Vitalik Buterin positive about new Pickle Finance (PICKLE) DeFi coin

0

Last Updated on 17 September 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

Vitalik Buterin, founder and CEO of Ethereum, was the first to sound the alarm back in August about the multitude of DeFi coins that were propping up. He sent out his warning just after Yam, a first food token, went up to a value of $160 in only a few hours and then came crashing down when a bug was found in its code, taking several hundreds of millions in investment with it.

This time, round, Vitalik Buterin praised the governance model of Pickle, a new so-called food coin (listed on Coingecko), stating:

Nice! How do you determine individual identities to prevent individuals from splitting their funds into many accounts to avoid being square-rooted?

Pickle’s developers, who were honored to receive the blessing from Ethereum’s founder, stated:

We can’t, at least not now. We don’t want to let the perfect be the enemy of the good. This will hopefully slow down the whales who want to game the system… Maybe later on we can devise a system to better identify users. But we are quite stretched for bandwidth right now. The project has been live for a little more than 2 days.

The brand new food-themed token immediately caught the eye of investors in response, as Vitalik is seen as the ultimate seal of approval by the community.

The value of the coin jumped from a low of $4.41 on September 12 to a high of $85.24 on September 14. It is currently trading at $41,16 and it’s down 40%.

Advertentie.

Sushi and Hotdog

The praise from Vitalik is, pardon the pun, vital for a new DeFi coin apparently, certainly after the scams that investors claimed both Sushi and Hotdog turned out to be.

Pickle on the other hand has protective features that are different from other “food-tokens”, and it aims to offer liquidity in stablecoin pools.

Furthermore, it has built in a security in the coin’s voting system which disallow any Whale from taking over, which is what Vitalik praised in the first place.