New decentralized finance (DeFi) crypto is capturing the attention of global investors after recording a surge of over 1,633% in only four days.
Pickle Finance (PICKLE) is the latest digital token to surge, exploding from a low of $4.41 on September 12th to a high of $72 on September 16th at the time this report was drafted, according to CoinGecko.
It has a circulating supply of 0 coins and a max supply of 358 Thousand coins.
The coin is gaining traction due to a unique use case and a voting mechanic that earned praise from Ethereum creator Vitalik Buterin.
Nice! How do you determine individual identities to prevent individuals from splitting their funds into many accounts to avoid being square-rooted?
— vitalik.eth (@VitalikButerin) September 13, 2020
In response pickle finance said;
“We can’t, at least not now. We don’t want to let the perfect be the enemy of the good. This will hopefully slow down the whales who want to game the system.
“But at the very least, we’re excited about promoting the ideas of RadicalXChange and Quadratic Voting.
We can't, at least not now. We don't want to let the perfect be the enemy of the good. This will hopefully slow down the whales who want to game the system.
But at the very least, we're excited about promoting the ideas of RadicalXChange and Quadratic Voting.
— Pickle Finance ? (bluepickle.eth) (@picklefinance) September 13, 2020
Pickle brings the four largest stablecoins (DAI, USDC, USDT, sUSD) closer to their peg by using the power of farming and pVault
What you should know; The Pickle protocol uses farming incentives, vaults, and governance to bring stablecoins closer to their pegs.
By distributing PICKLEs to Uniswap LPs of different stablecoin pools, capital movement between stablecoins is encouraged. pVaults, short for Pickle Vaults, will utilize different active strategies including leveraged flash loans to short off-peg stablecoins, to generate returns for pVault owners and the protocol.
PICKLE is also used for governance to control the monetary policy of the system.