Pickle goes MCML
Multi-Chain, Multi-Layer
At the time of writing, Defi Llama lists 69 chains across the crypto ecosystem. Sixty nine.
That compares to just 3 when Pickle Finance launched back in September 2020 — a lifetime ago in DEFI terms.
Not that Pickle has stood still during that time. We moved to our first chain beyond the Ethereum mainnet when we launched on Polygon in June, and since then Arbitrum and OEC.
But as chains continue to appear and gain traction, we recognise that Pickle Finance needs to cater to the growing needs of its current and future users. And so we have been actively monitoring and identifying chains that we believe have momentum and longevity.
Three chains have been under varying degrees of development recently, however we’ve narrowed in on one for the next launch … where we believe strong potential lies. And that is Moonriver.
Moonriver
Moonriver is a community led Ethereum compatible parachain on Kusama — a sister chain to Moonbeam, which in itself is an Ethereum-compatible smart contract parachain on Polkadot. Still with us?
Kusama is a “network built as a risk-taking, fast-moving ‘canary in the coal mine’ for its cousin Polkadot”. Moonriver is the chain built on Kusama and is live, while Moonbeam is the chain for Polkadot and still under development.
Moonriver’s TVL has been trending up over the last 2–3 months and more protocols are looking to launch on the chain. And with Polkadot ( top 10 token) and Kusama (top 60) supporting the Moon-chains, we believe there is a bright future ahead.
So what’s coming to Pickle’s Moonriver app? We’ll outline the exact starting roster of Jars upon launch, which is planned for this week! But there will be a stellar selection of Jars to choose from, particularly from the most popular AMM Solarbeam.
We can see in the screenshot below, that the top Jar shown for SOLAR-MOVR has an APY of 277%. That’s compared to a native APR of 175% on Solarbeam directly.
As is the case for OEC Protocol, the fees are just 10% performance fees on the yield processed. No deposit fees. No withdrawal fees. So you’re never out of pocket — the APYs advertised on the app are what you get, as they are net of fees.
Staking with Pickle rather than directly on the AMM provides four key benefits:
- 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 …
Do you plan to earn it, or pay it?
- Pickle Finance
