According to reports, PiBridge, an ecosystem utility platform of the Pi Network, has launched a farming pool where platform users can farm WPi-BUSD in order to earn wrapped Pi.
The PiBridge development team has stated this on their telegram channel. The following are some key details about PiBridge’s yield farming that the bridge team wants you to be aware of:
1. Farms does not penalize fees if user withdraw early.
2. PiBridge will not lock the staked balance; users can withdraw at any time and still receive the reward.
3. Farms will last for 3 months from tomorrow.
4. The amount of WPI received from Farms depends on the amount of Liquidity Pool or PIB staked; the more users stake, the more WPI they receive. Regarding profits, please refer to the APR data.
5. WPI, when loaded into the Pibridge App, can be changed to native Pi. (Conversion rate 1:1).
How farming works
Farming involves placing your cryptocurrency into a pool with other users in order to receive rewards or interest. The combined funds are used to carry out smart contracts, such as lending cryptocurrency for interest.
Yield farming allows users to deposit cryptocurrency into a pool with other users in order to pursue financial returns, often in the form of interest from lending the pooled bitcoin. Yield farming is a very risky tactic with great potential rewards.
What is PiBridge?
PiBridge links the Pi Network to other blockchains. It includes multi-chain and cross-chain farming, launchpads, non-fungible tokens (NFT), as well as decentralized exchange (DEX) and centralized exchange (CEX) formats.
