Sep 1, 2022
Hummus Exchange On MetisDAO-All You Need To Know
Guys today we are going to talk about Hummus Exchange on Metis andromeda network. Read on to find out some of their juicy offers that might interest you.
Metis ecosystem is growing rapidly, thanks to its commitment to attracting the best protocols in Defi via an incentivized builder campaign.
On 17th of August, MetisDAO announced the newest runner in Metis Marathon.Metis committed 54,000metis tokens via it’s builder incentive program (Metis Marathon) to bolster its innovative offerings.
The Hummus Exchange is now made available on the Metis Andromeda Network.
In This article you will learn.
- Everything about Hummus Exchange
- Details about Metis partnership with Hummus
- Liquidity Pools available on Hummus Exchange
- How to use the Hummus Exchange website.
What is Hummus Exchange?
Hummus ($HUM) is a decentralized automated market maker (AMM) for stableswaps, An enhanced fork of Platypus.finance operating under a business license from them.
The Hummus Exchange protocol is a next-gen single-side AMM (decentralized exchange) designed for exchanging stable coins (USDT, USDC, DAI etc) on the Metis l2 blockchain.
The protocol is implemented as a set of smart contracts; designed to prioritize censorship resistance, security, self-custody and maximum capital efficiency.
It uses smart contracts to provide liquidity pools that allow users to directly swap stablecoin assets with no intermediary (Automated Market Maker, AMM). It also allows users to become liquidity pool providers, supplying an equal value pair of two stablecoins in order to receive rewards whenever anyone utilizes that pool.
Partnership Timeline
Hummus Exchange became popular in the metis circle after it was announced in Metis Builder Mining Rewards (different from metis marathon) on 06/08/2022. Before then it had gained fasttrack support in Metis Community Ecosystem Governance Program, so it came as no surprise when Metis Announced on 17th of August that they were committing $2.2m (54,000metis) to the project.
What Liquidity Pools are Available on Hummus Exchange?
If you are a defi explorer like myself , who is always on the lookout for rewards and juicy APRs then this one must interest you. Hummus currently operates 5 pools. There are 3 pools in the main pool and 2 in the Alt-pool. Rewards are distributed in $METIS & $HUM. APR currently ranges between 8%-15%. That’s impressive for a stablecoin earning. TVL has skyrocketed 340% in the last month to $18m+. Below is an original snapshot of the pools as at the time of writing this article.
How to Use Hummus Exchange?
Hummus Exchange is a very simple Dex to use , the UI is impressively simple and straightforward.
Follow these steps to learn how to use Hummus Exchange.
- Access the official website at Hummus.exchange
2. Click “Launch App” at the top right corner of the website
3. The dapp can be accessed on metis andromeda network via your preferred web3 wallet, I prefer Metamask on pc. On mobile you can use metamask as well but I prefer math5 wallet.
4. Once you are entered into the app, you can click on the “Connect” button to connect your wallet via metis andromeda network.
5. Once you are logged in, you can now decide what task you wish to perform on Hummus Exchange.There are currently 3 features on hummus exchange located in the middle of the page once you are logged in. Swap,Pool and veHUM.
- Swap is to swap between stablecoins.
- Pool is the liquidity pool. You can deposit and withdraw from a pool here.
- veHUM is for boosting APRs on the platform by staking $HUM.
$HUM is the governance token of Hummus Exchange,and one of the rewards tokens on the platform.
Congratulations! You have successfully navigated the Hummus Exchange platform.
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