The Hummus Hangout #4: The Great (Liquidity) Migration
HUM-METIS Moves to Hermes Omnichain
- Hummus Exchange moved the entirety of its HUM-METIS liquidity pool, currently on Netswap, to the Hermes Omnichain protocol on Wednesday, 7 September.
- Users do not need to take any action.
- Yield (rewards) in the new Hermes pool will be higher, and initially paid in HUM and HERMES tokens.
Where We’ve Been, Where We’re Going
We’re extraordinarily grateful to our excellent partners at Netswap who platformed the HUM token’s ICO in April. Since then, the Hummus Exchange has grown from a chickpea in the eye of its founder to become the largest protocol by total value locked (TVL) on the Metis Andromeda network.
In the spirit of decentralization, the Hummes Team has migrated the HUM-METIS liquidity to Hermes Omnichain effective Wednesday, 7 September 2022. Hermes recently voted to add a HUM gauge, and leveraging its reward mechanism creates better capital efficiency and deeper liquidity. Ultimately, these factors incentivize our community and foster healthy growth.
“Did you say ‘incentives?’”
Yes! Part of sustainable growth is inviting and encouraging our community to help create that growth. So, the new HUM-METIS LP on Hermes will reward depositors with HUM and HERMES tokens.
In other words, HUM hodlers have even more utility for their HUM and METIS tokens.
These rewards are made possible by the incredible support of MetisDAO and its Metis Marathon which Hummus had the privilege of joining recently. Over the next 6 months, Hummus will be deploying over $2 million in Metis incentives for our growing community!
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, completely modular architecture design and a fully re-written 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.