Tutorial for Frax Offering
This tutorial will show you how to bridge ETH to Optimism to earn upfront yield on frxETH via Resonate
In this article we’ll quickly go over how to get funds over onto Optimism in order to take advantage of the upfront 7.9% APY on $frxETH.
Step 1:
Get ETH on Mainnet and go to the Optimism Native Bridge
To access the Optimism Bridge, use this link: https://app.optimism.io/bridge , once there go ahead and deposit funds from Ethereum over to Optimism.
Step 2:
Once you’ve successfully bridged over to Optimism, head over to https://app.resonate.finance/frxeth. Select the “Get Token” zapper, and deposit your newly bridged ETH complete the swap for WETH/frxETH sLP.
Once executed, you will get the following confirmation message:
Step 3:
Next, deposit that WETH/frxETH sLP into the the frxETH/ETH vault powered by Beefy Finance. The vault will deposit the frxETH-ETH sLP into the Velodrome farm, earning the platform’s governance token. The earned token is swapped for frxETH and ETH in order to acquire more of the same LP token. To complete the compounding cycle, the new frxETH-ETH sLP is added to the farm, ready to go for the next earning event. The transaction cost required to do all this is socialized among the vault’s users.
Once you’ve executed this swap, you should see a success message like this:
Step 4:
You now have your FNFT representing your position and can deploy your upfront yield to the strategy of your choice!
You’ll notice your unlock date at the bottom of the FNFT, for more information, hit the yellow reload button to flip over the FNFT.
If you’re not sure what to do with your upfront yield, you can check out some strategies outlined in our most recent Twitter thread going over the frxETH/ETH sLP yields.
Learn more about Frax Finance
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About Resonate
Resonate is a decentralized yield-swapping platform where users can rent out their variable rate assets to receive fixed rates. Through tokenizing positions with Financial NFTs (FNFTs), Resonate is able to offer short-term lockups and zero-slippage trades. Resonate serves to stabilize interest rates on any yield-bearing protocol across DeFi.