Introducing Athena Finance
Get ready for the Athena Finance launch, HUM accumulation, our token airdrop, and more!
We are excited to introduce Athena Finance, a new DeFi boosting product on METIS. We’re starting by building on top the Hummus Exchange: the premier stableswap on METIS.
As the crypto landscape evolves, we believe in the potential of layer 2 networks like METIS to enable faster, more efficient transactions and create new opportunities for DeFi projects. By leveraging the power of the METIS Network, Athena Finance will offer our users a seamless and highly scalable DeFi experience.
Building on METIS brings us new opportunities like boosting yield for depositors on the Hummus Exchange. The Hummus team built an incredible stableswap product and continues to improve the protocol. Athena looks forward to accruing as much HUM as possible, staking it forever, and boosting depositors yield through veHUM.
In celebration of our launch, we have some exciting news for VTX lockers on Vector Finance!
1. The HUM received from our Platypus Finance airdrop will be used on Athena to bootstrap our HUM accrual. We will be distributing a derivative version of these HUM tokens “xHUM” through an exclusive token airdrop to VTX lockers and xPTP stakers.
2. We’ll also be allocating a portion of Athena Finance’s native token, ATH, to VTX lockers. These allocations will not only reward our early supporters, but also create a strong connection between Athena and Vector.
Athena Finance will soon launch with a public sale, offering our users the opportunity to be among the first to own ATH tokens. This event will be followed by a HUM rush event, during which participants can earn additional rewards while contributing to the growth of Athena.
To stay up to date on the latest news and developments, make sure to follow Athena Finance on our social media channels and join our community. We look forward to sharing more exciting updates as we approach our official launch and beyond.
Our development roadmap is expansive. Initially, we will enable users to convert HUM and stake xHUM, allowing us to accumulate veHUM and boost yield for depositors. Next, the Hummus Exchange will soon introduce the option to lock HUM for instant veHUM rewards, which we plan to utilize in order to help bootstrap our veHUM accrual.
Furthermore, we will implement all innovations from Vector Finance, including autocompounding pools, voting and incentives for our ATH token lockers, an automated voting pool, and our smart converter.
After firmly establishing Athena Finance as the premier yield booster for Hummus Exchange and incorporating all of Vector’s remarkable features, we have much more in store for the METIS DeFi ecosystem!
METIS and Hummus Exchange
Why METIS and why now? Through all of our interactions, we have been extremely impressed by the teams at both METIS and Hummus Exchange.
They are dedicated builders who consistently demonstrate commitment through their actions. METIS has organized an ongoing building marathon to encourage developers to join the L2, share gas fees, and provide grants for qualified builders.
We eagerly anticipate Aave’s deployment on the network and are encouraged by Hummus Exchange’s recent proposal to integrate Balancer pools into their roadmap. Additionally, METIS hosts several thriving DeFi protocols that Athena can collaborate with to integrate onto our platform and enhance yield.
Why a new protocol and brand?
You may be asking, why not take Vector cross-chain to METIS? We thought long and hard about this and decided against it. Instead Athena Finance will be its own endeavor, while benefiting from all the work we put into Vector! Here’s a few reasons why:
- Vector only has so many emissions. We used a large portion of these emissions for PTP and JOE, and have some reserved for any additional protocol on Avalanche. These emissions are used to accumulate large amounts of vePower and to generate real yield into perpetuity. For a token like this, it is difficult to continue to expand to other protocols and be competitive, while not burning through emissions too quickly or over-inflating our token
- METIS is a new chain for us. While we are very excited about it, we don’t want to commit a significant portion of VTX emissions to HUM, as it wasn’t part of our original roadmap. Moreover, not all VTX holders are familiar with METIS or Hummus, and we’re uncertain about their reactions to VTX exposure to the ecosystem.
- It is cumbersome with regards to smart contracts, bridge tokens, UI, and liquidity to have our protocol be cross-chain. Particularly on the liquidity front, it is costly to have to maintain liquidity across two chains
- Launching a new token on METIS gives us a unique identity, allows us to build a community there, generate runway for our team, and qualify for grants.
- After much deliberation, we’ve decided to reward VTX holders by giving them a generous portion of Athena token supply for VTX lockers. This way, VTX holders can benefit greatly from the new protocol, while not exposing it to a new venture — i.e., all the upside, none of the downside. This approach will also help our team be able to continue to build both Vector and Athena in the long run.
Want the latest updates on Athena Finance, our upcoming public sale, and launch on METIS? Follow us on Twitter at @athena_DeFi_ Watch there for more news and an invite to our Discord coming soon.