For the first time ever, Yield Yak introduces Yak Rush: Banker Joe Edition which allows users of the new Banker Joe strategies on YY to earn Mini Yak on top of the compounding rewards.
The new Banker Joe strategies offer one-click leveraged farming for Banker Joe (Trader Joe’s lending markets). These strategies optimize your single-asset deposits, automatically compound your returns, and save you time.
Banker Joe strategies are available now for AVAX, WETH, WBTC, DAI, USDC, USDT, and LINK. All Banker Joe strategies are eligible for Yak Rush.
- New to Avalanche? Migrate funds with the Avalanche-Ethereum Bridge
- New to Yield Yak? Explore Banker Joe Farms on Yield Yak
- New to Trader Joe? Learn more about Trader Joe
Yak Rush: Banker Joe Edition
Inspired by Avalanche Rush, from now until midnight October 27th, Yak will be getting in on the action with its own Yak Rush. Yield Yak will be taking daily depositor snapshots for the new Banker Joe lending strategies, and at the end of the qualifying period, YY invites users to claim a free Mini Yak airdrop.
How will the airdrop be calculated? A daily snapshot will be taken at a random time each day, and each wallet’s share of the Yak Rush airdrop will be calculated by its proportional share of the pools over the qualifying period.
Claim instructions for Mini Yak rewards will be provided at a later date. A deadline to claim rewards will apply, as in the original YAK airdrop.
Banker Joe Incentives for Lending and Borrowing
Trader Joe’s highly anticipated Banker Joe lending product recently launched on Avalanche and has already secured more than $1B in liquidity. Users who lend funds to Banker Joe are eligible to receive interest payments by borrowers.
Additional incentives are available on top of lending returns. Banker Joe pays both borrows and lenders in JOE rewards with additional AVAX rewards around the corner as part of Avalanche Rush rewards. For most assets today, borrows are paid more in incentives than the cost of borrowing.
Yield Yak Strategy
Yield Yak’s strategy is simple: optimize the ROI of Banker Joe lending positions.
YY uses leveraged farming which lends and borrows the same asset. By doing so, YY earns the incentivized APY on deposits plus the incentivized APY on debt. This is considered a low-risk leverage strategy because both lending and borrowing use the same asset, meaning the risk of liquidation is significantly easier to manage without introducing exchange rate volatility.
You can find more discussion and examples about YY’s leveraged yield products in these posts: Aave Strategies and Benqi Strategies.
Stay Tuned
We’re excited to launch brand new Banker Joe folding strategies. Stay tuned for further updates on Yak Rush, as this is just the beginning.
About Yield Yak
Yield Yak is an easy-to-use tool to earn more yield from defi farming on the Avalanche network.
