Today, Rift is proud to be partnering with leading NEAR DeFi protocols to unlock composability on Aurora for de-risked yield farming. We are working with Trisolaris and Meta Pool to create lucrative yield opportunities in the NEAR ecosystem by launching the stNEAR:TRI liquidity pool, upgrading our existing partnership with Trisolaris.
This pool grants community members access to TRI by swapping in stNEAR. stNEAR is a yield-bearing asset on NEAR that allows holders to access liquidity while earning staking rewards. As a result, the stNEAR:TRI pool offers liquidity providers boosted rewards.
By redistributing the risks and rewards of liquidity positions on decentralized exchanges, Rift empowers all parties to work collaboratively rather than competitively. Rift allows Trisolaris to sustainably source liquidity for the TRI token without giving up ownership over their treasury.
Unlike traditional pools where liquidity providers must deposit in both assets to start earning rewards, the Rift Protocol enables users to provide liquidity using a single crypto asset in a de-risked way.
When users deposit stNEAR, it is paired with TRI deposited by Trisolaris in the Rift vaults and then deployed as liquidity into the DEX pool. Liquidity providers who deposit to this vault will earn double swap fees on the already boosted rewards from stNEAR, compared to depositing directly into the DEX pool. Rift creates a passive and straightforward experience for DAOs and liquidity providers to deposit by abstracting away the complexity on both sides.
Rift empowers DAOs with sustainable token liquidity while simultaneously improving the return profile for liquidity providers. Rift Vaults will be opening for public deposits within the next few weeks, granting users the ability to earn 2x returns and downside impermanent loss protection.
“Composability is at the heart of DeFi. It's exciting to be a part of an initiative that directly utilizes this along multiple dimensions, bringing together various projects to achieve their independent goals, possible because of the unique interoperability of DeFi”, said Tyler Tarsi, co-founder of Rift Finance.
The composability of these protocols demonstrates a shift in the maturity of the NEAR DeFi ecosystem. The foundational layer of DeFi has been built; it’s now time for innovation and DeFi Legos. The composability of these primitive protocols will usher in a new wave of innovation on Aurora.
“This partnership will bring the value of stNEAR asset into the growing Aurora DeFi ecosystem through an easy flow by the Rift platform into Trisolaris. A match made in DeFi heaven,” says Claudio Cossio, co-founder at Meta Pool.