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Users can lend Sumero's native CLAY token in return for zCLAY bonds (‘0’ coupon bonds). zClay bonds allow Clay holders to earn Clay rewards in return for locking their Clay for the duration of the bonding period.
Eg: Lend 100 CLAY to the protocol on the first day of the bond offering and receive 220 zCLAY that can be redeemed for 220 CLAY upon maturation of the bonds two years later (100 CLAY loan plus 180 CLAY in interest calculated from 60% APY x2)
This program will open one month after the USDC-CLAY LP token staking program has begun as there needs to be supply of CLAY for users to lend. Users can either engage in the liquidity mining staking program before this program starts in order to earn CLAY to lend or buy CLAY directly on the Sumero's SumSwap exchange. Further details of the rewards schedule can be found here.
- In order to lend Clay, you must first navigate to the Bond page.
- From the Bond page, select the Lend tab.
- Enter the amount of Clay you would like to lend in the 'bond amount' input field.
- Your zClay bond amount will be automatically populated and can be seen in the 'zClay minted' field.
- You may need to sign the necessary token spend approval transaction by clicking 'Approve' and signing the corresponding transaction in your wallet. This is only necessary the first time you deposit Clay on the Sumero app.
- Once this token spend approval transaction has been confirmed, select the 'Lend' button and sign the corresponding transaction in your wallet.
- When this final transaction has been confirmed, your zClay bonds will be deposited into your wallet.
- Service: Counter some of the short-term cyclical movements in the value of Clay.
- Process: Lend Clay to the protocol for 2 years & receive zero-coupon zClay bonds in return.
- Risk: Sumero might not be successful and the value of Clay will decline.
- Reward: 60% imputed APY denominated in Clay.
Make sure to click on the 'i' symbol beside zClay in the 'zClay minted' field in order to add the zClay bond token to your wallet.