Tricrypto is one of the deepest liquidity pools in DeFi for Ethereum, Wrapped Bitcoin and USDT tokens. This pool is on Curve Finance and allows users to swap between ETH, WBTC and USDT for low fees and nearly zero slippage.
Investors can also earn up to 10% APY to deposit ETH, WBTC and USDT on the platform. The yield is generated from swap fees on Curve.
How to deposit assets into Tricrypto?
The TriCrypto pool is available on Ethereum mainnet, Arbitrum, Avalanche and Optimism. To get started, the first choice you need to make is what network you want to use for Curve Finance's Tricrypto farm. We recommend avoiding Ethereum mainnet unless you have over $100,000 because the fees to deposit into the pool are over $500, even when gwei is low.
The guide below is a quick overview of how to deposit ETH, WBTC and USDT on Arbitrum's Tricrypto pool, which charges under $1 in fees and pays a yield of up to 8% APY.
- Download MetaMask Wallet and add the Arbitrum Network.
- Send an equal amount of ETH, WBTC and USDT to your wallet. Example, if you want to farm $90,000 of assets - you will need $30,000 ETH, $30,000 WBTC and $30,000 USDT.
- Visit the Tricrypto Pool on Curve Finance.
- Input the amount you to deposit in USDT, wBTC and ETH - then select 'Deposit'.
How to get Boosted Tricrypto Yields
If you have deposited into Tricrypto on Ethereum mainnet, you will be able to use an application called Convex Finance. This application allows you to deposit the Curve LP tokens like Tricrypto to earn extra yields. At the time of writing, Convex Finance is offering an extra 16% APY to deposit Tricrypto2 onto their platform.
Is Curve Finance and Tricrypto Safe?
Yes, Curve Finance is one of the safest decentralized finance platforms on any network. They have the highest Total Value Locked, with over $6 billion in assets deposited on their platform. Both Curve Finance and Convex Finance have never suffered hacks, or other bugs that have resulted in a loss of funds.
That said, there are always smart contract risks when depositing assets into decentralized pools. Always be cautious and never risk more than you can lose. We recommend following the Curve Finance Twitter @curvefinance to keep up to date with the protocol.
What is Curve Finance?
Curve Finance is a DeFi protocol that allows users to trade and provide liquidity for ERC20 tokens. The Curve Finance Liquidity Provider (LP) program enables users to earn fees by providing liquidity to the pool. As a result, LPs are able to generate yield from their deposited assets. Curve offers competitive interest rates, low fees, and fast transaction speeds. Their platform one of the most popular DeFi protocols and has been growing in popularity since its launch in 2019.
What are the benefits of becoming a Curve Finance LP?
As a Curve Finance user and liquidity provider (LP), you will be able to:
- Generate yield from your deposited assets.
- Trade a variety of ERC20 tokens with low fees and low slippage.
- Provide liquidity for the Curve pool and earn fees.
- Move multi-chain with their EVM network integrations.
What are the risks of becoming a Curve Finance LP?
As with any investment, there are risks involved in becoming a Curve Finance LP. These risks include, but are not limited to:
- Smart Contract risk: Although the contracts for Curve Finance are audited, bugs and exploits are still prevalent in the DeFi ecosystem and their platform may be susceptible.
- Market risk: The value of your deposited assets may fluctuate due to market conditions.
- Liquidity risk: There is a risk that the tokens you have deposited may not be sufficiently liquid and you may not be able to exit your position.
- Regulatory risk: The regulatory environment for DeFi protocols is still evolving and there is a risk that regulations may be enacted that could adversely affect Curve Finance or the assets you have deposited.
If you would like to learn more about Curve Finance and how to become a liquidity provider, you can visit their website or read their documentation. You can also join their community on Discord or Telegram.
In conclusion, Tricrypto is a deep liquidity pool on Curve Finance for ETH, WBTC and USDT tokens that offers low fees and high yield for depositors. The platform is considered safe and secure, however, it's important to understand the risks involved in depositing assets into a DeFi protocol. Becoming a liquidity provider on Curve Finance provides the benefits of earning yield, trading tokens with low fees and low slippage, providing liquidity and moving multi-chain, but also carries risks such as smart contract risk, market risk, liquidity risk and regulatory risk.
To learn more about Curve Finance, you can visit their website, join their community and read their documentation.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.