Yes! It’s live! RIGHT NOW! Stop reading and go get some hummus!
Okay, you want a little more information? Totally get it! We’re just excited 😄
Here’s the TL;DR…
- Beginning today, fees from swaps now go to veHUM holders (generated by staking HUM tokens) and the coverage ratio, including LP holders (stablecoin stakers). Previously, all swap fees were returned to the coverage ratio.
- Over the next 6 months, the Hummus Exchange will be deploying over $2 million in Metis incentives for our growing community as part of the incredible Metis Marathon!
- New Fee Distribution + Metis Marathon = A Better & Sustainable Economy.
- The veHUM UI is getting reworked to improve utility and community.
New Distribution, Even Creamier Hummus
The Hummus Exchange allows ultra-low slippage stablecoin swaps and yields on staked stablecoins. These yields are affected by the amount of stablecoins staked as well as the amount of HUM tokens staked and the length of time for which they have been staked. Yields are paid in HUM, funded by the fees taken in-kind and paid by the traders’ swaps. (Learn more about how the Hummus Exchange works in our earlier article.)
With the protocol and the entire Metis ecosystem growing quickly, the Hummus Exchange team has adjusted the fee distribution to ensure a healthy protocol economy. The 0.1% swap fee, which is paid by the trader in the form of the swapped stablecoins (i.e., m.USDC, m.USDT, m.DAI, and MAI), is received by the Hummus Exchange protocol. Beginning today, this fee will now be distributed as follows via a monthly METIS airdrop:
- To veHUM holders via a monthly METIS airdrop (60% of fees)
- To the coverage ratio, including LP holders (40% of fees)
Important! This means that users who support the protocol by staking stablecoins and HUM tokens will be rewarded in a far greater way than previously. The longer you stake HUM, the greater the share of the METIS rewards you get.
In the future, the fee share will involve a typical claim transaction rather than an airdrop.
Improving the the UX
The Hummus team is building a protocol that not only offers the best slippage in the industry, but also provides the best UX. We are constantly looking for ways to improve our user interface, so we will be making some useful (and fun!) tweaks and additions in the future, such as an analytics hub and a new Boost Calculator (shown below). Follow our socials to stay up to date!
Boosting Yields with HUM & veHUM
You can significantly boost your APR by also staking HUM tokens on the veHUM page. By staking HUM you will accrue veHUM on an hourly basis. You can then claim your accrued veHUM on the veHUM page. The veHUM tokens will be placed in your wallet.
The more veHUM you have, the higher your boosted APR is. The more MAI, m.USDC, m.USDT, or m.DAI you have staked, the more veHUM you will need to boost your APR.
Important! If you unstake any amount of HUM then you will lose all of your veHUM. That is, you will lose any veHUM you have accrued on the “veHUM” page and any veHUM you have already claimed. Therefore, the longer your HUM remains staked, the more VeHUM you accrue, which results in a greater yield (APR) boost. Simple.
The Hummus team is talking to several protocols interested in aggregating the Hummus Exchange. Such integrations would give our community even greater flexibility for veHUM in the future.
After you have earned your HUM rewards on your stablecoin(s) deposit you can claim your HUM on the Pool page and the HUM tokens will then appear in your wallet. You can then stake your new HUM to get an even higher APR, hodl, or sell it on the open market. Claiming your HUM token rewards will not incur any penalties at present.
Don’t forget to add the HUM contract address to your MetaMask wallet!
HUM token: 0x4aac94985cd83be30164dfe7e9af7c054d7d2121
About the Metis Marathon
MetisDAO Foundation has announced the Metis Marathon, a 26-week long builder incentive program that aims to incentivize a fierce development of the Metis ecosystem. Besides introducing some of the Top DeFi protocols by TVL to our ecosystem, the Marathon will also help create a native powerhouse by directly incentivizing some of Metis’ most innovative native dApps.
About Hummus Exchange
The Hummus Exchange protocol is a single-side and decentralized AMM designed for exchanging stable cryptocurrencies on the Metis blockchain.
Users can swap stablecoins on the Hummus Exchange with extremely low slippage and fees. They can also stake stablecoins to generate yield, and stake HUM tokens alongside to boost that yield.