Cook Launches New Staking and Liquidity Mining Programs on Avalanche
The DeFi landscape is evolving at an incredible pace right now. We see innovation everywhere in all market segments. One platform that is leading the DeFi race with all necessary cornerstone functionalities and that has already achieved many firsts in the DeFi space is Avalanche. The Avalanche network has observed a massive influx of assets from other chains and platforms, making it the go-to place for building DeFi applications.
Recognizing the potential and consistent growth of the Avalanche ecosystem, Cook Finance is excited to launch new staking and liquidity mining features on the Avalanche platform. Balanced indexes comprised of Avalanche-based projects and other stablecoins add tremendous value to the users of Cook. So, Cook introduced three new Avalanche indexes after considering all governance proposals made by the community members and these include the: Avalanche Ecosystem Index, Avalanche Stablecoin Yield Farming Index and Avalanche Mega Cap Yield Farming Index.
All three indexes are included in the staking program. The index staking program will last for sixty days. You can start claiming rewards over a 90-day vesting period. Alternatively, you can claim rewards immediately with 50% of the rewards burnt. You first need to harvest those rewards to fully claim COOK rewards.
The rewards are primarily in COOK tokens and for the Stablecoin and Mega Cap Indexes with additional rewards from Yield Yak. The current APY on the Stablecoin Index is around 324% and on Mega Cap Index is around 415%.
Target APY is the APY that will be paid in COOK tokens to index stakers in the long term. COOK tokens can be used to vote to adjust the target APY.
At the start the staking pool will begin with a relatively high APY. As more and more index tokens are staked in the pool, the APY will start to decline. The real yield will be stabilized around the target APY by following mechanism:
- If real yield > target APY, the incentives drop by 20% every week until the real yield converges to the target APY
- If real yield < target APY, the incentives boost by 50% every week until the real yield converges to the target APY
Along with the three indexes, Cook will also provide COOK token liquidity mining and staking rewards. The vesting periods for both are the same at 90 days. Both the COOK token liquidity mining and COOK tokens staking programs are open for the long term. In addition, the lock-up period for COOK token staking on Avalanche is 180 days. Alternatively, 50% of the rewards will be burnt for immediate withdrawal. COOK token liquidity mining and staking programs will utilize the same mechanism. The target APY is 100% for liquidity mining and 80% for COOK token staking.
These reward programs will add more utility and value to the entire platform, and no fees will be charged and instead proceeds will be used to burn COOK tokens.
If you have any questions regarding our index staking programs, COOK tokens liquidity mining program and COOK tokens staking, feel free to reach out to us at https://t.me/cook_english
Check out the rewards at: https://app.cook.finance/farm