Idea to attract TVL and incentivize long-term growth of protocol

Potential is there to have a temporary promo to go alongside re-brand to attract TVL and incentivize folk to be part of the protocol long-term - it goes something like this:

  • Increase pickle emissions for x months (1 month) to y (0.5) pickles per block

  • Require a minimum amount of dill to have access to these extra emissions to ensure high quality farmers and to get more users incentivized to help protocol growth long-term (and lock up pickle to counter-act the potential dumping of extra emissions)

  • Once user has z amount of Dill - they are able to farm during this period of x months and have access to the increased emissions of y

  • The extra emissions are vested, and via user interface on the dill page, they can select how long they want their extra pickles to be vested for, from 1 month (or year) to 4 years (every month (or year)) being an extra boost in emissions than the month before)

Positives:
Good PR campaign to go alongside the re-brand
We would attract new users, and community members
Potential for some TVL to stick due to finding out about pickle
More pickles would be locked up for DILL
Those users would be incentivized to make pickle a success in the next four years

Negatives:
Generates ~80k extra pickles to be potentially dumped within a month, or a year, or four
Dev time

Final comments

I’m going to leave it pretty simple, if this idea gains traction I will add extra substance :cowboy_hat_face: :pirate_flag:

Add any other positives/negatives or additions to this idea below

Feel free to critique as always

7 Likes

I think it’s a good idea. Let’s see if we can get the Yearn folks to advertise this as well that the Yearn strategies that tie into Pickle will have a higher APY.

Also, I think this promo would incentivize users that land here from Yearn (like me) to stick around as more than just a side effect of a yearn strat.

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Do you guys have specific goals for TVL? I’m not sure how success is tracked accurately with projects like these. I think this idea would certainly help. It would provides us a great incentive to talk up on social media.

1 Like

Require a minimum amount of dill

Should replace “a minimum amount of dill” with “a minimum duration in their lock”.

We wouldn’t want to exclude people of meager means when they’re willing to lock their few pickles up for long durations.

In general I think a small 1 or 2 month period of extra emissions being paid out to people willing to lock up for substantially longer than that (1 or 2 year) is not a bad marketing idea. I think 0.5 a block is a bit high though.

The best way to attract more TVL is (imo) by being quick to react to ecosystem developments in the defi community. This team snagged $4m of additional TVL by being so quick on fei-tribe jar and farm, and that was a huge win for this platform. This is how you bring people in, and the team has shown they have their finger on the pulse and can capitalize on developments like this. If they can keep doing that, then nothing else really matters.

4 Likes

I really like this idea. A few thoughts:

  1. We could cap the promotion at 500 or 1,000 DILL to encourage a grass roots campaign or make the boost only available only for those staking 1 year or higher.
  2. We could sweeten the pot for those communities that we think we have alignment with. For example if you hold $YFI, $CRV, etc. you get a temporary boost. This would make Pickle more newsworthy to those communities.
  3. Ultimately the best marketing is a great product. Maybe we could give a community member a grant that shows off the power of compounding with Pickle compared to simply hodling over time with a calculator?
  4. Create an affiliate program for other DAOs. We can give Fei or Alcx 5% of compounding profits for building the “compound with pickle” button into their site.

-M

4 Likes

DILL released, time to create the emission proposal and vote guys! Need some change to attract new ppl get in PICKLE~!

1 Like

This. This right here is the million dollar idea.

  1. Create an affiliate program for other DAOs . We can give Fei or Alcx 5% of compounding profits for building the “compound with pickle” button into their site.

To add, our highest TVL jar effectively does this with backscratcher on the yearn page. If we wanted the brand recognition we could design a button they all have to use (like PayPal).

4 Likes

I also think this could also help other protocols attract lifetime hodlers “put it in a pickle jar for your grandkids”.

2 Likes

Thanks Scotty for the post, as always.

I would like to tag on to Scotty post and provide further inputs on adding PICKLE incentives on Polygon L2 Chain to expand PICKLE multi-chain, yield aggregator.

Proposal is to increase PICKLE emission from current 0.1 PICKLE per block to 0.2 PICKLE per block and provide the incentives on Polygon L2 Chain

The purpose of the incentives is to expedite and expand PICKLE yield aggregator over at Polygon. With CURVE, AAVE and soon SUSHISWAP providing incentives and opportunity at Polygon, I think the time is ripe for PICKLE to introduce the new farms over at the L2 chain.

Based on our current TVL + harvesting frequency, we are able to absorb the dilution of about $11,520 per day (assuming Pickle price at $20), if we go with the emission change from 0.1 per block to 0.2 per block.

In addition to the PICKLE incentives, we will also reach out to COMETH and Polygon to see if we can obtain further incentives for our new farms.

2 Likes

There should be a limit to the time on this, maybe a 30 day promotion? Then we can re-vote on distributions based on success/failure of this. Doubling the emission and giving Polygon the same amount of incentives as Ethereum is a lot. We have 20 different Farms on Ethereum the distributions are spread across, and seem to incentivize Ethereum users enough to join in on the farms across $100 mil TVL. If we have less Farms on Matic to begin with, and much less TVL (at least to start), I think we could half that amount and still remain extremely attractive. This would be increasing PICKLE emissions from 0.1 PICKLE per block to 0.15 PICKLE per block, and giving 0.05 pickle per block on the Polygon chain.

We should not base our emissions on how much we can print to maintain a specific price, we are not to my knowledge trying to be a stablecoin.

1 Like

Thanks for the feedback.
#1 - I was thinking of running the new emissions till end of the year and/or depends on how successful or failure of this incentives.

#2 - I understand that we are not a stablecoin, but what I am trying to project here is that when the L2 TVL picks up and the revenue to the protocol picks up, there will be little to no dilution to the current PICKLE or DILL holders even though we brrrr from 0.1 to 0.2 PICKLE per block.

2 Likes

Hey guys :wave: I’m an LP-in-training and developer in training as well

Pickles are best :sunglasses:

This protocol is really cool :nerd_face::pray:

I was also thinking of ideas to increase TVL and to build robust incentive structures that can produce profitable yield long term.

I think dill holders should get access to other things in jars that you can pickle!

Add dill to pickled carrots, asparagus, sourkraut, or maybe the super rare, pickled daikon radish :sunglasses:

users unlock access to super unique and exclusive Super high yield curated Jars (call them names like carrots, asparagus, green beans and super rare Daikon jar)

for the best group of LP supporters that reach the highest level. Measure their wallets based on set of factors especially regular deposits, long hold times.

Qualified Wallets automatically unlock access to highly profitable curated jars and of course earn more dill and pickle than other jars

The greater amount of flow = the greater amount of fee to the protocol

So if pickle can automatically keep money flowing and balanced this way using such a structure it will mean more flow and more fee’s for users wallets.

Could be effective at mitigating impermanent loss risks the higher you go up the levels.

Use these exclusive jars to percolate gains on assets from stable yield pools to super high yield pools on other good DEX’s like Beefy.finance w/ BSC, HECO, AVAX, MATIC and then take profits and add those to the foundational pickle pools and farms that the user has the most stable position in, to reward stability and arbitrage at the same time.

And if users can zap basic assets into all these jars I think that would be crazy and I’d be all over that especially with a BTC pool I think.

Maybe new exclusive jars can have multiple 4 asset pools like Belt.finance with stablecoins and the most prominent wrapped BTC pairs, to start and call that the Garlic jar and only allow proven pickle or dill wallets to gain access?

:pray:

5 Likes