Introduce a Pickle Farm for PJAR 0.99 BAC/DAI

I’d like to propose to shift the rewards for PJAR 0b renBTC to the newly established 0.99 BAC/DAI Jar.

I don’t have the time to do all of the calculations now, but it should be mighty obvious for anyone who has followed this project in the past that the BTC JAR is in fact earning us next to nothing.
Next to that we also have very heavy competition from Badger in the ERC20 BTC space and I think it’s safe to say that we have lost that battle.

So I propose to divert the 8% of pickle emissions that go to the 0b JAR right now to the 0.99 BAC/DAI FARM.

Check out our breakeven for the BTC JAR here https://pickle-analysis.netlify.app/ and try to find a compelling argument against cutting the rewards. (Protip: there is none)

Let’s move quickly on this while we have a good news cycle running.

Sorry for the low effort, but I really can’t be bothered to make a more elaborate argument, this is obvious as fuck to me and should be to anyone who can do basic math.

Move forward to PIP with this ?
  • YES
  • NO

0 voters

4 Likes

Full support, the new jar presents a strong opportunity for us and there is clear demand from the community.

3 Likes

Needs being done and thanks for identifying the most obvious candidate for slashing, @0xBoxer!

2 Likes

I will only vote for this if we move the prenBTC to a new curve strategy (Rough Idea: Yield-Max pyBTC strategy) at the same time.

you realize that’s letting go of ~40% of TVL at current rate?

I understand the argument, but it makes more sense to embrace what the customer wants (BTC yield) than to implement high-risk off-peg farms that are questionable at best from an IL view.

getting 20% of 5% of 100m battle-tested Jar might be better than getting 20% of 10M of some debasing shitcoin (pardon my french). We have enough of a reputational problem as-is, digging into the WBTC market and outperforming BADGER (which there is no way we won’t) can only be good for us.

TVL is a marketing sacrifice that we can’t take anymore. It’s meaningless if we don’t actually generate profits from it.

Implementing your Idea for the BTC jar is not on the immediate horizon, so until that happens I say we stick to the strategies that earn us money.

2 Likes

Why anonymous poll ser? :joy: Well, I’m obviously in favour :slight_smile:

Bias aside, the numbers clearly show the demand for this jar in the current high gas environment.

$6.5M is in the jar already:

With a conservative base APY of 200%, this $6.5M TVL yields the Treasury $50K a week.
More than all our other farms combined…and this is without emissions.

We must act quickly and capture this TVL before other aggregators get in on the action.
$30M TVL is easily attainable within days imo

That would be $250K/week for some sweet Pickle staking rewards :wink:
(or building up the Smart Treasury)

3 Likes

The Smart Treasury is the future of all excesses, as per Intro the Brine, vol. V, ser. Welcome to this brave new world.

Trust your intuition that we will get to these numbers. And like @0xBoxer says, it is important to focus on revenue > TVL. Though TVL can be a proxy to revenue, we don’t have a mechanism on Pickle to directly capture value by keeping massive TVL with low performance (Yearn v2 does this with AUM fee but that goes to Yearn treasury). For those (like me) who like keeping their BTC on Pickle, we have the BTC/ETH farm as the next best thing. We should probably cook a pBTC jar as well.

3 Likes

Sirs
I was also a bit concerned with the renBTC being 20% TVL and I had never heard about BAC until now.
However your arguments convinced me to vote favourably.
Thank you for the ideas and discussion.

4 Likes

As much as I love the stability of the RenBTC Pickle Farm for myself, i definitely believe it is beneficial to pursue returns. if it draws more income and also demonstrates the flexibility and robustness of our community to reflect on aspects that benefit our ling term growth. I am with it.

Hard decisions

4 Likes