Pumpkin Pump, an upgraded and simplified version of SushiSwap, will launch on the IOST network on Sep 11, according to an update on Sep 7.
A product by Pumpking, it promises to return high yield and give users a liquidity mining experience on high-throughput and enterprise-grade platform with negligible fees and no congestion.
An Improved Version of SushiSwap: Pumpkin Pump
Admittedly, there is an opportunity for the ambitious in Ethereum. The rise of DeFi and yield farming is a paradigm shift that’s already destabilizing established business models.
With reports of massive withdrawals from Chinese centralized exchanges to decentralized versions for liquidity mining purposes, the rollout of Pumpkin Pump is a strategic and a well-thought move by the IOST’s partner.
DeFi dApps based in Ethereum, albeit their success, are facing strong headwinds which will likely remain unresolved in the medium to long term until the network forks. The problem at hand is the unreasonably high transaction fees which cut into the irresistibly high yields offered by some of the SushiSwap protocols.
SushiSwap, a fork of Uniswap, introduced the SUSHI token for governance and voting for protocol’s improvement proposals. These tokens are distributed to liquidity providers who supply liquidity to specific Uniswap liquidity pools in exchange for earned fees pro-rated depending on the amount contributed to a pool.
A Pumpkin Twist, a Fulfillment of IOST’s DeFi Ambition
The Pumpkin Pump will work the same way in the sense that IOST token holders who provide liquidity will receive Pumpkin tokens as rewards but with the bonus of a “silky smooth experience with no handling fees or irritable congestions.”
IOST is keen on supporting the development and launch of vibrant, tier-one open finance dApps. In their H1 update, their compliance efforts built a solid footing for DeFi in H2.
Towards that end, and as a show of their intention, IOST is not only a developer-friendly platform but also a platform that strongly believes in a community. In the last few weeks, IOST has been striking important partnerships.
BTCManager reported of their launch of a $6 million DeFi Incentive Fund 2.0 in late August to boost developers planning to launch open finance dApps on IOST. It also partnered with Ramp DeFi—a cross-chain liquidity ramp for unlocking stake assets.