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Fantom Defi Degen Play: BTC-ETH Autocompounder and Earn 677% APY on Beluga Finance

By Charles Gune | cryptoguru | 15 Apr 2022


I will show you how to do a Fantom Defi degen Play with BTC-ETH Autocompounder and Earn 677% APY on Beluga Finance. Beluga.fi is an innovative yield optimizer on Fantom and Polygon that aims to bring you the best yield farming strategies that give you exposure to the highest yields on your assets. In Fantom there is 0% deposit fee, 0.1% withdrawal fee if withdrawn before 8h since your last deposit, and a 3.5% performance fee.
In Polygon there is a 0% deposit fee, 0.1% withdrawal fee as stated above unless shown otherwise on the UI, and a 5% performance fee. Beluga's smart contracts have been successfully audited by Callisto Network. Vault upgrades and strategy switches have a 12h timelock, proxied strategies have a 12h timelock for upgrade and minting has a 24h timelock.‌ Beluga is the governance and profitsharing token of Beluga. Max supply is 12k and Current supply is 5k (2.5k circulating). Beluga is an autocompounder which utilize yield-generating strategies to compound your yields and generate the highest returns on your assets. With autocompounding vaults, you maintain exposure to the asset you stake through rewards being reinvested and staked into the yield source that vaults farm on. Maximizers are an innovative vault that give you exposure to the highest yields on your assets. They do this through yielding into the reward token's LP and depositing it into the equivalent Beluga vault, earning higher yields from it. The receipt tokens of the vault is then rewarded to depositors in the vault, meaning, you accumulate risk-free entry into the project's LP and earn the high yields from it. With maximizers, you are not just earning plain yield, instead, you are earning yields on top of the yield generated by the vault. For instance, if a vault displays 22 → 677% APY, this means that you are earning 22% APR on your assets which are being put to work to generate a 677% APY in yield, essentially yield on your yield.

Finding Great LP Tokens to Invest on Beluga Finance
To be on the safe side, I would always go on Bluechips like FTM, ETH, BTC, BEETS. Of course looks for pairs with stables like USDC, DAI, cUSD, DEI, FRAX, MIM. If you want to go totally risk free for holding BTC, I would go with WBTC-renBTC LP at 677% APY for Yield and 3.51% on Farm. USDC-MIM or USDC-FRAX at 150% APY is as safe of a both stablecoin pair pool as you can get to get your stablecoin grow during a crypto downturn or bear market. I would generally avoid Tomb fork tokens because they tend to drop in price during the crypto bear cycle.

Swap in Panicswap to Get BTC and ETH Tokens
I would use Panicswap or Spookyswap to swap USDC or other tokens into BTC and ETH. If the Panicswap's price impact is too high, I would use much larger DEX on Fantom like spookyswap or Spritswap to do the swap.

Depositing BTC and ETH to Create LP on Panicswap
As you saw earlier, the BTC-ETH LP pair resides on Panicswap. After finding the BTC-ETH Maximizer that making your 22.5% Farm APR and vault yield of APY 677% that has TVL of $213,000, I will be earning rewards in bPANIC-FTM-LP Pool tokens. Panic is Panicswap native token. bPANIC token can be swap to PANIC token on Panicswap and sold for BTC or ETH or any other token. These bePANIC tokens entitle you to rewards generated by Beluga's lock on Panicswap. After having BTC and ETH on 50-50 on your wallet, click on 100% to deposit all amount. Click Deploy. First you need approve BTC and then approve ETH with FTM gas fee. Always use Fantom gas tracker to see slow gas fee price and adjust Metamask to only pay low gas fee even in Fantom chain. If you are doing lots of gas transaction, even in Fantom blockchain it will add up soon. After you approve both tokens, click Deposit and pay your gas fee. Now you have created BTC-ETH LP tokens in Panicswap. You are not done yet because you have not deposited to Autocompounder Beluga Finance's pool. Essentially you are taking the BTC-ETH LP tokens and go to Beluga to handle to autocompounding of it. I deposited $35 worth of BTC and ETH into Panicswap.

Staking BTC-ETH LP Tokens in Beluga Finance
Go to Beluga Finance's BTC-ETH Maximizer vault. Now 0.000000015957774772 bBTC-ETH-LP tokens on my Fantom wallet. Click on Approve. First you need to approve depositing with gas fees. Next, click Deposit. Click Max button to deposit all your LP tokens. Confirm on chain with FTM gas. Now if you go back to the main page, click on ON button of Deposited only section, you will see your recent deposit. I can see my deposit of $35 into BTC-ETH Maximizer vault with Paniswap LP Tokens that will be earning me bPanic-FTM-LP tokens. I like the fact that in a year if current yield farming rates stay the same I can x6 my BTC-ETH holdings. However, yield farming rates drop with time. Beluga and other yield farming like Beefy and Autofarms after a while stop autocompounding funds and you will not be increasing your holding. Then it is time to remove funds from Yield aggregator and move somewhere else. I had to do that multiple times with Beefy Finance.

Risk vs Rewards
Finally, here are my risk and rewards summary. Beluga Protocol is a new DEX on Fantom Network and there is always risk of Smart contract exploits where all funds or partial of funds can be lost due to an exploits. There is no entry for Beluga Protocol on defisafety.com. I also wanted to get in on Beluga Protocol's possible future airdrop if any. Also, 3.5% on Fantom performance fee is very steep. Hope that is taken from autocompounding earnings. Only invest in funds you can afford to lose. Do not put life savings into one protocol.

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Charles Gune
Charles Gune

I love anything about cryptocurrencies. I am avid follower of cryptocurrencies. I follow trends on crypto. I am small scale cryptocurrency miner with my private farm.


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