New Ethereum Yield Farm - 4/24/21
Real world product ideas funded by crypto and blockchain investors via a DAO
Lift.kitchen has a very skippable name. I’ll be honest, I ignored this one at first because of a scammy looking website, but after reading their Medium post I became much more intrigued. Read the whole medium post…it’s an awesome idea.
Lift.kitchen is attempting to build a DAO (community governance model) that makes investments and entrepreneurs allows access to capital through a pool of renewable capital. This is only possible because of the power of DeFi and high yield generation through the many money legos built on Ethereum.
Initial staking will be with wBTC and higher rewards are provided for longer lockup periods. A minimum of 1 wBTC will receive higher rewards in the first 8 hours, so clearly they are going for a very high TVL to generate buzz. They have also engaged many DeFi communities (Alchemix, Pickle, Klondike, and Harvest) to reward participants one week after genesis.
LPs earn LIFT tokens and can stake them to earn CTRL tokens (voting rights). LIFT tokens are a way for liquidity providers to take profits without affecting the underlying value of the staked assets in the protocol. LIFT sellers can take profits, but only at a 90% discount. Staking earned LIFT tokens is a more productive strategy because it earns CTRL immediately. This is a very unique way of seeding capital because it avoids relying on a single pool 2 situation where liquidity quickly exits and can damage a protocol’s reputation upon launch. I still expect the highest rewards will be in the lfBTC/LIFT pool because of the impermanent loss risk.
Early projects and investments will be focused on DeFi and blockchain, however, DAOs will eventually move into real world product investments. This team has big ambitions and the collective power of the DeFi community has no limits. As an avid DeFi investor, I am excited to participate in the lift.kitchen genesis.