Pickle Finance Integrates Chainlink Keepers to Automate New Uniswap V3 Jars
Pickle Finance is always looking to push the boundaries of the DeFi ecosystem. Over the past two months, we have made great progress on our multi-chain, multi-layer strategy, expanding to five different chains (Moonriver, Metis, Moonbeam, Aurora, and Optimism). While expansion plans continue in full force, we are also excited to announce a new innovation in the DeFi landscape, one that we think will propel us into a new era of Pickle Finance.
Announcing our UniSwap V3 Jars!
Today we are excited to announce our Uniswap V3 strategies are live on Polygon. These strategies will allow big brained farmers to realize the higher fees that UniV3 provides, while not having to worry about their position falling out of range due to smart contract automation via Chainlink Keepers. The UniV3 idea has revolutionized how liquidity can be efficiently managed and peered within a pool. NOW with our UniV3 strategies, we have allowed for this efficient capital allocation to continue to take place, while also ensuring users never lose their trading fees if a price falls out of range.
How do these Jars work?
The strategy will take your deposit and put it in one of 5 UniSwapV3 pools on Polygon:
- USDC/WETH 0.05%
- MATIC/ETH 0.3%
- MATIC/USDC 0.3%
- USDC/USDT 0.05%
- WBTC/ETH 0.05%
On deposit Pickle Finance swaps for the correct ratio of tokens. The Pickle Jar then collects trading fees earned and redeposits them, compounding your earnings!
If the price of the underlying assets move out of range, Chainlink Keepers activate the Jar to automatically re-balance the position to help ensure that Jars always remain in range and collect fees! What does this mean? When you deposit into a UniswapV3 Pool, users are allowed to set a minimum and maximum price to provide liquidity for. Providing a narrower range increases the amount of fees you earn, but also means when the current price is out of range you will stop earning fees. Pickle will keep you in range to give high assurances that you’re always earning higher fees.
Our Jars are also set up in a way that if liquidity mining is to occur on top of any of these pools we will capitalize on the opportunity and earn our users additional rewards. No action needed, just sit back and relax while Pickle does the work for you.
What do I need to do?
So how can you take advantage of our revolutionary new product?
- Bridge any of the above pool assets (USDC, USDT, ETH, WBTC, MATIC) over to Polygon.
- Deposit these assets into one of the 5 Pickle Finance v3 Jars in any proportion.
- You will earn reward fees in the underlying asset types you choose.
- Sit back and relax while Pickle Finance compounds the fees earned for you, keeps you in range to earn the highest fees AND receive PICKLE rewards on top as an added bonus! Plus our farms are ready for any future liquidity mining incentives that these farms may receive.
Integration with Chainlink Keepers
It is very important for the strategy to always be in range to earn fees for the users, this is why we opted for a decentralized oracle solution to ensure Jars rely on reliable price feeds and reliable automation. To do this we are using a state-of-the-art smart contract automation solution: Chainlink Keepers.
Chainlink Keepers enable smart contracts to automate key functions and event-driven tasks in a highly reliable, decentralized, and cost-efficient manner. There is no need for manual intervention, reducing risk for our users and creating high uptime for consistent service.
We are so excited to see Chainlink Keepers implemented on this product. You can see our Chainlink Keeper in action monitoring asset prices and auto-updating Pickle Jar smart contracts here.
“Reliable automation was the missing piece to creating a system that took advantage of UniswapV3 LP positions. We’re very excited about the opportunity to grow revenue for users without manual management from users or the core Pickle Finance team. Instead, independent Keepers in the Chainlink Network that have proven to be reliable node operators, even among periods of high network activity, can make life easier for everyone.” — Pickle Finance
Only up from here!
While this is our first set of UniswapV3 Jars, it will not be our last! We have big plans to expand our UniV3 presence on various chains, across various different Jars. We believe these Jars will bring in high levels of revenue and TVL into our Pickle Finance ecosystem, which our DILLDAO holders will be able to share in.
About Pickle Finance
Pickle Finance is a yield aggregator that maximizes yield on behalf of users. Users realize the power of compounding, while saving time and money compared to manual yield farming.
Pickle places emphasis on transparency and simplicity when it comes to fees. For our UniswapV3 Jars the fees are:
0% deposit fee
0% withdrawal fee
20% performance fee
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.