Hummus Exchange Friendly Fork Proposal

Dear Ballers,

Hi! We are excited to present our proposal to deploy a Friendly Fork of the Balancer protocol on Metis Andromeda! The Hummus Exchange team aims to bring its proven stablepools and Balancer’s variable pools together under one AMM; yet another first for Metis. Balancer is proven and trusted, and the Hummus team is confident we can deliver.


The Friendly Fork model was first introduced by @followthechain in this October 2021 post in order to find a mechanism to capture unmet demand for Balancer’s capabilities on other chains without dedicating Balancer team resources beyond the scope on Ethereum (and now, Polygon and Arbitrum).

The Friendly Fork model is also meant to properly align and balance the interests of BAL token holders and those of the forking team. This model has the added benefit of expanding Balancer’s developer mindshare.

Hummus Exchange endeavors to add to Balancer’s incredible success story with our ultra-low-slippage stableswap automated market maker (AMM) and ve-boosted single-side staking mechanism in the growing Metis Andromeda Layer 2 (L2) ecosystem.

With the impending launch of AAVE v3 on Metis Andromeda, we expect Metis usage, building, and integration to increase significantly (1 2 3 4). As the highest-TVL protocol on Metis and its role as a stableswap, Hummus Exchange is perfectly positioned to be the foundational DeFi lego for the entire ecosystem. The Hummus Team is excited to bring Balancer’s composability and weighted pool mechanism to Metis, meanwhile returning value to the incredible Balancer community!

Introducing Hummus Exchange

Hummus Exchange is a proven single-side and decentralized AMM designed for exchanging stablecoins on the Metis Andromeda network. Users can swap stablecoins on Hummus with extremely low slippage and fees. They can also stake stablecoins to generate yield, and stake HUM tokens alongside them to boost that yield.

Hummus is the first and only licensed fork to-date of Platypus Finance’s extremely successful protocol on the Avalanche C-Chain. Per Platypus, Hummus “successfully completed all requirements, and this agreement will enable more DeFi users on the Metis blockchain to benefit from the stableswap innovations we brought to Avalanche.”

Hummus is the first and only dedicated stableswap on Metis. Using Hummus gives users several advantages over traditional swap protocols:

  1. No impermanent loss risk for liquidity providers;
  2. Single-sided liquidity provision;
  3. Ultra-low slippage for traders;
  4. Minimal fees;
  5. High capital efficiency; and
  6. Easy scalability of liquidity pools with new tokens.

The Evolution of Hummus Exchange

Since launching as a 1:1 fork of Platypus Finance, the Hummus team has continued to evolve the protocol to best position in the Metis ecosystem and to reward its users.

Only four months after launching, we began sharing swap fees with liquidity providers. Around the same time, we integrated Chainlink price feeds on Metis Andromeda mainnet. That same month, Hummus was chosen by Metis Foundation to be the second recipient of the Metis Marathon builder incentive rewards program. We also reworked the veHUM UI to improve utility and community. Finally, in November last year we lowered swap fees to promote balance across the stablecoins’ coverage ratios.

Soon, we will introduce voting gauges and a bribing mechanism across our pools in a big step toward decentralized governance. We will also launch HUM time-locking to help new users catch up to early adopters, thereby improving the UX, protocol growth, and governance.

Hummus Has the Support of the MetisDAO foundation

In August 2020, the Metis Foundation committed 54,000 METIS tokens (~$2.1 M USD at the time) to bolster Hummus and its innovative offerings through its builders incentives program, called the Metis Marathon. Metis Foundation chose Hummus to “help [Metis] accelerate the growth of [its] Defi ecosystem. Having a next generation stableswap that can take advantage of the speed and cost effectiveness of the Metis Network will expand the capabilities for what developers can build.”

The Hummus and Metis teams continue to collaborate for the benefit of the Metis ecosystem’s development. This strategic partnership allows Metis users to swap in and out of their favorite stables with extraordinarily low slippage.

