A newly launched decentralized finance (DeFi) asset, Pickle Finance (PICKLE), has over the past few weeks became bodacious, becoming the talk of the town in the crypto community as it surges by 1,800% within two days after being praised by the Ethereum Founder, Vitalik Butterin.
According to data from CoinGecko, the cryptocurrency saw a boastful the upsurge from $4.41 on September 12th to an all-time high figure of $85.24 on September 14th, amounting to about 1,800% rise.
What is Pickle Finance?
Pickle Finance (PICKLE) is a DeFi project named after a food and has a logo of Pickle Rick from Rick and Morty Pickle. Pickle has gained strong adoption within the DeFi circle, unlike other so-called food coins which have failed and never got off the ground.
The Pickle Finance as stated in its website it was developed to help eliminate volatility in the four largest stablecoins in the DeFi space through farming. The coin offers fewer rewards for pools trading above their peg and more rewards for stablecoins pools trading below their peg. Pickle Finance, at the moment, covers four stablecoins pools which are USDT/ETH, USDC/ETH, suSD/ETH, and DAI/ETH.
Pickle Finance Receives Praises from Butterin
However, the coins’ propulsion could be credited to the dynamic voting mechanism and use case that earned praises from the Vitalik Butterin, as the system allows its token holders to participate in an unusual governance process where a quadratic system of voting is being adopted to limit whales influence.
Pickle Finance, instead of using the nominal votes counting method, takes the square root of votes for each account. This method gives more power to innovators that can earn more attention from crypto enthusiasts.
When Butterin asked the Pickle Finance development team how they intend to prevent individuals from splitting their funds into many accounts to avoid being square-rooted, the development team admitted that the project is still in its infant stage. The team reiterated that they are being cautious and would not allow the desire for perfection to decrease the chances of obtaining a good result; this, according to them, would slacken whales waiting to attack the system.
Howbeit, the Pickle Finance team pointed out that the project is fully prepared and equipped for expansion and would in the course of future development devise a system for better identification of users.