What is Pickle Finance? New Ethereum DeFi craze rallies 1,000% in one day

Despite it being named after a food and having the logo of Pickle Rick from Rick and Morty, Pickle - or Pickle Finance - the coin has seen strong adoption within DeFi circles.

There are prominent crypto and Ethereum investors promoting the project, whose native coin, the aptly-named PICKLE, has rallied 1,000 percent in the span of 24 hours.

Over the past few weeks, there has been a deluge of so-called food coins: we've seen SushiSwap, Kimchi, HotdogSwap, SpringRollSwap, and about every other popular food under the sun as developers have attempted to capture the DeFi craze.

Most of these food coins have failed: they pumped and rapidly dumped, never got off the ground, or were "Rug-pulled" by their often-anonymous founders.

If you open up Pickle's website, it looks extremely similar to any of the other food coins: a simple user interface with the price of the coin, supply, and the total value locked in the contract.

The idea with PICKLE is to use incentives to reduce the premium users are paying for certain stablecoins like DAI or Synthetix USD, which both have traded around 2-4 percent over a dollar over the past month.

Moving forward, the project will transition to pVaults, which will offer users a place to deposit their stablecoins and PICKLE for an on-chain arbitrage system that will net profits while also normalizing the price of stablecoins.

"Sold over 10k $PICKLE at $5. wakes up found its at $60??? Isn't this green coin???".

Sold over 10k $PICKLE at $5. wakes up found its at $60??? Isn't this green coin???

As of Sunday evening, the coin had surged in excess of 1,000 percent in a 24-hour period, starting the day at around $5 and ending it at $70. Like what you see? Subscribe for daily updates.