The Hummus protocol currently has two pools that group assets according to their risk levels. Newly-added or volatile tokens are firewalled in the Alt Pool from more established stablecoins in the Main Pool so that the Main Pool’s health is maintained and protected in cases where one of the added coins falters or depegs, temporarily or otherwise. Accordingly, the Alt Pool tends to pay higher rewards.

By utilizing Chainlink’s decentralized oracle network, Hummus Exchange has access to high-quality, tamper-proof price feeds needed to help detect if any of the listed stablecoins deviate by more than 2% from their USD peg. This helps protect liquidity providers’ deposited collateral as the protocol will automatically halt stablecoin swaps if it spots a deviation, and will also disable withdrawals of other assets from impacted pools.

The Metis Andromeda Network

The Hummus team chose Metis because of the speed, security, and efficiency of its technology and the expertise and the Metis team’s dedication to decentralization. Combining Platypus’ ultra-low slippage stableswap mechanism and dynamic staking rewards system with Metis has proven a successful strategy–Hummus has remained the top TVL protocol on Metis for months.

Founded in 2019, Metis launched its Layer 2 mainnet on November 19, 2021. Metis is building a hub for the entire Web3 economy in 3 stages: Layer 2 Ethereum scaling solution with fast and cheap transactions; no-code integration via a middleware layer powered by smart contract templates; and a Decentralized Autonomous Company (DAC) infrastructure enabling both blockchain and Web2 companies to build decentralized businesses on-chain, with all the functionalities of real-world enterprises and all the security and decentralization of Ethereum.

Metis Andromeda is a newer but quickly maturing decentralized ecosystem. Metis users enjoy the utility of well-known dApps and integrations–such as Chainlink, Layer Zero, Redacted Cartel, DIA, Sushiswap, Multichain, Beefy, QiDAO, Relay, Synapse, Debank, and Celer–as well as Metis-native protocols such as MaiaDAO, Netswap, Revenant, and many others. One can find the most up-to-date list of leading protocols on the network at Ecosystems Archive - Metis-Smart L2.

Metis has developed an “Optimistic” rollup solution to bundle and sequence transactions on the layer above Ethereum (Layer 2) and then send that data back as one transaction to the Ethereum Layer 1 main chain. In doing so, the Metis Network is able to offer extremely fast transactions that take just a few seconds and cost just a few cents, while still maintaining the security of the Ethereum network. Optimistic rollup approaches result in somewhat long times required to confirm withdrawals back to Ethereum’s L1. Once the Metis network is fully deployed, withdrawal times back to Ethereum will be cut down to just a few hours and, eventually, minutes.

To further advance decentralization, Metis also offers data storage on-chain that is both decentralized and affordable. On top of the decentralized infrastructure, Metis is also well on its way on the roadmap towards full decentralization of governance

Motivation for the Friendly Fork

The Hummus Exchange team aims to bring its proven stablepools and Balancer’s variable pools together under one AMM; yet another first for Metis.

Many DeFi users incorporate single-sided liquidity provision into their investment strategies, and some prefer it over multi-sided liquidity pools. While Hummus offers a best-in-class stableswap protocol with the capability to provide single-sided stablecoin liquidity (and licensed from Platypus Finance), it currently lacks variable pools, thereby missing a large demand segment. In fact, the Metis ecosystem lacks a protocol which allows users to provide liquidity into weighted variable pools, which Balancer would enable.

The Metis ecosystem is growing quickly, with transaction volume growing by 1000% in January 2023 and TVL growing alongside it. The introduction of key network building blocks over the past year (Hummus, Netswap, Hermes, Tethys, Chainlink, Hera, etc) has contributed significantly to Metis’ rapidly increasing adoption. The most recent and largest catalyst has been the successful snapshot vote and technical review of AAVE v3’s deployment on Metis. AAVE’s anticipated arrival on Metis predicates significant growth in adoption and awareness of the entire network ecosystem not only by AAVE’s size and repudiation but the essential capabilities it brings – borrowing and lending.

