stNEAR<>POLAR on Polaris Finance
Meta Pool and Polaris Finance announced the creation of a new yield farming pool $stNEAR <> $POLAR on Polaris Finance. This pool leverages $stNEAR and the algorithmic stablecoin $POLAR pegged to $NEAR. Through this new pool, users will be able to provide stNEAR liquidity and earn high rewards – as of the time of this writing, the APR was 350%.
The POLAR-stNEAR pool has already captured over $240,000 in Total Value Locked (TVL).
Innovation on Stable Coin Issuance: Intro to Polaris
The core functionality of traditional stablecoin issuance platforms is to issue a token that is pegged to the US Dollar and maintain the peg through a range of market based mechanism.
Polaris Finance introduces a new formulation: Polar, their stablecoin is pegged to 1 $NEAR token, pegged maintained through seigniorage.
Polaris is a fork of Tomb Finance, which has seen a lot of growth with over $175,000,000 TVL on Fantom as of the time of this writing.
The Polaris team decided to build upon Tomb’s code base and launch over in the Aurora Network introducing the asset-pegged model, which is a very smart move by them in leveraging the current growth of the EVM compatible blockchain.
Polaris has also recently issued more stablecoins, each pegged to different assets such as Trisolaris (xTRI), leaving the door open to more stNEAR based pools for each one of these assets.
Assessing Risk
Every DeFi platform and strategy carries some level of risk which must be understood and accepted by the user before you decide to participate.
Polaris, as all algorithmic synthetic assets of its time, carry the risk of losing the peg between the synthetic and real assets, which could result in significant losses for some users. We would encourage anyone interested to familiarize themselves with Polaris documentation and ask any questions to their community before making a decision to allocate capital to Polaris.
Disclosure: this should not be perceived as financial advice. We urge everyone to do their own research before engaging with any platform and review their code if it has not been audited by a security firm, before putting any tokens in the platform.
About Meta Pool & stNEAR
Meta Pool is the leading liquid staking solution for $NEAR and wNEAR token holders to earn staking rewards and maintain their liquidity to participate in DeFi protocols on NEAR and Aurora.
Users staking $NEAR and wNEAR with Meta Pool receive in exchange a NEP-141 standard token, stNEAR (staked NEAR).
stNEAR simultaneously accrues staking rewards and unlocks users’ liquidity enabling them to participate in DeFi activities (e.g. lending, farming, borrowing) on NEAR and Aurora.
Stake $NEAR on Meta Pool
~11% APY
Get stNEAR
Yield-bearing token
Go DeFi on NEAR & Aurora
More APY and more rewards
Meta Pool solves the problems associated with Proof-of-Stake networks staking: illiquidity, immovability and accessibility. Meta Pool also aims to distribute staking in multiple validators to improve censorship-resistance of the NEAR network.
With a TVL of $120 Million USD and growing, Meta Pool has become in just a few months a cornerstone element of the NEAR ecosystem, making it more decentralized and therefore more secure, as well as making $NEAR liquid.
In February 2022 Meta Pool has been successfully audited by BlockSec, confirming the implementation of the highest security standards.
For more information visit https://metapool.app.
