It has been a little over a month since we kicked off ASCEND, and we've already seen over $30 million deposited into our lending and liquidity pools. ASCEND is helping borrowers with blue-chip NFTs like CryptoPunks and Pudgy Penguins unlock long-term liquidity without fear of liquidation. We’re proud to facilitate the largest NFT loan ever with a $10mn CryptoPunks loan and continue to see active utilization our lending pools.
For the users who have been providing liquidity on the lending side, it's been a sweet deal as well. MetaStreet lenders and liquidity providers have been cashing in on yields between 10% to 26% by creating Liquid Credit Tokens (LCTs). They’re also earning ASCEND XP and ASCEND's bringing even more ways to earn, along with extra perks from our partners on the Ethereum mainnet and Blast.
As we head deeper into Stage 2 of the Ascend XP Program, we’re announcing improvements to both better reward our community and simplify things. Here are the biggest changes and what you need to know about earning more points:
Before this update, earning XP involved minting our Liquid Credit Tokens (LCTs) by depositing WETH or WSTETH into a lending tower, or by holding an LP token over a specific period. Now, we're refreshing our XP rewards to better recognize community members who actively engage with MetaStreet's protocol and our with our partner collaborations. Starting today, XP distribution can be broken down into the following:
In the latest XP update, we’re enhancing how users are rewarded, introducing a more dynamic and engaging experience. Actions that further the growth of Ascend, such as swapping WSTETH or WETH to hold MetaStreet Liquid Credit Tokens (LCTs), will also be incentivized. Additionally, users can view their XP earnings daily, eliminating the need for vesting schedules. This makes for a simpler, more rewarding experience.
The XP you earn for holding a Liquid Credit Token (LCTs) is directly proportional to how much WSTETH or WETH you deposit into the lending pool and the risk level you choose for your deposit (top tick for higher risk, bottom tick for lower)*.
1 WETH in lending deposit will net you 1 LCT, which earns you 50 XP daily in the top tick, or 35 XP if it's deposited into the bottom tick. Deposited less than 1 ETH? No stress! Your XP earnings will adjust accordingly. For example, you'll get 25 XP or 17.5 XP daily, with a 0.5 WETH deposit in the top or bottom tick respectively.
For those providing liquidity (LP), XP is based on the total liquidity you add (meaning LCT+WETH), with the aim for a balanced 50% mix. Although significant deviations from this balance might risk earning no XP, we also have a built-in buffer to prevent penalties for minor imbalances. This means keeping your deposits balanced is key, but holding LCTs alone could also be a smart move for maximizing your XP gains.
Minting and holding a Liquid Credit Token won’t just give you double-digit loan yields and ASCEND XP from MetaStreet, it also unlocks a great deal of yield and points stacking opportunities with our partner. We are integrated with half a dozen dApps on Blast, where depositing, swapping, and trading your LCT and providing LP can net you Partner Points, Blast Points, and Blast Gold.
Below is a rough overview on what is available with our current Blast Partners. Reminder: all these actions are retroactively back-dated to Mar 1st and Mar 11th, which is when we launched Blast support for Punks and Pudgy lending pools, respectively.
Users can deposit their MetaStreet LCTs inside of Wasabi and earn:
Users can deposit any balanced MetaStreet LP (comprised of a MetaStreet LCT and WETH) into Thruster to earn:
Users can deposit their Thruster MetaStreet LP NFT position into Hyperlock to earn:
Users can deposit their Thruster MetaStreet LP NFT position into Particle to earn:
Users can deposit their Thruster MetaStreet LP NFT position into Mangrove to earn:
We hope this article on our Ascend XP has been helpful to both existing and new users. We thank everyone for their continued feedback and patience as we integrate all of these new Blast partners into our Ascend Program.
Reach out on our Discord with any questions!