Real Yield BTC combines the power of Bitcoin with the freedom of DeFi, so you can earn crypto’s genesis asset in a safe and sustainable way.

This opportunity, provided by Sommelier Finance and hosted on rhino.fi, provides the highest Bitcoin rewards anywhere on Ethereum. You’ll earn up to 10% APY for the next month, comprising:

  • 1-6% core APY in wrapped Bitcoin,
    • So you earn the bulk of your yield in the token you’ve been holding up to now. Organic base rates are subject to dynamics on lending markets but could range between 1%-6% and towards 4%-6% after matching on Morpho.
  • 5% guaranteed boost in SOMM,
    • Giving you a market-beating bonus that opens up new income streams.

So you’ll increase your Bitcoin holding while enjoying passive income, with minimal gas and total self-custody on Layer 2.  

Here’s how it works:

  1. You deposit your wBTC onto rhino.fi or acquire it through our swap screen (if you don’t have any wBTC already).
  2. Go to the Real Yield BTC invest page and invest your funds. It’ll only take a few seconds. 
  3. You watch the rewards roll in.

If you’ve already got wBTC and are ready to roll, you can visit the Real Yield BTC page by clicking the link below. 

The additional SOMM boost runs from 13.07.2023 – 13.18.2023 inclusive. Investments limited to a maximum of 5 BTC per user. Boost calculated based on $1m average TVL.

Why Bitcoin DeFi yields are big news

 

Until now, Bitcoin yield opportunities have been hard to come by.

Bitcoin’s native blockchain was built without the smart contracts that have powered DeFi on Ethereum. If you hold Bitcoin on Bitcoin, you can do practically nothing apart from buy and sell it.

Ethereum has partially solved this problem by creating wrapped Bitcoin (wBTC), a counterpart to regular BTC which works with Ethereum and other ERC-20 blockchains. As we explained in a blog post on this topic, it’s a bit like an iPhone app that’s been recoded to work with Android.

But, despite the emergence of wrapped tokens, people have been wary of lending out their wBTC. Many early-stage yield projects promised massive yields, but they inflated these returns by pumping vast amounts of their own token. So investors found that:

  • They were depositing mainstream, popular tokens and receiving niche, unpopular ones in exchange.
  • The token pumps led to hyperinflation which quickly rendered their ‘gains’ worthless.

Faced with this problem, many people (unsurprisingly) felt it was better to HODL the most valuable asset in crypto.

Enter Sommelier, with a new kind of yield opportunity.

Sommelier’s Real Yield opportunities enable users to earn in recognised tokens and they avoided the kind of gimmicks that damaged the reputation of DeFi projects in the early days.

Sommelier’s strategies, built by actual fund managers, automatically rebalance users’ deposits between recognised yield partners such as Curve, Aave and Balancer, in search of the highest yield.

We’ve got a technical post which explains this in detail, but essentially it means that:

  1. Sommelier’s strategies can pay high returns without cynical tactics (think innovation, not inflation).
  2. These strategies can pay out in recognised tokens – often the same tokens the investors have deposited.

We’ve already introduced Real Yield ETH on rhino.fi, and now we’re going even further with wBTC.

So now you can venture into an advanced DeFi opportunity with BTC, and maximise its value while HODLing in preparation for the next bull market. 

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