Alpaca Finance x ITAM partnership announcement
We Senior Alpacas are very happy to announce a partnership between Alpaca Finance and ITAM! With this collaboration, all the Alpacas of the herd will be able to open up a 2x leveraged yield farming position on PancakeSwap’s ITAM-BNB pair, which currently yields over 400% APR in CAKE Rewards! Soon, not only will this APR explode further with leverage, but there will be ~237k USD bonus ITAM rewards on top of it!
About ITAM:
Established in 2018 in South Korea, ITAM is a veteran of NFT gaming. Since being listed on Upbit, the project has recently built a bridge from EOS and has recently arrived on BNB Chain, intending to develop the NFT landscape across multiple blockchains. As for what they’re trying to do, it’s a cross-chain marketplace for all types of NFTs:
“The Middle Earth of ITAM connects the real world with blockchain through NFT and NTT. The Middle Earth is a mediator for NFT exchanges between blockchains. All blockchain users can meet in the Middle Earth and exchange tokens freely.”
Cross-chain has been a big problem for NFTs, with ETH NFTs having been unable to move across chains, somewhat stagnating the development of the NFT space due to the crippling gas costs on ETH. Yet, Ethereum isn’t the only chain where NFTs have run into bottlenecks.
A lack of cross-chain interoperability is also one reason why the NFT landscape on BNB Chain is quite barren at the moment. Now, ITAM is looking to change that, facilitating not only movement but the exchanging and trading of NFTs across multiple chains. With this new possibility, they hope to become foundational to the blockchain NFT space, akin to a commercial-level Polkadot for NFTs.
ITAM‘s prior code has been audited by Certik which you can read about here, and their current BNB Chain Bridge contract has been audited by HAECHI which you can read here.
🎁Benefits to Alpaca Finance Users
Alpaca Finance users will be able to earn ~250k USD in ITAM bonus rewards over the next four-week period. The rewards will be distributed as follow:
- 2.2Mn ITAM (~$200k USD) will be distributed to users that open LYF positions on the ITAM-BNB pair. Your personal rewards allocation will be based on your debt value relative to the entire debt of all borrowers farming the pair. Like usual, you’ll be able to open and close your positions any time during the four-week period, but rewards will only accrue while your ITAM-BNB position is open.
- 412.5k ITAM (~$37.5k USD) will be distributed to ibBNB token holders, aka BNB lenders. You will earn ITAM rewards on top of the ALPACA and BNB rewards you already get from lending and staking our ibBNB tokens.
For leveraged yield farmers, you’ll still be entitled to ALPACA rewards from opening a position on ITAM-BNB. As usual, you’ll be able to claim your ALPACA rewards at any time.
🕑Timeline
- Leveraged yield farming for ITAM-BNB will open on Thursday, April 15th, 2021 at 8 AM GMT.
- Bonus ITAM rewards will run for 4 weeks ending on Thursday, May 15th, 2021 at 8 AM GMT.
- Users will be able to claim the bonus ITAM rewards on a weekly basis on our Stake page. For example, ITAM rewards earned during the period of April 15th to April 21st will be available to claim around April 22nd.
🎁Alpaca Featured Leveraged Pools Program
This will be the first of many partnerships we’ll be launching for our Featured Leveraged Pools Program. Through this, BNB Chain projects will be able to gain leverage for extra liquidity, and to jumpstart user acquisition by gaining marketing exposure through us.
If you Alpacas are curious what this will make Alpaca Finance look like in the future, think PancakeSwap’s Syrup pools, except we have a unique advantage PCS doesn’t — we can provide leverage. For partnered projects, this means not only more liquidity through borrowing from our lending pools, but also multiplied APYs on their farming pool, making buying their token much more attractive for new LPs and investors in general, who will then be able to hold while gaining higher yields.
We already have a number of partners in the pipeline. So as Alpaca Finance continues growing, you fellow Alpacas should expect to enjoy many bonus-yield opportunities like this in the future. Through offering unique value like this, our plan is to not only continue to be the largest lending protocol allowing leveraged yield farming on BNB Chain, but to become the essential liquidity layer for other projects to develop.
This, is one step in our long-term vision, and we’re very confident in achieving it. After all, “liquidity as a platform” is one of the reasons PCS has boomed. As for us, we can take the value they deliver, and multiply it.
To learn more about ITAM, you can visit their official communication channels:
Website: https://itam.network/
Twitter: https://twitter.com/itamgames
Telegram:https://t.me/itamgames
Medium: https://medium.com/itam
Github: https://github.com/itamgames
ITAM BNB Chain contract address: https://bscscan.com/address/0x04c747b40be4d535fc83d09939fb0f626f32800b
