Pickle Finance launches on Moonriver
We’re delighted to announce that today we add Moonriver to our multi-chain Jar roster!
As announced a few days ago, one of Pickle Finance’s core short-medium term goals is to be more ‘MCML’ — as the DEFI chain network expands at a rapid pace, we plan to be in more places more often in order to help more users maximize their yields.
Moonriver becomes our fifth chain, with 18 Jars available to choose from at launch. That takes the protocol’s total active Jars count to 80, distributed as follows:
Pickle <> Moonriver launch incentives!
To celebrate the launch on Moonriver we are giving away some fantastic prizes to up to* 35 lucky recipients that utilize the Jars! 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 Moonriver Jars:
- Firstly, the amazing NFT (shown at the beginning of this article) designed by fennec will be airdropped to 20 users . You can see more of fennec’s NFTs on the official Pickle Finance NFT collection!
- Secondly, 10 users will receive an airdrop of 10x SOLAR (value at time of writing $82.3 each, $823 total)
- And last but not least, 5 users will receive an airdrop of 1 MOVR (value at time of writing $308 each, $1,540 total)
*users may win more than one of the three prizes available
Moonriver starting Jar roster
Upon launch, all 18 of these Jars utilize Solarbeam’s LP, the leading AMM on the network. Over coming weeks, Jars from more Moonriver protocols may be added as well as any new opportunities that arise on Solarbeam itself.
The Jars available cover a wide range of protocols and LP opportunities:
The benefits of using Pickle Finance
We covered this in the last article but it’s worth re-iterating as there are many benefits to using Pickle to help you maximize your yield:
- Saves time — to autocompound an LP position takes at least 5 transactions (more for the first which includes approvals). With a hardware wallet (which we’d recommend anyone in DEFI utilises) that’s a lot of clicks!
- Saves gas — yes gas fees are much lower on side-chains, but even they can add up if you are compounding a position daily. If a Moonriver tx costs $0.30 that’s more than $500 over the course of a year.
- 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 and enjoy paying for the gas. Pickle automates that so you can spend more doing things you enjoy while we maximize your yield returns. Einstein himself recognized the huge power of compounding positions …
Pickle’s Moonriver fee structure
Unlike many yield aggregators, we place a lot of 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 Moonriver 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-Ethererum 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! Lucky for you, MOVR News have written up an excellent article that explains how to do it, whether that’s from an exchange or your own wallet. They also show you how to claim from the faucet after you have bridged funds, so that you can make your first transactions.
Hot tip — buy a little more MOVR after bridging so you don’t get stuck with insufficient funds to make a trade!