Pinnako Exchange: A New DEX on zkSync — A Comprehensive Review
If you’re a ZK Sync farmer or enthusiast looking to increase your involvement and volume on-chain, Pinnako Exchange might be a great option for you. In this review, we’ll explore the unique features and benefits of Pinnako.
Website: https://app.pinnako.io/#/PID?ref=piko263n
Growth and Stats
Let’s start by looking at some of Pinnako's statistics. Within just seven days of its launch, Pinnako has already achieved almost one million dollars in total volume, with a total value locked at 389k and total fees at 2.8k. The user base is also growing steadily, with 2.7k users.
Trade to earn
One of the standout features of Pinnako is the ability to receive fee rebates. By creating a PID, users can opt to receive discounts and rebates on their fees. Although creating a PID is not mandatory, it provides an opportunity to receive some of your fees back into your account.
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After connecting your wallet, click on your address on the right top side, and mint a PID which will cost you $3. The PID will be used to track your points.
The more actively you trade on the platform, the more points you earn, leading to higher esPiko token rewards and increased discounts on fees.
Swapping and trading on leverage
Pinnacle offers a wide range of trading features. Users can take both long and short positions and choose between market price or limit price orders. Leverage trading is also available, with leverage options of up to 50x. However, it’s important to exercise caution when using leverage and ensure you have the necessary knowledge and experience to do so safely.
For nontraders, there’s also the swapping feature. Allowing us to swap between our favorite pairs.
Token Earnings and Staking
Pinnako has its native token called Piko. By staking Piko, users can earn 25% of the protocol revenue and also receive esPiko tokens. esPiko tokens can be claimed into Piko tokens after a 30-day lockup period. Once claimed, users can choose to sell them or restake them for additional APR. Staking Piko for different durations, ranging from one week to four years, provides varying APR percentages, with the maximum currently at 824%.
LP Farming and High APR
Pinnako allows users to participate in LP (liquidity provider) farming. Currently, Pinnako offers a high APR on Izumi Finance. By adding liquidity to the Piko-ETH pair, users can earn rewards in both esPiko tokens and izi tokens simultaneously. The APR ranges from 924% to an impressive 2.3k%. However, it’s important to note that these rates are subject to change as the project matures.
Conclusion
In conclusion, by adding Pinnako to your repertoire of projects to use on zkSync, we can increase our chances of receiving an airdrop in the future. Plus, since it’s providing rebates from our trades we’ll be able to earn some cash as we trade.
