The Start of Something Beautiful.
On Wednesday, 7 September 2022, the Hummus team migrated the HUM-METIS liquidity to the Hermes Omnichain. Essentially, this means that these HUM and METIS tokens (and therefore their value) moved onto the Hermes protocol to buttress a new liquidity pool (LP) for traders to utilize.
What does this mean? Let’s start with the basics. Prior to the above-referenced migration, Hermes users voted to add a HUM gauge, meaning its HUM-METIS LP would begin rewarding HERMES tokens to liquidity providers. So, if you provide HUM and/or METIS tokens to this LP, you will receive HERMES tokens as a reward. Nice!
The HERMES token is the governance token of the Hermes protocol, using a locking voting escrow mechanism akin to Solidly. The longer users lock their HERMES tokens, the greater veHERMES they are given. More veHERMES equals more voting power.
But there’s more!
With our recent migration of HUM-METIS liquidity to Hermes, the Hummus Exchange is now earning HERMES tokens which will grow both our treasury and influence in the Metis ecosystem rapidly. Hummus Exchange will immediately lock these HERMES to earn veHERMES and then direct its votes toward the HUM-METIS gauge, setting the liquidity flywheel into effect. And, the latest Hermes Omnichain grant proposal could provide an even greater incentive for veHERMES hodlers.
Furthermore, more bribes are on the way! Hummus Exchange will incentivize veHERMES hodlers to vote for the HUM-METIS liquidity pair with HUM tokens and incentivizing HUM-METIS liquidity providers, as well.
About Hermes Omnichain
Hermes Protocol leverages existing DeFi tools and builds on top of them to achieve substantial capital efficiency improvements for both LPs and incentives. Hermes improves upon ve(3,3) mechanics to provide an elevated user experience packed with new and improved features, a completely modular architecture design, and a fully rewritten and audited modern code base implementing the newest Smart Contract Development Standards and best practices. You can learn much more about its impressive and promising protocol on the Medium page of its creator, MaiaDAO.
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.
Come check us out! Stop by to swap or stake around for longer.