Penguin Finance Review (PEFI)

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!

Key points

  • 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

Pangolin swaps

Unlike most Defi projects, Penguin Finance does not support swaps. You can’t trade on Pefi.

Instead, they use Pangolin. Offering a cost-efficient alternative. Pangolin has lots of liquidity. It is the largest exchange on Avalanche.

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Penguin Finance swaps are currently supported via Pangolin.

PEFI Igloos

Penguin Finance operates multiple farming options. Igloos are Penguin’s liquidity provider staking farms.

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!

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Penguin Finance igloos provide some pretty high incentive rewards.

PEFI Nests

Penguin Finance also has single asset farms. They’re called Nests.

By putting your PEFI in the nests, you’re given xPEFI.

xPEFI generates PEFI, and compounds over time.

The xPEFI you earn can be traded back for PEFI at a higher ratio at a later date.

There are fees for exiting Penguin Finance’s nests. But considering the current APY rates, I don’t imagine many people will be looking to exit.

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PEFI nests on Penguin Finance.

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.

  1. Get Metamask; if you don’t already have it: Get it. Download it. Install it.
  2. Add Avalanche to Metamask; follow this tutorial by the guys at Pangolin.
  3. Buy some Avalanche; it’s available on Binance.
  4. Send your Avalance 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.

It is far easier than it seems. And if you can make it that far. You will have a whole new world of Avalanche DeFi opened unto thee.

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.

yield yak pefi
Yield Yak auto compounding farms for PEFI. Source: Yield Yak.

This is a massive plus for Penguin Finance. Firstly, it shows they’re reaching out to other DeFi platforms in the Avalanche ecosystem.

REVIEW OVERVIEW
Farming Rewards
Fees
Growth Potential
Branding