After digging into the usual "Defi rabbit-hole". I found myself on Pangolin–an Avalanche DEX. Where I came across something cool. Penguin Finance. Let’s get into the Penguin Finance review that you’ve been looking for!
- PancakeSwap clone. I’m guessing you’re somewhat well-versed enough to be hooked into PancakeSwap, yield farming, liquidity pools, farming .etc. Well, PEFI takes much of the same code and is brings the familiarity of PS to Avalanche. But, they’ve built up on this and added even more cool features.
- Super low fees. Like Binance Chain, Avalanche is also really fast and cheap to transact on. Great for everyone. Ethereum fees are way to high at the moment.
- Nests are churning out loads of PEFI. That’s in the regions of 400+% APY. That is phenomenally high. And do you want to know why this is the case? It’s because this is cutting edge first entry confidential.
3 key things you should know about
Penguin Finance is not a DEX. You can’t trade on Pefi. Instead, they use Pangolin. A highly liquid DeX.
Penguin uses "Igloos" to reward liquidity providers. Participation is simple.
Users deposit liquidity pairs. Two different tokens. And are rewarded with more PEFI as a reward. More on this later, there’s a clever platform you can use to auto-compound PEFI too!
Penguin Finance also has single asset farms. "Nests."
By putting your PEFI in Nests, you’re given xPEFI. Earning PEFI, and compounding over time. xPEFI can be exchanged for PEFI at any point.
There are fees for exiting Nests. But considering the current APY rates, I don’t imagine many people will be looking to exit.
How to use Penguin Finance
The steps required to use Penguin Finance are the same for any Avalanche-based DeFi at the moment. First, you need an Avalanche wallet. Metamask is preferred.
- Get Metamask; if you don’t already have it: Get it. Download it. Install it.
- Add Avalanche to Metamask.
- Buy some Avalanche; it’s available on Binance.
- Send your Avalanche to Metamask via your Avalanche Wallet. First, send from Binance to your Avalance Wallet, on the X network; then within the Avalanche wallet move it from the X network to the C network; then send from the Avalance wallet on the C network, to your Metamask Wallet.
Yield YAK PEFI Compounding
Yep, Yield Yak are offering auto-compounding farming for PEFI LP farms at the moment. They take a small fee for the service, but it’s worth it if you’re looking to farm in PEFI Igloos anyway.
This shows Penguin are partnering with other DeFi platforms.