IOTA enters the DeFi market with Massive Yield Farming Feature

• Iotabee indicated that its yield farming facility, also known as IOTA DEX farming, will soon be added to the ShimmerEVM testnet.
• It explains how users can earn handsome returns by providing liquidity with offers as low as $2,000.

Iotabee is establishing itself as a large decentralized exchange (DEX) for the IOTA and Shimmer platforms. It is a multichain swap + DEX that provides liquidity for SMR, SOON and SHIMMER and has served more than 3,000 clients to date.

The goal of IOTAbee is to boost decentralized finance (DeFi) activity on the IOTA network. In the latest development, IOTAbee announced that it plans to soon launch its yield farming facility, dubbed IOTA DEX farming, on the ShimmerEVM testnet. First, Iotabee will introduce the trial version of the platform. Here’s how it will work:

• Users can lend tokens to the farming pools, increasing liquidity for the decentralized trading activities.
• Similarly, traders can play the role of liquidity provider, paying fees on swaps and earning a portion of those fees.
• Users who put their Liquidity Provider (LP) tokens into a farm will be rewarded with more tokens.

IOTAbee did not specify when exactly they would launch the testnet version of their yield farming facility. However, it gave an idea of ​​how much return they can generate per year just by offering liquidity as low as $2,000.

🤔🧮 Let’s do the math! 💡 Calculate your potential earnings with Iotabee Farming! 🐝🌾

1️⃣ You pledge $2,000 in #MIOTA /#SMR, total liquidity pool is $200,000.
2️⃣ Your share: 1%.
3️⃣ The MIOTA/SMR pool accumulates $120,000 in fees/year.
4️⃣ Your Earnings: $❓ (Return: ❓% on $2,000… https://t.co/1cwFfvckpu pic.twitter.com/IlHnddY0c9

— Iotabee (@iotabee) May 3, 2023

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IOTAbee introduces a bridge for ShimmerEVM

The decentralized exchange IOTAbee (DEX) recently launched a bridge on the ShimmerEVM testnet, allowing users to seamlessly transfer assets across the IOTA mainnet, ShimmerEVM, and the Ethereum blockchain network.

According to Iotabee, using the Iotabee Bridge is straightforward and can be initiated in several simple steps.

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1. First, users need to set up their wallets on IOTA’s self-custodial wallet TanglePay or the Web3 wallet Metamask, the leading wallet.
2. After that, users can get their ATOI and MATIC test tokens.
3. Additionally, users can report any bugs on the Iotabee Discord channel or send a screenshot of the bug to Zeely’s channel to earn extra XP and get the exclusive Bug Hunter badge. T

To use the bridge, users must “wrap” their assets on one chain by securing them in a smart contract and creating a corresponding wrapped token that can be easily transferred to the other chain. Once the wrapped token reaches the target chain, it can simply be “unwrapped” by burning the token and releasing the underlying asset from the smart contract. Below are some of the potential benefits of a bridge as explained by Iotabee:

1. liquidity provision: Bridges facilitate the transfer of liquidity between different networks, thereby increasing the total liquidity accessible in the crypto and DeFi space.
2. wealth diversification: By using a bridge to move assets across different networks, users can diversify their holdings and take advantage of the different characteristics and opportunities offered by different networks.
3. arbitrage: Bridges allow users to exploit price differences between networks by buying assets on one network and selling them on another.
4. yield farming: By transferring assets through various DeFi protocols, users can participate in yield farming strategies and generate passive income from their holdings.
5. Bridges give users access to new opportunities that may not be available on native blockchains, such as: B. Trading, staking, borrowing and lending.

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