beefy and the algorithms will take care of harvesting your rewards, sell them and aggregate them into more of your deposited LP tokens.
You can use some specific Beefy tokens as collateral on Mai Finance, please check the corresponding article on this site. When it comes to using MAI on beefy, you will be able to deposit the LP tokens you created on BeethovenX or SpookySwap:
MAI pools on Beefy Finance as of November 2021
Beefy will sell your BEETS and BOO rewards to add more of your MAI-DAI-USDC or MAI-USDC positions. Pay attention to the fact that Beefy is displaying APY (Annual Percentage Yield) when BeethovenX and SpookySwap are using APR. This is a crucial point when you want to choose a given platform for the reward VS the simplicity of use.
Beluga is another aggregator on Fantom that will target specific platforms, and in our case, we can use Beluga for the BeethovenX pool. Instead of selling the BEETS token granted by BeethovenX to increase the MAI-DAI-USDC position, the BEETS will be deposited in the BEETS-FTM pool that is getting 350% APR as of November 2021. BEETS will be harvested regularly and compounded in the BEETS-FTM pool, and you will be able to harvest this LP token and remove the liquidity directly on BeethovenX. As a side note, because Beluga is using the BEETS-FTM pool that has a very high APR, the final APY for the MAI-DAI-USDC is very high too.
MAI-DAI-USDC pool on Beluga as of November 2021
Please note that Beluga will not help you grow your stable position. The final APY is highly dependent on the price of BEETS and on the APR of the BEETS-FTM pool. The reward value will not be captured and saved in your stable LP, so you will have to manually break the BEETS-FTM LP and sell for whatever you want.
A lot of degen farms are using LP tokens created on SpookySwap and SpiritSwap. SpookySwap only added MAI-USDC mid-November 2021 and SpiritSwap whitelisted MAI but does not have any MAI pool. This means that most degen farms don't have MAI LPs, but you may see MAI-USDC pairs pop on these sites very soon.
To stay aware of the new farms launching every day / every week, please follow the list regularly updated on RugDoc.io. Also, make sure you're doing your own researches when using degen farms, this guide cannot be taken as financial advice and isn't promoting any specific farm or application aside Mai Finance.
Tarot is a very specific application, and is a fork of Impermax Finance. It allows user to
- lend single assets and gain reward paid in the asset they are lending
- borrow 2 assets to form LP tokens and farm on specific platforms, with the option to leverage their position to magnify their rewards
Tarot accepts certain pairs from SpookySwap, SpiritSwap and SushiSwap. However, because these platform are only starting to accept MAI and to propose LP pairs with MAI, Tarot does not currently propose these pairs. We can easily imagine that in a very near future, you will be able to lend your MAI on Tarot, or use MAI LP pairs to farm yields on a levered position. For more details about how the platform works, please read the dedicated section on Impermax in the Polygon guide.
Everything is this tutorial is purely educational. The goal is to bring light to projects that I think are worthy for people evolving in the crypto world on Fantom. Mai Finance also proposes a MAI-USDC pool (create your LP token on BeethovenX) that will reward you with the Qi token. Finally, this guide is ABSOLUTELY NOT meant to be applied as is, it's not any financial advice and you should not follow blindly what I wrote. Please read the docs of the different projects I mentioned before considering investing on their platforms.
Keep in mind that a strategy that works well at a given time may perform poorly (or make you lose money) at another time. Please stay informed, monitor the markets, keep an eye on your investments, and as always, do your own research.