Guys, today we’re going to talk about Hummus Exchange on the Metis Andromeda network. Read on to find out some of their attractive offers that might interest you.
The Metis ecosystem is growing rapidly thanks to its commitment to winning the best protocols in Defi via an incentivized builder campaign.
On August 17th, MetisDAO announced the newest runner in the Metis Marathon. Metis provided 54,000 Metis tokens through its Builder Incentive program (Metis Marathon) to boost its innovative offerings.
Announcing the winner of the Hummus Metis Marathon
The Hummus Exchange is now available on the Metis Andromeda Network.
In this article you will find out.
- All about Hummus Exchange
- Details of Metis partnership with Hummus
- Liquidity pools are 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 advanced fork of Platypus.finance, operating under a business license from Platypus.finance.
The Hummus Exchange protocol is a next-generation 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 series of smart contracts; Designed to prioritize censorship resistance, security, self-custody, etc maximum capital efficiency.
It uses smart contracts to provide liquidity pools that allow users to directly exchange stablecoin assets without intermediaries (Automated Market Maker, AMM). It also allows users to become liquidity pool providers by providing a matched pair of two stablecoins to earn rewards whenever someone uses that pool.
Partnership timeline
Hummus Exchange became popular in the Metis circle after it was announced in Metis Builder Mining Rewards (as opposed to the Metis Marathon) on 06/08/2022. It had previously received Fast Track support in the Metis Community Ecosystem Governance Program, so it came as no surprise when Metis announced on August 17 that they would commit $2.2 million (54,000 Metis) to the project.
What liquidity pools are available on Hummus Exchange?
If you’re a defi explorer like me, always on the lookout for rewards and hefty APRs, then this one might interest you. Hummus currently operates 5 pools. There are 3 pools in the main pool and 2 in the alto pool. Rewards are distributed in $METIS and $HUM. The APR is currently between 8% and 15%. That’s impressive for a stablecoin earnings. TVL is up 340% over the past month to over $18 million. Below is an original snapshot of the pools at the time of writing this article.
Hummus main pool
Hummus alt pool
How to use Hummus Exchange?
Hummus Exchange is a very easy to use Dex, the interface is impressively simple and straightforward.
Follow these steps to learn how to use Hummus Exchange.
- Visit the official website at Hummus.exchange
Hummus Exchange website
2. Click “Launch App” at the top right of the website.
Start Hummus Dapp
3. The Dapp can be accessed on the Metis Andromeda network via your favorite Web3 wallet, I prefer Metamask on PC. You can also use Metamask on mobile, but I prefer Math5 Wallet.
4. Once you have logged into the app, you can click the “Connect” button to connect your wallet via the Metis Andromeda network.
Connect wallet to hummus purse
5. Once you’re logged in, you can now decide what task you want to perform on Hummus Exchange. There are currently three features at Hummus Exchange, located in the middle of the page once you’re logged in: Swap, Pool, and veHUM.
Features of Hummus Exchange
- Swap is an exchange between stablecoins.
- Pool is the liquidity pool. Here you can make deposits and withdrawals from a pool.
- veHUM serves to increase the annual percentage rate on the platform by using $HUM.
$HUM is Hummus Exchange’s governance token and one of the rewards tokens on the platform.
Congratulations! You have successfully navigated the Hummus Exchange platform.
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