ZUG, Switzerland, Jan. 23, 2023 (GLOBE NEWSWIRE) -- On January 03 2022 EnreachDAO launched a new liquidity pool on decentralized exchange SushiSwap, using ecosystem utility token NRCH (BEP-20) and composite ERC-4626 token ygNRCH.
Community members instantly provided ~19.8k NRCH and ~19k ygNRCH into this new “risk-free” pool and the current value of ygNRCH-NRCH pool on SushiSwap is hovering around ~$63,000.
Community builder @Coinsigliere_nm explained why this pool can be labelled as “risk-free”:
“Our ygNRCH token is derivative token that represents the amount of NRCH tokens staked on yaggr.app. So, NRCH and ygNRCH are basically the same tokens, and the price of both tokens will move in the same direction – comparable to ETH and stETH case. Therefore, the effect known as “impermanent loss”, where liquidity providers are losing their position value if the prices of provided assets are moving in the opposite directions, is non-existing in this pair.”
This liquidity pool will enable exit from staked position without unstaking and incentivize more trading activity across the whole ecosystem by creating arbitrage opportunities between redemption and market value of ygNRCH. The Enreach team is planning to list ygNRCH-NRCH LP as a new strategy on yaggr.app and incentivize Users to provide liquidity there and earn additional yield on top of the 0.25% of SushiSwap fees for LP-ing and 1% of transactional tax on NRCH.
NRCH token is now traded in three pairs: NRCH-WETH, NRCH-WBNB and ygNRCH-NRCH with combined liquidity of ~$820,000 across current pools.
EnreachDAOs products enable holders of specific assets and market makers, to raise and deploy liquidity, whilst managing or hedging risk. EnreachDAO are developing smart contracts that bring real world assets and transactions onto the blockchain utilizing fungible and non-fungible technologies.
On any given day, firms in the US are owed $3 Trillion in trade receivables. By combining tokenized receivables with its blockchain interoperable technologies, EnreachDAO will open up trade credit markets to greater efficiencies and transparency.
Mr S. Khan
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/345ff3fe-99e5-45f9-bdbc-63502789aee9