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Wrapped OETH Now Available on Fraxlend

August 14, 2024
wOETH on Fraxlend

How To Supply wOETH As Collateral On Fraxlend

Origin Ether’s DeFi presence is expanding even further with two brand new pools on Fraxlend: wOETH/frxETH and wOETH/FRAX.

Deployed on Ethereum mainnet, the pools allow users to supply wOETH collateral and borrow frxETH and FRAX respectively. Users can take advantage of the pool's liquidity to loop assets via leveraged staking, which allows you to increase your exposure and earn maximum yield on the pair.

Step 1: Acquire Wrapped OETH (wOETH)

First, you’ll need to acquire wOETH on Ethereum. Unlike OETH itself, Wrapped OETH does not rebase. Instead, the token value increases to reflect accrued yield.

Head over to Origin’s dedicated dapp to get started. The swap page allows you to exchange ETH, WETH, or OETH for wOETH. Connect your Web3 wallet to the site and input your desired amount to swap. Once the transaction has been successfully executed, wOETH should reflect in your wallet.

Step 2: Navigate to Fraxlend

Once you’ve loaded up your wOETH, visit the Fraxlend dapp and connect your wallet.

Each pool features a robust frontend, displaying key pool metrics from TVL to utilization and APRs for borrowing and lending.

Step 3: Deposit wOETH and borrow frxETH or FRAX

Each pair features straightforward tabs for different use cases. Simply select “borrow” to deposit wOETH and borrow frxETH or FRAX, depending on your chosen pool. Alternatively, you can deposit wOETH via the “Add Collateral” tab to begin earning yield.

Optional: Loop assets for boosted yield

Looping Frax’s wOETH pools allows you to increase your position size, and thus compound returns. This approach entails depositing wOETH, borrowing frxETH or FRAX, and using these assets to purchase more wOETH, before repeating the process. Check out our leveraged staking guide for more details on this strategy.

Benefits of using wOETH on FraxLend

This integration further bolsters Origin Ether’s diverse utility on leading money markets in DeFi. Holders can now harness Frax’s robust ecosystem and tap deep liquidity for rewarding DeFi trading strategies.

Make sure to follow Origin on X and join the official Discord server to keep up to date with the latest opportunities.  View our DeFi Opportunities Page to explore all the leading OETH integrations across Ethereum and Arbitrum.

Yasthiel Devraj
Yasthiel Devraj
Origin
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