Pickle Finance Launches on Polygon
We are proud to announce that Pickle Finance is now LIVE on Polygon!!
Just over nine months since Pickle launched its first Jars on Ethereum, a new Pickle Finance is born over on the extremely popular Polygon.
POLYGON: Built by developers, for developers
Polygon combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system. Polygon solves pain points associated with Blockchains, like high gas fees and slow speeds, without sacrificing on security.
This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc, but with at least three major upsides:
1) It is able to fully benefit from Ethereum’s network effects
2) It is inherently more secure
3)It is more open and powerful
Polygon has grown rapidly over the last few months and is currently home to more than $8bn in TVL with major players in the DEFI space already in place such as Sushi, Aave, Balancer and Cream plus a host of protocols that have grown natively on Polygon.
Quick Recap: How Pickle Works
In a nutshell, Pickle has two elements.
- Jars — the auto-compounding strategies that help you to maximize your yields by turning your reward tokens into more LP/input tokens, thus increasing your position over time.
- Farms — you position is further rewarded through the Pickle Farms, which typically provide Pickle rewards on top of your Jar position as an added APY bonus.
In the case of our Polygon launch, we go one better …
Joint Liquidity Incentivization — DUAL Rewards
We’ve been working with the Polygon team in preparation for our launch and together we have agreed to strongly incentivize Pickle’s opening foray onto Layer 2.
Pickle will allocate 0.1 Pickle per block, which equates to 1/3rd of current emissions, to incentivize polyFarms for the foreseeable future. At the time of writing this equates to around USD $44,000 per week.
We’re pleased to announce that Polygon will also be providing $100k of MATIC to further reward Pickle users, which will be spread over the coming 8 weeks at $12,500 per week.
That means approx. $56,500 per week extra incentive for at least 8 weeks, on top of the auto-compounding Jar yields.
Upon launch we have developed eight strategies, which will initially be incentivized with Pickle and MATIC equally. The rewards distribution across Farms will be reviewed a few days after launch to ensure that yields are maximised for as many users as possible.
Farms 1, 2 and 3 are courtesy of our friends at Cometh, a novel protocol that combines blockchain based gaming with AMM and liquidity farming.
Next on the list is a folding DAI strategy courtesy of Aave. This strategy automatically loans your DAI to borrow more, repeating the process until a safe level of folding is achieved meaning your APY is maximized.
4. Aave DAI
Curve provides the base for the fifth strategy using the trio of stablecoins that make up the am3CRV pool.
5. Curve am3CRV
Our good friends (and Yearn ecosystem partners) provide the next two, both ETH LP pairs. One with USDT and one with MATIC.
Pickle is delighted to be launching on Polygon and look forward to working alongside the Polygon team and other players in the Polygon ecosystem to build our offer further.
We already have further strategies under development so watch this space for more news about Pickle x Polygon!
Thanks to everyone on both teams and the Pickle community who have helped to make this happen through their ideas, suggestions and thorough testing of the deployment before it went live.