The Hummus Exchange team submits this proposal to deploy a Friendly Fork of Balancer to capitalize on several rare intersecting opportunities:

  1. The highest TVL stableswap AMM on an L2 operating under license and continuously incorporating new features;
  2. A rapidly growing L2 ecosystem anticipating the deployment of the largest borrowing and lending protocol in DeFi;
  3. A strongly-backed L2 with a passionate team and decentralization at its core; and
  4. Growing trust in DeFi.

The deployment of Balancer on Metis will benefit Metis users, Ballers, and the entire DeFi landscape.

Technical Specifications

The Hummus team proposes the following for the Balancer Friendly Fork:

  • The Hummus team will deploy the Balancer V2 core contracts (vault and main pool factories) without any changes;
  • All controllable protocol parameters will be managed by a reputable multisig.

Terms of the Friendly Fork

Hummus Exchange will provide Balancer with 3% of the total supply of HUM tokens. Tokens will be provided to Balancer under the same conditions as those of the Hummus team in terms of vesting and release (see Tokenomics in this proposal).

The tokens will be claimable using an address on Metis Andromeda determined by Balancer.

As part of the agreement, Hummus Exchange requires Balancer to engage in marketing, advertising, promotion, and community building activities for the Hummus protocol and Metis ecosystem, broadly, as described below:

  • Creating and publishing original content about Hummus Exchange prior to the Friendly Fork’s launch on Metis and for at least the following six months after it. This will include tweets from the BalancerDAO handle, announcements, releases, medium articles, and any other media, communications, and community building activities as helpful to promote the Hummus fork of Balancer, as appropriate and reasonable. This could include significant news such as, but not limited to, airdrops, launches, new pools, new products, etc;

  • Including Hummus Exchange in Balancer’s “Partners & Integrations” list on the main website;

  • Organizing and participating in Ask Me Anything (AMA) sessions with the Hummus team and the Balancer community to promote the launch of Balancer on Hummus and later upgrades and news afterward. At a minimum, this will include an AMA shortly before and after the launch on Metis;

  • Hummus Exchange is authorized to use the name and logo of Balancer in its official documents in statements with pre-approval on logo usage from BalancerDAO such as “The Official Fork of Balancer on Metis Andromeda” and similar;

  • Hummus is authorized to use the name and logo of Balancer in its official documents in statements with pre-approval on logo usage from BalancerDAO;

  • Providing statements from official representatives of BalancerDAO in support of Hummus to influencers, media outlets, and similar. This will include both written and audio statements as required by the channel used (articles, video, podcasts etc.). At least one statement should be shared before the launch of the platform; and

  • In general, making it clear to the Balancer community that Hummus includes an officially approved Friendly Fork of the Balancer Protocol on Metis Andromeda.

If needed and as appropriate, Hummus Exchange and BalancerDAO can establish a Memorandum of Understanding (MOU) if this proposal is accepted.

Hummus Tokenomics

HUM tokens have a fixed total supply of 300,000,000. Users can find a graphic of our tokenomics on our docs site.

Token allocation is distributed as follow:

Liquidity Incentives: 151,250,000 (50.42%)

Treasury: 60,000,000 (20%)

Private Sale: 18,750,000 (6.25%)

IDO: 2,500,000 (0.83%)

Team: 45,000,000 (15%)

Exchange Liquidity: 10,500,000 (3.50%)

Advisory: 6,000,000 (2%)

Metis Foundation: 6,000,000 (2%)

HUM token vesting periods began contemporaneously with the token generation event (TGE) and proceed as described below:

  • Liquidity Incentives: Reserved for liquidity mining (Discretionary unlock depending on appropriate opportunities)
  • Treasury: 5% at TGE, 6 Month Cliff, 36 Month Linear vesting
  • IDO: 25% at TGE, 6 Month Linear Unlock
  • Private Sale: 10% at TGE, 3 Month Cliff, 18 Month Linear vesting
  • Team: 12 Month Cliff, 30 Month Linear Unlock
  • Exchange Liquidity: 50% at TGE, 6 Month Cliff, 6 Month Linear Unlock
  • Advisory: 12 Month Cliff, 30 Month Linear vesting

Hummus set aside 10% of total HUM token supply for the Platypus team, to be delivered in weekly installments over the course of 12 months. The Platypus team plans to airdrop 625,000 HUM tokens monthly on the Metis network to vePTP holders for 24 months (15,000,000 tokens total).

