DeFi Farming Turbo-Charged Returns
Umi NFTs have magical yield generating powers…
The Umi developer team have been hard at work and it is time to share some more information about what we have in-store for the community. The DeFi Farming App is under construction and will be released in July.
You can review the code behind the smart contracts powering the DeFi App here. Furthermore we will soon start a bounty program for the public to find bugs or exploits in the code, so stay tuned for that announcement.
Magical Yield Boosting NFTs
As previously alluded to, users will be able to stake all Umi NFTs, along with other crypto assets, for rewards, airdrops and limited edition NFTs. Each NFT will have its own magical yield generating powers which when staked with other crypto assets (such as UMI, UMI LP tokens, etc) will turbo-charge and boost APY% returns. This includes all Umi x Sora NFTs, PSWAP v UNISWAP NFTs, Crypto Wizards NFTs, and the much-anticipated Dictator NFTs series.
Now is the time to reveal the breathtaking APY returns that said Umi NFTs will entail when staked in the DeFi Farming App. To make things straightforward for the Umi Community we have posted each NFT and their specific powers below for your perusal.
How is APY calculated?
Annual percentage yield is a normalized representation of an interest rate, based on a compounding period of one year. APY figures allow a reasonable, single-point comparison of different offerings with varying compounding schedules. In the Umi DeFi App, APY is calculated using the following formula:
We use a simple equation to display how our Umi DeFi Game will work:
More Umi Tokens + More Umi NFT’s = More Umi !
This means staking multiple NFTs combined with different assets will increase the APY% further and further and this grows infinitely!!
For example if a user stakes the following assets:
- $UMI token
- Sakeswap UMIETH Liquidity Pool token
- 2 x Crypto Wizard NFT
- 1 x Dictator NFT
then the total combined APY% will be 205%, calculated like this:
12%+33%+40%+40%+80% = 205%
Please note staking interest % is compounded automatically in the app.