Reunited siblings: River & Beam
Pickle launches on Moonbeam
Back in December, Pickle launched onto Moonriver, the community-led
sister parachain on Kusama. Today we launch on River’s sibling — Moonbeam, the Polkadot parachain.
The Best of Both Worlds — The Power of Polkadot, The Ease-of-Use of Ethereum.
Moonbeam delivers complete Ethereum compatibility within a Polkadot parachain environment, so developers can continue to use the programming languages and tools they’ve grown used to — but within a fast-growing and scalable Layer 1 chain.
It is also compatible with the Substrate and Polkadot ecosystem, including block explorers, wallets, parachains, and more, allowing users the flexibility to choose the right tools and services for the job.
Importantly for Pickle, Moonbeam has some excellent momentum and some solid yield opportunities. We chose to launch onto Moonbeam for the same three reasons outlined previously: Momentum, Potential, Competition.
Pickle <> Moonbeam launch incentives!
We couldn’t let Moonriver out-do their sibling and be the only one with a custom designed NFT! So to celebrate our launch on Moonbeam, we’re adding some equally awesome 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 Moonbeam Jars:
- The hand-drawn NFT shown at the beginning of this article, hand painted by fennec will be airdropped to 25 users
- Secondly, 5 users will receive an airdrop of 10x GLMR (value at time of writing $93 each, $465 total)
*users may win more than one of the prizes available
Moonbeam starting Jar roster
We’ve added 8 Moonbeam Jars to choose from upon launch, all from Stellaswap which has established itself, so far, as the main DEX on Moonbeam.
More Jars are in development and will launch soon, including those from Beamswap, which has had rapid growth over the last couple of days! Other Jars and more protocols will be added as the opportunity arises.
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! Most users end up not doing this manually every day, missing out on yield.
- Saves gas — Moonbeam 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 over a reasonable period, 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.
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
― Albert Einstein
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 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 Moonbeam 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 Moonbeam it isn’t too complicated.
There are a few options for bridges, including Multichain or directly on the Stellaswap or Beamswap sites. 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.
Happy yield hunting!