Hummus Token

  • Name: Hummus
  • Symbol: HUM
  • Decimals: 18
  • Total Supply: 300,000,000
  • Address: 0x4aAC94985cD83be30164DfE7e9AF7C054D7d2121

SWOT Analysis


Hummus Exchange and its progenitor, Platypus Finance, are proven industry-leading stableswap protocols. The Hummus team is experienced, diligent, and organized, and the project itself is well-funded. Hummus continues to lead TVL on the rapidly growing Metis ecosystem. MetisDAO is strongly backed, and, crucially, Metis supports Hummus through its Metis Marathon, Builder Incentive program, and background technical and communications support. Additionally, the Hummus/Platypus code has been audited multiple times by Hacken and other auditors.


Hummus Exchange currently does not benefit from the trading volume on alternative (volatile) pairs. Balancer would strengthen the Hummus protocol and UX in this respect.

Bridges are typically weak points in DeFi environments. As an L2, Metis relies heavily upon users bridging assets to and from its network. The very recent technical review of Metis’ suitability for the AAVE’s deployment on the network included a look at the Metis bridge. This review gave the Metis bridge an “Optimal’’ rating and also noted that additional bridging options exist such as Celer, Multichain, and LayerZero. MetisDAO also recently announced work to improve onramping.


The Hummus Exchange team aims to bring its proven stablepools and Balancer’s variable pools together under one AMM; yet another first for Metis. In fact, the Metis ecosystem lacks a protocol which allows users to provide single-sided liquidity into variable pools, which Balancer would enable.

The Metis ecosystem is growing quickly, with transaction volume growing by 1000% in January 2023 and TVL growing alongside it.

The most recent and largest ecosystem catalyst has been the successful snapshot vote and technical review of AAVE v3’s deployment on Metis. AAVE v3 coming to Metis is a huge opportunity for Balancer, Hummus, and Metis.

The deployment of Balancer on Metis will benefit Metis users, Ballers, and the entire DeFi landscape.


Competition is always high in DeFi. Metis has several AMMs that offer variable assets (Netswap, Hermes). Hummus remains the leading AMM for stablecoins, however.

Bridges are typically weak points in DeFi environments, as mentioned above.


We believe this is a great opportunity for the Balancer Community. Hummus’ deployment of Balancer on Metis Andromeda ultimately increases the number of Balancer users as well as the number of protocols building upon its technology. This project will also increase the number of developers working on the protocol, give precious feedback to the Balancer core team and ultimately, inspire us all to do better.

We hope this presentation gives you sufficient background for our project and our vision. We thank the entire Baller community in advance for its consideration of this proposal!


The Great Hummus, on behalf of the Hummus Team


Are you looking to integrate the Platypus AMM logic into the Balancer V2 vault system to create 1 AMM, or to present a UI that routes through 2 different sets of smart contracts depending on the pool type.

Interested if part of this involved building new novel pool types and adding to the Balancer ecosystem code base.

I’d love to hear more details on the specific integrations planned to merge these 2 technologies into a coherent user experience and also in terms of trade routing.



We see this as a multistage approach. The first is to have the two protocols be more disparate. The Platypus / Hummus protocol is super efficient and providing the single-sided liquidity pool architecture that works best for like-pegged assets (stablecoins, wBTC<>BTC.b), but the protocol doesn’t work for variable assets.

In anticipation of Aave coming and the TVL that follows, Metis needs deeper liquidity for wETH, METIS, and wBTC. Balancer is famous for their tranches and flexible pools which we are confident will garner a lot of interest to capture Metis emissions as part of the Metis Marathon campaign. Specifically, we see a wETH, Metis, wBTC, USDC equal weight pool of being a top priority. We are then able to connect the stablecoin AMM to the Balancer variable pool AMM via the USDC pair.

