# Aethir on Yield Pass ### Checker Node Owners have two options to use Yield Pass. Below is how they work, the benefits, and the potential risks of each: 1. **DEPOSIT & EARN:** Earn swap fees and **MetaStreet Node Crystals** when you deposit and become a Liquidity Provider for $ATH and Yield Pass ($YP) Tokens 2. **DEPOSIT & SELL:** Instantly unlock liquidity when you deposit and sell your $YP for $ATH, however, you will NOT be eligible for MetaStreet Node Crystals {% hint style="info" %} **IMPORTANT NOTES:** * Node must be delegated (cannot be self-run) to one of our partners: Easeflow, Infstones, NodesOps or Zentry in order to be eligible for deposit * To earn Node Crystals, you must (1) create an Ascend account and (2) not sell your LP tokens. Any Crystals earned prior to selling your LP will remain {% endhint %} *** ### 1. Deposit & Earn This option allows you to earn swap fees and **MetaStreet Node Crystals** (our native rewards) by becoming a Liquidity Provider (LP). #### How it Works: > *Reminder: These three steps occur in one single, bundled transaction* > > 1. **Deposit & Mint:** Deposit your node to mint two tokens: > 1. Yield Pass ($YP): represents future $ATH emissions and airdrops, claimable when the pool expires > 2. Node Pass (NP): represents node ownership, claimable when the pool expires > 2. **Borrow:** Use your NP as collateral to borrow $ATH with the following terms: > 1. Amount and Rate: 3,000 $ATH at 0% APR (introductory rate) > 2. Term: 120 days or 1 year, depending on when you deposited > 3. **Provide Liquidity:** Supply $YP and $ATH to the Liquidity Pool to: > 1. Earn swap fees by creating a new liquid swap market for $ATH {% hint style="success" %} **Benefits:** * Access liquidity without selling your node or waiting for emissions and/or vesting * Earn yield through swap fees and earn MetaStreet's Node Crystals * Borrow at 0% APR for a limited time {% endhint %} {% hint style="danger" %} **Risks:** * **Impermanent Loss:** Market fluctuations in price between the time of deposit and withdrawal may change the value of your underlying LP position, specifically the quantity of each token * **Loan Default:** Failing to repay your loan before maturity date will result in the loss of your node. Set calendar reminders to avoid default. [Read about Withdrawals below](#final-steps-withdraw-rollover-claim) {% endhint %} ### 2. Deposit & Sell Instantly unlock liquidity when you deposit and sell your $YP for $ATH, however, you will NOT be eligible for MetaStreet Node Crystals. **How it Works:** > 1. **Deposit & Mint:** Deposit your node to mint two tokens: > 1. Yield Pass ($YP): represents future $ATH emissions and airdrops, claimable when the pool expires > 2. Node Pass (NP): represents node ownership, claimable when the pool expires > 2. **Sell:** Swap $YP for $ATH instantly from the Liquidity Pool (Uniswap) {% hint style="success" %} **Benefits:** * Immediate liquidity without waiting for pool expiration and/or the 180 day vesting period {% endhint %} {% hint style="danger" %} **Risks:** * You are accepting the current swap rate for $ATH, which is market dependent * You forfeit the ability to earn swap fees and MetaStreet Node Crystals {% endhint %} *** ## Final Steps: Withdraw, Rollover, Claim ### Depositors have two options at the pool expiration: 1. **ROLLOVER:** Roll your node over into the next Yield pass pool 2. **WITHDRAW:** Exit the pool by removing your node from Yield Pass {% hint style="info" %} **IMPORTANT NOTES:** * You MUST complete either option prior to loan maturity to avoid default * Rollovers do not impact the claims process since each new pool will have a new Yield Pass pool {% endhint %} ### **1. ROLLOVER** This option allows a depositor to fully exit their position from Yield Pass. Here are the steps: > *Unlike for Deposit, these transactions will require individual steps* > > 1. **Remove LP Tokens:** Remove liquidity to receive $YP and $ATH > 2. **Refinance Node:** Refinance your NP loan > 3. **Rollover Node:** Rollover your node into the new pool > 4. **Claim $ATH Emissions:** Burn your $YP to receive $ATH {% hint style="success" %} Node will not have idle time where it isn't earning emissions {% endhint %} ### **2. WITHDRAW** This option allows a depositor to fully exit their position from Yield Pass. Here are the steps: > *Unlike for Deposit, these transactions will require individual steps* > > 1. **Remove LP Tokens:** Remove liquidity to receive $YP and $ATH > 2. **Repay Borrowed $ATH:** Repay your loan to reclaim your NP Token > 3. **Redeem Node:** Use your NP to reclaim your node > 4. **Claim $ATH Emissions:** Burn your $YP to receive $ATH {% hint style="warning" %} The user must re-delegate their node after they exit with their operator {% endhint %} ### CLAIM If you minted $YP or purchased $YP via swaps, you are not affected by either Withdraw or Rollover options. Here are the steps: > 1. **Vesting:** Claims will open 180 days after pool expiration > 2. **Claim:** Claim your $vATH emissions and receive $ATH immediately {% hint style="info" %} **IMPORTANT NOTES:** 1. Claims will open 180 days after pool's expiration due to the required Aethir vesting period 2. Once claims open, claims will be processed with no additional vesting 3. Claims are a one-time process to avoid confusion and errors (you will not be able to redeem for less than the full amount of YP you own) {% endhint %}
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