Umoja Offers 6% APY for Coinbase Wrapped Bitcoin on Base Network

Umoja has introduced a new opportunity for holders of Coinbase Wrapped Bitcoin (cbBTC) to earn a 6% annual yield through the Base layer-2 network. This offering utilizes strategies like covered calls and arbitrage, which involve buying bitcoin on one platform and selling it at a higher price on another. The yield is generated by minting Yield Vault Tokens (yBTC), representing their stake and accumulating the promised 6% payout. This move comes as Bitcoin prices have been fluctuating significantly, prompting investors to seek alternative ways to generate returns amidst market volatility.