These variable pools also enable us to bring unique stable coin opportunities such as the EUROC which we can’t do via the native stableswap either.

The Hummus governance gauges which we are launching soon will govern the system and direct emissions and the unique veHUM staking systems (full loss of all veHUM if unstaked), as well as, the new Platypus introduced staking and locking system to earn instant boosted yield both lend unique opportunities to the Balancer ecosystem as well.

For this reasons we think bringing this hybrid model to Metis will provide maximum staking opportunities while growing and adapting both the proven platypus and balancer protocols.

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Well I would like to see this. How do we move forward?

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I’d suggest providing deployed contract addresses and a functional UI so we can confirm this is a 1:1 fork as a next step.


This is INCREDIBLY exciting! I think this will move the needle for HUM of course, but also for METIS overall. Can’t happen soon enough!

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Seeing how the Aura protocol is moving forward on top of Balancer to help integrate proper liquidity and strategies for Bal

Is there anything not being retained from the Balancer model into the newly proposed hybrid model? ( Liquidity Bootstrapping Pools, Balancers veTokenomics and Gauges ) The boosted pool model that balancer is proposing into the future is certainly giving advantage of idle liquidity

I think it’s important to leave this type of modular composability in the platform so people can properly aggregate and build on top of Hummus

I agree with the more diverse approach and scaling the interoperability of Hummus and Balancer tech together over time

But I personally feel and would argue that Balancer potential and tech greatly outweighs Platypus in defi composable ability to mesh with other protocols and help scale the Metis chain Balancer is a huge part of giving more liquidity and yield options for LSDs as well

I just don’t want any short sighted focus on retaining features of Platypus that wouldn’t allow for the similar pathway structure that Balancer has been able to provide

Balancer as a whole is a Defi liquidity infrastructure and I think that mentality should be maintained into the feature for any friendly forks to be able to capture and utilize the best of Bal technology

It’s important to understand how other models are advancing in their own ecosystems to be able to do this in a unique way that can best fit the Metis Ethos RELIQUARY — Everything Everywhere All At Once! | by Beethoven x | Beethoven X | Feb, 2023 | Medium

In all I am extremely excited for balancer tech on Metis, I see the great potential it can provide and the much needed foundation of Defi infrastructure it gives. This is my most critical approach, I think Hummus should do what they need to stay unique, but at the same time should be very well researched in all parallel counterparts in the ecosystem as to not bottleneck their potential in any way, which is what I believe retention of too many Platypus tokenomics does

Using a gauge system that retains the Platypus veTokenomics and veHum staking and not moving towards the Balancer gauge system with it’s vetokenomics significantly limits what protocols building on top of Hummus are able to do. I do not support this mentality. Balancers veTokenomics are well proven and considered an ecosystem standard. It’s what has allowed them to form so many partnerships and given healthy emission structure long term for their protocol. It properly incentivizes protocols to choose Balancer as their core AMM and utilize their gauges and structure as a base. Or choose the protocols building on top of them as a proper aggregate for it’s utilities

Anyone familiar with the " Balancer Wars " Would be able to understand this quite well

Look at the difference of projects able to acquire and utilize Balancer vs Platypus

Platpus veTokenomics are extremely restrictive to foster such a partnership and accumulation ecosystem that is needed to drive healthy liquidity to the Hummus protocol

You will not see proposals from bluechip protocols like this with the Platypus tokenomics

I see the risk of trying to retain too much of the Platypus model which in my opinion, is inferior to the Balancer tech and scalability it provides

veBal tokenomics attract liquidity and partnerships in a way the vePlat/veHum tokenomics simply cannot

I highly recommend taking full depth of consideration of how to properly scale the protocol for the best of the Metis ecosystem with all of this in mind

