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🔥 Introducing Sizzle Pools
Stake Cross Yield Receipts into Cross Pool, Get Yield on Your Yield
We’ll keep this one casual, short, and sweet because it’s a Monday and who doesn’t love a quick hit on a Monday. We’ve just released our first “Sizzle Pool” on Cross Pool, the best way to stake any single-sided token, LP token, and now “IBT” on Binance Smart Chain and other blockchains soon.
IBTs, or interest bearing tokens, are simply a 1:1 peg receipt against any LP token that you deposit into Cross Yield. They are minted when you deposit into Cross Yield and burned off when you deposit into Cross Yield. The purpose of adding these into Cross Pool is to further incentivize LPs to enter into the Hot Cross platform and experience our multi-chain application suite.
We’re starting out with three IBTs and one pool to make sure things go well: HY-HOTCROSS-BNB-PCS, HY-HOTCROSS-BNB-APE, and HY-HOTCROSS-BUSD-APE. If this goes well and we see traction then we’ll introduce other pools into Cross Pool that come from Cross Yield IBTs, like CAKE, BANANA, or stablecoin LP sizzle pools.
The Quick How-To
This is the quick and easy way of taking advantage of Sizzle Pools:
Go to Cross Yield and provide liquidity. You will receive a receipt.
Deposit that receipt into Cross Pool.
There is no step 4.
Something important to remember is that Cross Yield is a multi-chain yield optimizer. This means that the base APY you see comes from the underlying farms. For example, if you provide liquidity into a PancakeSwap farm then you are getting CAKE and if you provide liquidity into an ApeSwap farm then you are getting BANANA.
Instead of outright selling these assets on market and providing 0 value back to a platform, yield optimizers essentially compound incentives such that you boost the liquidity of an ecosystem.
You don’t even need LP tokens to use Cross Yield. If you have BNB, BUSD, or any one of the underlying assets for an LP pair, then you can easily zap into a position in Cross Yield and go from there.
So the first step is just hopping over to the app and depositing liquidity.
While Sizzle Pools are beginning with HOTCROSS LPs, they won’t stop there. We anticipate running quite a few sizzle pools for vaults on the platform now as promotional efforts to raise more awareness to the application.
The second step is taking the IBT that you have in your wallet and depositing them into Cross Pool.
This doesn’t need much explanation. Click on the stake button and deposit your IBT.
There is no additional step here. It’s literally as simple as depositing liquidity into Cross Yield, taking your receipt, and depositing that into Cross Pool.
During the next several weeks we’ll begin to roll out pools for some of the top TVL, top volume farms on major Binance Smart Chain AMM’s, as well as other blockchains as our development pipeline provides.
If a farm shuts down then it doesn’t change much really, other than the underlying APY that’s received directly from that farm. You can theoretically stake your IBT until a pool ends and then withdraw that from Cross Yield even after a farm has ended. For top pairs we don’t anticipate that this will occur. For smaller pairs it’s a common occurrence that their farms are discontinued, so we’ll monitor that.
Cross Yield has quietly amassed above 9.4M in liquidity during the last few weeks since it launched and we’ll now put efforts into bringing more liquidity into it via sizzle pools and yield incentivization. The more participants that come into the Hot Cross platform, the more awareness grows around our application suite, the more stickiness we gain in the ecosystem.
That’s it for now! If you have any questions or have never used Cross Yield, what are you waiting for? Hop over to the application today and check it out. There’s a live popup with email support available, as well, if you run into any problems. As always, thanks for using our product suite and we look forward to hearing what you think about the new sizzle pools.
Ongoing Work at Hot Cross
Ongoing feedback loop for the products we’re building, including the minter
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About Hot Cross
Hot Cross is an extensive multi-chain and cross-chain tool and application suite that enables blockchain teams and their communities to thrive. At its core, Hot Cross aims to be the best toolbox for ETH and EVM networks. Their development philosophy is agile, and they are a cohort of builders who aggressively seek out opportunities to meet the demands of the now for both B2B and B2C. The core thesis that Hot Cross presents is that users and teams will migrate in part to new networks that feel familiar when presented with good tooling and freedom. Hot Cross is a company and an ecosystem in and of itself, and our goals are towards allowing communities to flourish using our technologies, whether or not they know we are the ones building them.