1inch partners with Ren and announces joint farming program
Continuing with a successful model for farming programs, the 1inch and Ren teams have formed what is expected to be a long-lasting and fruitful relationship that will provide multiple advantages to users of both platforms.
The 1inch Foundation is glad to announce that the 1inch’s partnership with Ren will let liquidity providers get additional benefits through another joint liquidity mining program that starts at 00.01 UTC on March 24 focusing on the newly launched 1INCH-renBTC pool.
Under this farming program, an equivalent of 20k USD in 1INCH tokens together with an equivalent of 20k USD in renBTC will be distributed among providers of liquidity to the 1INCH-renBTC pool over a four-week period (ending April 21, 2021).
Ren is an open protocol providing access to inter-blockchain liquidity for dApps and the aforementioned partnership will allow 1inch users to trade and provide liquidity for all Ren-based assets on the Binance Smart Chain (BSC), which has been gaining a lot of traction lately.
The partnership with Ren will also allow users to trade and provide liquidity for all Ren-based BSC assets via 1inch and earn trading fee rewards for their liquidity provision services. These liquidity pools will be available through 1inch in the ‘Pools’ section and will feature the following pairs:
- renBTC-BTC
- renBCH-BCH
- renDGB-DGB
- renDOGE-DOGE
- renZEC-ZEC
In the future, we plan to add support for renFIL and renLUNA on the 1inch, but the partnership with the Ren team will extend way beyond liquidity provision and farming.
This partnership will also have three main areas for potential collaborations which include: additional Layer 1 Ren and 1inch collabs in 2021; the possibility of a native RenVM integration into the 1inch Network; and further LP mining programs for assets such as renDBG and renZEC.
More amazing liquidity provision incentives are on their way! So, stay tuned and keep farming on 1inch!
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