PRESS RELEASE – Vybe crypto has teamed with the Algofund accelerator to launch a farming pool for the VYBE utility token. For the next 10 days, people can use the Algofund app to stake tokens on the Algofi decentralized exchange (DEX) and farm “100% free-range VYBE.” The current APR is 750%, but will fall as more people farm and the farming period ends. Users can withdraw their stake and farming rewards at any time.
“Farming pools increase liquidity for trading pairs on DEXs,” Vybe Business Development Manager Blake Marum explained, “but we’re already funding about 80% of the liquidity on the Algo-VYBE pair, and we’re in the top five for liquidity of any trading pair on Algofi. This is more of a marketing campaign for us, where we can team with Algofund and connect with new users – and get them some VYBE.”
The farming pool ends on 25 July. Vybe launches the beta version of their mining app a week later, on 1 August.
We’re excited to launch and start running code,” Vybe Project Manager Armaan (PM) Kapoor said.
The Vybe app will connect user’s content creator sites, like Instagram, Youtube and Twitter, to their Algorand wallet, and automatically distribute VYBE into their wallet for engagement (upvotes, hearts, posts, likes…) they get on these sites.
“Vybe tokenizes likes,” Marum explained, “It basically puts those heart emojis in your wallet, so you can capture the value of your content, take it off the social media sites, and convert it to other assets.”
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