BNB has attracted a large and growing community of users and developers since its launch in 2017, becoming one of the most popular and widely used blockchains in DeFi. Thena.fi recently launched their improved Solidly fork and awarded 1% of the initial token supply to Inverse Finance. These tokens allow Inverse Finance to direct incentives to DOLA pools on the Thena platform. Thena has integrated DOLA and incentives will begin flowing to the DOLA-CUSD pool on BNB Chain later today. Note that when more funds are deposited, the APR will decline as all pooled assets share the rewards each block.
“Thena draws inspiration from Solidly, which is an AMM and a liquidity layer originally built by Andre Cronje on Fantom — offering low-cost, near-zero slippage transactions for highly correlated and uncorrelated tokens. Thena, on the other hand, has several key differentiators that makes it a superior liquidity layer & AMM.”
The new DOLA-CUSD and DOLA-BNB pools on Thena.fi currently offers great yields and all it takes to participate is to bridge your DOLA to Binance Smart Chain. Here is a guide to get you started:
Look Before You Leap
Always check if there is enough DOLA liquidity on the other chain to transact before you bridge. Look up the analytics of the protocol that you are using and also check both the bridge liquidity and the pool liquidity if you intend to swap on the destination chain. If the liquidity pools on the chain are low on DOLA, you benefit from positive slippage if you bring DOLA to trade. If the pools have an excess of DOLA on the other hand you benefit from purchasing it.
Decentralized bridges have different properties from commercial ones. The decentralized bridge off Optimism can take some time to exit as the optimistic consensus engine behind Optimism assumes that each transaction is valid. Anyone can challenge the validity of a transaction and a challenged transaction moving off the bridge could remain pending for up to around seven days before the challenge is concluded.
There are privately funded bridges that offer faster bridging speeds for a fee, but they have a different risk profile. Take a moment to edit the allowance when you are prompted to approve the transfer and set it to match the sum you are sending. It may cost more gas to create limited approvals but infinite approvals carry a risk if the bridge is compromised.
As we’re headed to BSC, we will go with Multichain. You will need BNB to transact on the BSC chain and the easiest way to get BNB is from the Binance centralized exchange.
Connect your wallet and enter the amount of DOLA that you want to bridge.
Set the origin and destination blockchains.
Approve the amount that you will send in your wallet.
Confirm the transaction in your wallet to send your DOLA.
Once you are ready to send your DOLA to another chain, you can return to Multichain.
Provide Liquidity Step-By-Step
Navigate to Thena.fi’s liquidity page, search for the DOLA liquidity pool and click “Manage”, then click the text highlighted with a red box.
1. In order to be able to provide liquidity, you need to provide half of the value in DOLA and half in CUSD. Click 50% to find out how many CUSD tokens you need to get.
2. Now go to the swap page and sell half of the DOLA.
3. The final step is to go back to “Manage” on the DOLA-CISD pool and click 100% DOLA to input the correct proportions of tokens automatically. To receive staking rewards, you need to stake the LP-token and you can do that as a part of this transaction.
Thena was founded with the vision of becoming the first truly native liquidity layer within the BNB ecosystem that has a “by design” collaborative approach. The launch of DOLA on BNB Chain will provide users with more options and flexibility, and it will also increase the liquidity and accessibility of DOLA as we continue our multichain journey.
Stay tuned for more updates and exciting news as we continue to build and grow with Thena. Happy farming!