Pickle Finance launches on Aurora!
Pickle Finance’s multi-chain mission continues with the addition of Aurora!
The expansion continues — this time we are proud to have worked with the Aurora team to be one of the first protocols to launch on this exciting new Ethereum-compatible chain.
This announcement was actually front-run by the eagle-eyed Alex:
But in this case, we don’t mind a little frontrunning 💚
So what is Aurora?
“Aurora is an Ethereum Virtual Machine created by the team at the NEAR Protocol, delivering a turn-key solution for developers to operate their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, with low transaction costs for their users.”
Aurora has several benefits as a chain, as outlined on their website:
DefiLlama is currently tracking Aurora at just over $200m TVL and growing, making it a serious contender already - mere weeks since launch.
Pickle <> Aurora launch incentives!
To celebrate our launch on Aurora, we’re adding some crunchy incentives, which we’ll airdrop directly to some lucky Jar users.
At some point over the coming 3 weeks (exact date unspecified to prevent users gaming the drop), we’ll airdrop the following to randomly chosen users who have a non-trivial (min $50) deposit in one or more of the Aurora Jars:
- Firstly, the amazing NFT (shown at the beginning of this article) designed by fennec will be airdropped to 25 users . You can see more of fennec’s NFTs on the official Pickle Finance NFT collection!
- Secondly, 5 users will receive an airdrop of 10x AURORA (value at time of writing $106.1 each, $1,06 total)
- Thirdly, 5 users will receive an airdrop of 10x NEAR (value at time of writing $83.9 each, $839 total)
*users may win more than one of the three prizes available
Aurora starting Jar roster
The Pickle development team have been in overdrive for this one … and we have 25 new Aurora Jars active at launch, taking Pickle’s full Jar roster to 105:
We have developed Jars from 3 Aurora based protocols:
The Jars cover a wide range of LP opportunities:
- Aurora 1a TriNearUsdc
- Aurora 1b TriEthNear
- Aurora 1c TriBtcNear
- Aurora 1d TriNearUsdt
- Aurora 1e TriTriNear
- Aurora 1f TriUsdcUsdt
- Aurora 1f TriTriAurora
- Aurora 1g TriAuroraEth
- Aurora 2a NearNearBtc
- Aurora 2b NearPadUsdt
- Aurora 2c NearPadUsdc
- Aurora 2d NearPadEth
- Aurora 2e NearPadNear
- Aurora 2f NearPadFrax
- Aurora 3a WannaWannaNear
- Aurora 3b WannaAuroraNear
- Aurora 3c WannaEthBtc
- Aurora 3d WannaNearBtc
- Aurora 3e WannaNearDai
- Aurora 3d WannaNearEth
- Aurora 3e WannaUsdcNear
- Aurora 3f WannaUsdtUsdc
- Aurora 3g WannaUsdtNear
- Aurora 3h WannaWannaUsdc
- Aurora 3i WannaUsdtWanna
The benefits of using Pickle Finance
So why use Pickle Finance instead of depositing directly into the protocol farms?
- 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!
- Saves gas — okay so Aurora is fairly unique in that gas is currently free. Yes, $0 per transaction! But that may not always be the case …
- Compounding an LP position also 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.
- And of course, Pickle is tried and trusted with over 15 months of experience. Your funds are precious so trust them to a protocol with a strong reputation.
Pickle’s Aurora 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 Aurora the fees are:
- 0% deposit fee
- 0% withdrawal fee
- 10% performance fee
No deposit fees, no withdrawal fees, and performance fees are taken from the yield collected — so you only ever gain in your Jar position. The APYs shown on the site are what you get as they are already net of 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
If you haven’t used a non-Ethereum chain yet, it can be a little daunting to think about sending funds into a ‘black hole’ in the hope they come out again on the other side! Thankfully, with Aurora being fully EVM it isn’t too complicated.
Use the awesome Rainbow Bridge app to bridge some funds over. From Ethereum you’ll need to pay a transaction fee, but remember once your funds are there your transactions are currently free!