Introducing Igloos V2: Next-gen yield farming on Avalanche
By: Penguin Finance
Tags: Avax, Avalanche, Cryptocurrency, Yield Farming, Defi

The Penguin Igloos (Yield Farms) have undergone a huge migration process and overhaul!

Our farmers have been enjoying generous PEFI rewards for the past few months, and now they’ll be able to enjoy AVAX, PNG, SHERPA, and other tokens on top of that, massively increasing APYs of most Igloos!

Igloos V2: New Features & Improvements

Firstly, we‘re migrating all of our Igloos to AB (.e) tokens, which should massively increase TVL on Penguin Finance. Given how effective the Avalanche Rush program and AB bridge were at attracting users from other chains, we’re excited to finally capture part of this liquidity that had been missing out on the greatness of Igloos for weeks now.

We’re implementing a revamped, remastered & unique smart contract that offers multiple rewards simultaneously (up to infinity), lower gas costs, auto-nesting, and personalized strategies for every single Penguin that is interested in maximizing their yield.

Multiple Rewards

Our upcoming Igloos V2 are like no other yield-farm. Thanks to our new reward system, we can ensure any farm that is listed on Penguin Finance will have higher APYs than its counterpart anywhere else on Avalanche.

Since we’re not a DEX, we’re not limited to provide incentives towards liquidity pools of one exchange specifically. You can benefit from the best farms throughout different exchanges on Avalanche and earn their reward tokens whilst farming PEFI simultaneously.

Igloos V2 will allow Penguins to maximize their yield by providing liquidity on Pangolin, Lydia Finance, SushiSwap, TraderJoe, and other known & trusted exchanges. Users will earn SUSHI, PNG, JOE, and other tokens in the process.

To better illustrate how this works, here’s an example:

Suppose you stake AVAX-ETH.e LP tokens from Pangolin into one of our new Igloos V2. The new Penguin contract then takes your LP tokens and stakes them in the AVAX-ETH.e pool over at Pangolin to earn PNG rewards, and then double-dips those LP tokens on our Igloo to grant you PEFI incentives for providing liquidity. This allows users to earn 100% of what they would on Pangolin, while also earning PEFI on top of that. To spice things up even more, Penguins are able to auto-nest their rewards to earn PEFI, iPEFI, and PNG simultaneously.

Auto-Nesting

We’ve heard your feedback and we’ve made it happen. The new Igloos 2.0 interface will allow users to choose what percentage of their PEFI rewards are automatically converted to iPEFI. There’s no longer a need to be harvesting and staking into the Nest manually; our new contract will automate the process for you.

Each Penguin can customize their Auto-Nesting at will. The default amount set for every Igloo is 50% of PEFI rewards converted to iPEFI, but you can shift this all the way up to 100% to maximize your yield (or down to 0% for the bird brains out there).

New User Interface

With the release of our new Igloos V2 page, we’re also bringing a new user-interface that we will be teasing later this week. It’s cleaner, more informative, and it offers a better user experience. It’ll include all the information you’d ever need for your beautiful spreadsheet.

iPEFI Automation and PEFI/second emission

As you know, our previous Igloos 1.0 contract determined the creation of PEFI based on how many blocks were created. This resulted in widely varying PEFI distribution since the block speed of Avalanche is highly dependent on the usage of the network. We have now switched our contracts to be time based to provide a more accurate APY for our users.

Igloos V2 will also allow us to distribute rewards to the iPEFI Nest every second, rather than once daily.

TURBO Igloos

Once Igloos V2 are released, we will introduce a Turbo phase for a week. During this period, farms should yield higher APYs thanks to additional PEFI rewards. This will incentivize immediate liquidity migration into the new contracts so that PEFI can be distributed fairly from the very start.

TL;DR

In short, Penguin Finance has created the most unique yield farming contract to ever be released on Avalanche. Igloos V2 will be released early next week. Penguins will be able to customize their own yield farming strategies, enjoy the highest APYs on Avalanche, and maximize their yield by farming multiple rewards simultaneously.

We’re setting a new standard for DeFi.

See you on the moon, Penguins.

Don’t forget to migrate as soon as the Igloos V2 are released to take advantage of Turbo Igloos.

About Penguin Finance

Penguin Finance is a platform powered by Avalanche building an innovative set of decentralized applications, financial products, and documentation for both technologically savvy individuals and those with absolutely no knowledge of cryptocurrency.

We’re bridging the gap between DeFi and mass adoption by offering ultra-low fees, an intuitive UX design, and the best documentation/tutorials. PeFi is made for penguins, by penguins.

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