In an effort to provide our users with more decentralized finance tools and a simplified user experience, Edge is rolling out staking services for Tomb Finance, a DeFi protocol running on the Fantom network.
Tomb Integration in Edge
With the Tomb Finance protocol in Edge, users get the ability to earn yield by depositing assets into pools for TombSwap decentralized exchange (DEX) — directly inside of Edge.
TombSwap is a product by Tomb Finance that works in a similar fashion to the Ethereum-based DEX Uniswap, increasing liquidity and providing additional yield farming opportunities for Fantom.
In exchange for depositing Fantom-based assets, users receive LP tokens, which can be further staked to earn additional yield. In other words, you can think of the LP token as a derivative which represents the original position, i.e. the deposit of assets into Tomb Swap pools.
The traditional process of providing DEX liquidity and LP token staking, however, can be a rather cumbersome experience from a UX standpoint as it requires users to connect via third-party platforms like MetaMask or using WalletConnect by scanning QR codes.
We solve this hassle by allowing users to deposit Fantom tokens and Fantom-based assets into Tomb Swap pools natively in Edge, without having to connect to a third party web interface.
After successfully depositing funds into a Tomb pool inside of Edge, users receive LP tokens and those LP tokens are automatically staked as well, giving users additional yield!
This is all done in just a couple of taps in Edge as opposed to the complex interface you’d have to deal with when going to the web and connecting a wallet.
Support of TOMB staking gives users the ability to stake TOMB and earn passive income directly inside Edge without the need to go to third-party platforms.
Commenting on the Tomb integration, Paul Puey, our co-founder and CEO, said “Our LP staking functionality on Tomb Swap is a clear example of how Edge is leading the charge in making advanced DeFi functionality accessible to everyone. Together with our beta launch of Aave loans, we are driving DeFi adoption to millions more users than possible with existing DeFi UX”.
Tomb Finance adds to our growing list of DeFi integrations, and we will be leveraging this functionality across other popular DeFi protocols in the future. Subscribe to our newsletter to be the first to know when new integrations in Edge go live.
About Tomb Finance
Tomb Finance is a Fantom-powered multi-token DeFi platform that was designed with the main goal of bringing liquidity to the Fantom ecosystem and providing more use cases to the network.
Tomb Finance includes Tomb Swap, the most popular AMM decentralized exchange on Fantom, as well as various pools for staking Tomb Swap LP tokens to earn additional yield in other Tomb assets.
Fantom has built a lot of traction lately because of the many great dApps that were built on it. This has been made possible because Fantom is EVM compatible, meaning that any Ethereum smart-contract can also be deployed on this chain.
Begin staking on Tomb in less than a minute
Staking via Tomb Finance is just a few taps away on any mobile device with Edge installed:
1. Tap on your FTM wallet in Edge and select “Stake”
2. Choose the pool you’d like to stake to and select “Stake More Funds”
3. Enter the amount of each asset you’d like to stake and slide to confirm
Edge was designed to be easy enough for the novice user, while including functionality advanced enthusiasts appreciate. Tomb Staking is just a few taps away on any mobile device with the Edge app installed.
For those interested in using Tomb Finance in Edge, click here . To stay up to date with Edge company announcements and the latest developments in the crypto space, be sure to sign up for our newsletter below.