Pickle Finance 💚 Metis!
The Pickle Finance multi-chain development juggernaut continues to roll
Less than a month after our successful launch onto Aurora, we have launched onto another extremely promising chain. Metis.
Can’t keep up with all of these new chains? Here’s an overview of Metis or read up more in their useful Learning Hub:
Why did Pickle choose Metis? No it’s not just because Vitalik’s mom is involved (no really, she is)! When scouting the next chain move, we look for the following key indicators, all of which Metis delivers on.
- Momentum. Metis launched just two weeks ago and already has over $200m TVL with new protocols and more TVL rolling in daily!
- Potential. With so many new chains launching (Defillama currently tracks 91!) we want to be sure the popularity is not just a flash in the pan. Metis has been in development for over 2+ years and has focused not only on creating a new chain, but implementing many of Vitalik’s historical proposals such as the use of a rangers system to reduce bridging times.
- Competition. Yep this factors in too. Some chains are huge in terms of TVL but also already have established yield aggregation providers. Metis is still in growth mode and so far uncluttered with such protocols.
Pickle <> Metis launch incentives!
To celebrate our launch on Metis, we’re adding some awesome incentives which we’ll #airdrop directly to some lucky Jar users 🪂
At some point over the coming 2-3 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 Metis Jars:
- Firstly, the 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 1x METIS (value at time of writing $212 each, $1,060 total)
*users may win more than one of the prizes available
Metis starting Jar roster
We’ve added 15 Metis Jars for users to choose from upon launch:
- 11x from Netswap ($185m TVL) many of which are currently offering insane 7 digit APYs! (highest is BNB-NETT at 6,280,891% 🤯)
- 4x from Tethys ($14m TVL) including some great $METIS pairs
More Jars may be added from more protocols as they come up. If you see one you think would be a good fit, feel free to suggest!
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 — Metis is much cheaper than Ethereum for gas fees, but not free/pennies, and so Pickle’s auto-compounding Jars will save significant amounts of gas fees compared to completing manually.
- 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.
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 and track record.
Pickle’s Metis 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 Metis the fees are:
- 0% deposit fee
- 0% withdrawal fee
- 10% performance fee
No deposit fees, no withdrawal 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 Metis it isn’t too complicated.
Use the Metis bridge to transfer some funds over — you can bridge ETH, USDC/T, LINK or METIS currently. From Ethereum you’ll need to pay a transaction fee, but remember once your funds are there your transactions will be much cheaper than on mainnet!
Then you can just continue to use Metamask/Rabby and transact away, just as you do on other chains.