LOOKS RARER WITH PICKLE
LooksRare has taken the NFT world by storm following its launch, directly targeting goliath and near-monopoly OpenSea by introducing not only a comprehensive and highly usable NFT marketplace, but also some super smart tokenomics including rewarding both users and stakers on the platform.
There are two key liquidity pools for the $LOOKS token:
- $LOOKS standalone staking. Stake $LOOKS, earn $LOOKS and $WETH! The $WETH rewards come from trading fees, so the higher the volume traded the more rewards stakers get. The smart part of the tokenomics is that traders themselves also get rewarded, with $LOOKS tokens — so they are incentivized to trade volume. And so the circle turns each day …
Another cool thing about the $LOOKS staking is that your $LOOKS rewards get auto-compounded for you by LooksRare. Many users (and many hundreds of $millions) are happy with this arrangement — your $LOOKS compound, your $WETH accumulates.
So where does Pickle come in? Why do we need a Jar at all?
The users who are LONG on $LOOKS want to take those $WETH rewards and buy more $LOOKS, regularly, and so further compound their position. But with LooksRare on mainnet, gas costs and time required are prohibitive for many users to do this regularly.
Harvest WETH, buy LOOKS, stake LOOKS. 3x tx per compound(more for your first time given approvals) … means a fair chunk of change spent on gas fees. And if you are compounding infrequently, you are missing out on maximizing your yield.
Enter Pickle — our smart contracts do the compounding for you. Simply deposit your $LOOKS into Pickle and we’ll take your $WETH on a regular basis, buy more $LOOKS and stake it again for you! We pay the gas fees (as part of our 20% performance fee, which is only taken on the yield processed - never from your principle).
After you have staked, sit back and watch those $LOOKS grow in number. Two weeks after launch, the APY remains in the 6 figure range (including the auto-compounding LOOKS), which is almost unheard of in this space. We’ve had lots of questions about how the APY can be so high — well that’s the power of compounding!
Check it out yourself — put 725% APR into this site, https://aprtoapy.com and change the compounding to Daily — you should see a figure pretty close to the one above. Crazy huh?
To make things even easier for you, we’ve added a “MIGRATE” button to the site. This queues up all of the necessary transactions for you to move your currently staked $LOOKS on LooksRare.org to Pickle Finance. You will need to pay gas for this process, but remember that once staked your position will auto-compound on your behalf — no gas fees until you want to withdraw!
- Unstake $LOOKS from LooksRare
- Harvest $WETH (this goes to the user wallet)
- Approve $LOOKS for deposit
- Deposit $LOOKS in Pickle Finance (this step gets you as far as the auto-compounding WETH>LOOKS strategy)
- Approve pLOOKS for staking (pLOOKS is your deposit token — its value never changes as it represents your share of the growing LOOKS pool)
- Stake $LOOKS in Pickle Finance — not only do you get max yields from auto-compounding position, you also get $PICKLE rewards on top!
2. earlier we mentioned two liquidity options — the second is an incentivized liquidity pool on Uniswap. There’s currently about $20m staking in this pool, and the Pickle Jar works pretty much the same way as 95% of our other Jars. We take the rewards, buy more LP and add to your position. Again, gas free from your perspective paid for by the 20% performance fees. No deposit or withdrawal fees. And by usual standards, some very tasty APY returns! Even if only four figures on this occasion …