This is an example of a protocol design that takes in the best aspects of a stableswap + balancer variable pool tech for their own utilities

This is how Beethoven Another friendly Balancer fork and how they’re moving into the future

Edit;Further suggestion

I’ve been thinking about the Orbital model above more so

And I think following their path of tokenomics to mix Hummus + Balancer together is honestly the perfect solution

I suggest into the future moving towards a 3 token and 2 standard of pool system

1 type of Pools that are specifically stables and single assets utilize the Platypus system and traditional veHUm

1 type of Pools that include the Hummus token and have multiple assets utilize the Balancer gauges and veTokenomic system ( Could call it xHum or vlHum )

Swap fees should be directed to the balancer side of the model by auto bribing pools with the fees generated each week to always have a flow of incentives for organic liquidity as long as there’s volume


Very excited for this growth!


Thanks for the great constructive feedback! This is why the team loves the Metis eco! :slight_smile:

We plan to deploy the Balancer Friendly Fork initially 1:1 from a pool perspective, in what is ultimately a multistep process. So, the first step is to have the 1:1 Balancer fork operational and the existing Hummus protocol linked through the existing USDC pool.

Hummus works great for like-pegged assets but not so much for variable assets. Balancer is fantastic for variable assets and offers several unique capabilities from which the Metis ecosystem could really benefit.

At the end of the day, with Aave v3’s imminent arrival, the Metis eco needs deeper liquidity for wETH, METIS, and wBTC. Add USDC to that and there’s our priority pool—the USDC being the route between the stableswap side (Hummus) and the Balancer fork, as mentioned above.

We don’t disagree that there may be advantages to melding the best pieces of the Hummus and Balancer protocols. These two protocols are quite different, though, and Hummus as it is remains a foundational block in the Metis eco.

Also, we’ve recently launched the Hummus governance gauges and will soon bring to fruition a staking and locking system (i.e., instant ve-token boost). Both capabilities lend unique opportunities to the Balancer ecosystem, as well.

Meanwhile, Vector Finance announced it is already working to launch on Metis (as Athena Finance) and aggregate on Hummus.

So, with so many pieces in motion right now (Aave, Athena, our gauges, locking, and Balancer fork, etc…), our immediate goal is to bring to bear Balancer’s incredible ability to deepen liquidity for the volatile assets we think are most needed on Metis (wETH, wBTC, METIS) and work strategically from there.

Continued feedback (and partnerships) are always appreciated!

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Good suggestion, thank you!

Looks like an excellent proposal and a great opportunity for the communities to synergize. Let’s get it moving!

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Would you at the very least be stepping away from single staking hummus to 80:20 LP based governance systems as this is what empowers Balancer as a whole to have deepened and accessible liquidity depth and allows protocols like Aura to properly build on top of them

I still feel strongly that the veBal tokenomics in LP strengthening are much greater than vePlat/veHum and think there should be considerable thought into how this plays out long term if a 1:1 Balancer fork is the intended structure

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$vePTP tokenomics are still a good model. They had issues with 3AC being an early investor, UST depeg, and USP depeg. Don’t let that color your analysis. My $0.02

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Appreciate your thoughtfulness here, and we’re not taking any options off the table. For this Balancer fork, and because of the many big changes coming to Hummus and the Metis eco, we feel we first need to show proof of application on the proposed METIS-wETH-wBTC-USDC pool on the Bal fork and its integration with the Hummus single side stableswap before we can take a deeper look (or dive) into huge changes to our governance.

We really like the veBAL mechanics and as you said it’s proven out. After our deployment we’ll likely consider both options–that is, the veHUM and veBAL approaches. We think it’s prudent though to move out of the gate with the veHUM mechanics we already have in place for this fork.

Nonetheless, as always, we would love to keep the conversation going so we can build up Metis best together.


Dear Sir:

Herein find the code for the balancer repo: GitHub - Hummus-Defi/balancer


The Great Hummus

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Hi everyone! Excited to report that the front end for our Friendly Fork is just about done! Everything’s looking and working great.