Huckleberry is a cross-chain DEX that boasts of a hassle-free experience trading, lending, or doing any other transactions on a crypto exchange. It uses the Moonriver blockchain. The platform also uses the decentralized cross-chain bridges of Wanchain. It was launched in October 2021. Unfortunately ,we could not find a location address or other details of the company.
Some of the key features of this DEX are listed below:
- Moonriver is the blockchain used for building this platform. It is an early and experimental technology as per the vendor info.
- Wanchain is a cross-chain system that is non-custodial and is hacker-resistant and decentralized.
- $FINN is the native token of this platform. It is also the governance token.
- A transaction fee of 1% is charged for each FINN transaction. The fee is shared by all holders of the token.
- The features like Rivers, Tom’s House, and Thatcher’s Reservoir enable staking, depositing, and borrowing assets.
How does Huckleberrywork?
With Huckleberry you can achieve the following:
You can trade between tokens using the automated market maker cross-chain exchange.
- Passive sailing
As a $FINN holder, you get a share of the 1% transaction fee for trading $FINN
You can stake the LP tokens into Rivers and get $FINN as earnings. You can stake $FINN to earn $TOM, which is a staking system of the platform. By staking $TOM, you can earn more $FINN and other tokens.
- Deposit and borrow
Using Thatcher’s Reservoir, you can borrow or deposit against the whitelisted assets.
If you stake a pair of tokens, you become a liquidity provider. When you add liquidity to the token pair, you get the HBLP (Huckleberry Liquidity Provider) tokens. Liquidity providers earn a 0.25% fee for all the trades in proportion to their share of the liquidity pool. The fees accrue in real- time and you can claim them when you withdraw your liquidity.
What can you buy on Huckleberry?
This platform uses the Moonriver blockchain. You need to have the blockchain’s native token, $MOVR for paying the gas fee and to buy other tokens on the platform. $MOVR can be bought on exchanges like Kucoin, Binance, and Kraken. The tokens you can buy in this DEX include $BTC, $ETH, $AVAX, $FTM, $BNB, $XRP, $WAN, and more
Is Huckleberry safe?
We could not find info on the security features used by the platform.
Huckleberry fees, compatible wallets, and transactions
Metamask is the recommended wallet and for added security, the vendor recommends the use of a hardware wallet like Ledger. A 1% transaction fee is charged for moving $FINN from one account to another. The fee is distributed to all holders of the token proportionate to the holdings they have. There is no info on the fees charged for withdrawal or deposit.
What are the ways to trade on Huckleberry?
The trading method on the exchange is done by following the steps below:
- On the swap section of the platform, click on the Connect Wallet option and unlock the Moonriver wallet.
- Select the token you want to trade using the dropdown menu
- Select the token you want to receive
- Click on the Swap button and after verifying the details, click on the confirm swap button
Lending and borrowing
You can deposit an asset in the Thatcher’s Reservoir which is built on the Huckleberry protocol. By depositing you can protect your assets and earn interest on the tokens. You can also increase the $TOM value as the protocol fees for the Thatcher’s Reservoir are sent to Tom’s House.
Using the deposited asset, you can lend it to other users or use it as collateral. Using the collateral, you can borrow assets.
Repayment is done by transferring the borrowed tokens to the token market. If you pay only a part of the borrowed tokens, the remaining will accrue interest. Thatcher’s Reservoir has many safety features that help prevent nefarious users from taking steps that would make them exceed their limit for borrowing.
For support, the vendor provides links to social media pages of the platform on Twitter and Telegram.
Should you trade with Huckleberry?
Huckleberry summaryHuckleberry summary
- Efficient features
- More earning options
- Friendly user interface
- Fairly new platform
- No info available on the security features