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Web3  · 05/17/22

Review of keyTango UST staking product

Altcoin Trading Blog
04/11/22 · Non directional

About This Blog Post

  1. Stablecoin staking on Terra
  2. High yields still
  3. No complicated technical setup
  4. Uses ftx  ( + more posts) 
  5. Filed as Staking
  6. On the same topic: Review of keyTango UST staking product
  7. On the same topic: How to invest in Web3.0: List of opportunities
  8. On the same topic: Staking Wallets: Your 2022 Guide to Staking Crypto
The new DeFi platform keyTango is launching cross-chain stablecoin staking that is automated well enough to be used by DeFi newbies.
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The new DeFi staking platform keyTango has opened a UST staking program on the Anchor protocol on Terra.

The APY for UST staking on keyTango is 19% at the moment. This is significantly more than in most today’s common yield programs and the reason for it is that the staking program has only just launched.

This staking product is especially targeting wider audience and people who are new to crypto: The goal of keyTango is to make DeFi a one-click experience. But the platform is new and unaudited, so be mindful of the risks and don’t skip reading about the keyTango further down.

I’ll get right to the product now.

keyTango’s UST Cross Chain Staking on Terra

  • The product: Cross-chain stablecoin staking
  • Yield: 19% at launch
  • Promo offer: Extra rewards and whitelist (see below)

The UST staking on Anchor is the first out of two UST programs that keyTango plans to launch.

It is a cross-chain staking products, which means it bridges Ethereum assets into Terra blockchain and stakes them there. Then, to withdraw them, it bridges them back to Ethereum.

UST, or TerraUSD, is a stablecoin pegged to USD that lives on the Terra blockchain. Statistically it has been one of the most stable of stablecoins (which is not something you can take for granted in crypto). It is also worth noting that in DeFi staking, more stability of the asset means less risk of impermanent loss.

Cross-chain staking is technically complex. In most DeFi staking apps, you need to set up the bridge manually - bridge funds from Ethereum to Cosmos, install Keplr wallet, buy UST through it and deposit UST from Keplr into a contract on Anchor.

Not with keyTango - they automated the process of cross-chain bridging for you. That makes the product simple enough even for rookies, but to be honest I can’t imagine veteran DeFi users to shy away from 19% APY either.

That brings me to the final note - the yields are high and that never comes without risks. In the case of a new platform like keyTango, your risks lie mainly with the smart contracts of the platform, which is unaudited.

Go to keyTango

The launch rewards

To promote the launch, keyTango is giving away rewards to users who will join with depositing more than $1000 worth.

  1. First 5 users with qualifying deposits will each get $200 USD worth of platform tokens ($TANGO).
  2. First 100 users with qualifying deposits will each get whitelisted (by wallet address) as “TANGO #LUNAtics” to be able to access future products, bonuses and events.

The platform token

The platform uses a utility token, $TANGO, which is used to pay out your interest yields. So, when you claim back your stake and yield, you will get your principal in the same currency as you deposited, but your interest will come in $TANGO.

There is a buyback system and also a mechanism to reduce gas fees built in so that you don’t burn too much of your earned interest on transactions.

The DeFi staking rates

As a final note, if keyTango’s staking product takes off, expect the yield to lower way down from the current 19%. If you want to get in on the good yields, don’t waste too much time hesitating.

A few important notes about keyTango

Since keyTango has only launched in 2022, let me make a few points about the platform.

It’s a DeFi staking platform, just like so many others - except the focus of keyTango is to find the most popular DeFi products and launch them on a platform that is extremely user-friendly.

In a way, keyTango is a step towards the mass adoption of DeFi. The goal is to make investing through DeFi products a one-click experience, much like it happened with cold staking.

The user interface of keyTango is automating a good part of the mundane work that is typically on the user’s side: wallet setup, tokens swaps and so on.

This is not a bad idea at all and unsurprisingly it earned keyTango VC backing by Outlier Ventures and others.

Lastly, a risk note: keyTango is still in development. As they clearly state in the footer, the platform has not been through a security audit yet.

Bottom line

The UST cross-chain staking program on keyTango is an extremely user friendly way to earn yield on stablecoins.

Even though the yields are bound to decrease over time, right now the platform is worth a test as long as you are mindful of the security risks.


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