Pickle Finance launches on Optimisim!
It has been a wild start to the year for Pickle Finance and its Multi-Chain Multi-Layer strategy. In the last two weeks alone we have launched on Metis, Moonbeam and today we are excited to announce that we have launched on Optimism.
The Ethereum you know and love, at lower cost and lightning speed
Optimism is an EVM equivalent Optimistic Rollup chain. It’s designed to be fast, simple, and secure. The Layer 2 chain boasts gas savings of 45x as compared to Layer 1 Ethereum, and at the time of writing has over $840m of on chain value.
Optimisim is starting to ramp up in its DeFi app adoption and our motivation to launch on Optimisim is one of future orientated growth, with many AMMs a d yield farming opportunities on their way.
Optimisim starting jar roster
We will be starting with 4 jars from Zipswap, with more jars planned as more Dapps like Uniswap expand to the network.
The benefits of using Pickle Finance on Optimism
So why use Pickle Finance to help maximize your yields on Optimism?
- Saves time — to auto-compound an LP position takes at least 5 transactions (more for the first, which includes approvals). With a hardware wallet (which we’d recommend everyone utilizes), that’s a lot of clicks! Most users end up not doing this manually every day, missing out on yield.
- Saves gas — Optimism is cheaper than Ethereum for gas fees, but not free/pennies! Pickle’s auto-compounding Jars will save significant amounts of gas fees over a reasonable period, compared to completing manually.
- Compounding an LP position helps continuously ‘rebalance’ your position — if the value of the pair becomes imbalanced, regularly compounding effectively helps you to ‘buy the dip’ if a token falls in price or vice-versa if it gains.
- And of course, compounding positions can create huge gains in value compared to a static APR. Through the power of auto-compounding you are almost guaranteed to outperform managing your own position, unless you have a lot of time on your hands. Pickle automates that so you can spend more doing things you enjoy, while we maximize your yield returns.
Pickle’s fee structure
Pickle places emphasis on transparency and simplicity when it comes to fees. The fees aren’t hidden away (no need to hunt in our docs), they aren’t unspecific (no ranges or use of such terms as “usually”), and they are not multi-level (with confusing terms like ‘controller fee’ )!
They are the same across all Jars on a given chain — in the case of Optimism the fees are:
0% deposit fee
0% withdrawal fee
10% performance fee
No deposit fees, no withdrawal fees.
Performance fees are taken only on the yield processed, ie the profit. So you always end up with more LP tokens than you deposit!
How to get started
Optimisim is like any other Layer 2 solution, connecting directly to your wallet of choice. Make sure you add the Optimism RPC to your wallet, which can be found here
There are a few options for bridges, including the official Optimism bridge or through Multichain. From Ethereum you’ll need to pay a transaction fee, but remember once your funds are there your transactions will be much cheaper than on mainnet!
Then you can just continue to use Metamask/Rabby and transact away, just as you do on other chains.