EYWA Introduces Early Farming for Its Token

The team behind the cross-chain protocol EYWA has announced the launch of its Early Farming program, allowing participants to earn rEYWA tokens. These tokens can be exchanged for EYWA at a 1:1 ratio following the TGE, scheduled for the end of 2024, as reported to ForkLog by project representatives.

“In the crowded DeFi market, many projects offer on-chain activities using points to account for future rewards, thus ensuring flexibility in reward distribution. We decided not to limit ourselves to this approach and offer our community an alternative with a more transparent mechanism. In the Early Farming program, users receive real rEYWA tokens instead of abstract points,” commented team representatives.

Participants in the program provide liquidity to one of the pools on CrossCurve — xSTABLE, xWETH, or xBTC.

Each pool has its own APR, which decreases as the number of participants and TVL increase. For instance, at the time of publication, the liquidity of the xSTABLE pool stands at $2.7 million, with a yield around 400%. Upon reaching the target TVL of $10 million, this figure will drop to 50%.

The rEYWA tokens obtained have a vesting period of 90 days. Early exchanges will result in users forfeiting part of their rewards, which will return to the EYWA DAO treasury to prevent price pressure during listing.

A detailed description of the farming program mechanics is available in the EYWA blog. 

EYWA is a cross-chain liquidity protocol aimed at addressing two issues in the DeFi ecosystem: bridge vulnerabilities and liquidity fragmentation. The project has attracted $7 million in investments from Fenbushi Capital, GBV Capital, Big Brain Holdings, Marshland Capital, Mulana Ventures, and Curve founder Mikhail Egorov.

In August, EYWA launched the second season of its airdrop program, which includes the Early Farming initiative alongside the Telegram application Llamaville.