a transcript and minutes of the 4th DILLcc will be posted here later, for now, if you missed the calls, please enjoy the recordings.
Thanks for the call recordgin.
I can see attraction to complexity while there are many things can be done with much lower levels of complexity.
I think it’s ok to get involved in Uni V3 liquidity provision. The most sustainable option would be to fork Popsicle and add a pool2 farming logic.
While V3 has dominance in stables and semi stables (ETH-BTC-USD), it is far from dominant in volatile pool2s.
Pickle Finance benefits most from high APY, volatile pool2 assets like ALCX and SPELL. These assets print disney castle charts, are completely unsuitable for concentrated liquidity provision and there is a good chance Uni V2 or full range provision will be their home.
I would not have super high hopes for the Pickle’s Uni V3 product. The usecases may end up being limited.
PickleStation - DILL
I think Lee should start a forum thread and ask DillDAO brains to chip in. Hard decisions here.
If we aim for centralizing the PICKLE Token (like it is kind of centralized now), we could possibly completely abandon the veToken model of DILL (phase out at some point). veToken contract does not speak cross chain and is not particularly suitable for a multichain protocol. Fitting this not-multichain-friendly contract into the multichain world could add unnecessary complexity. Snapshot voting is easy, we could use that. Alternatively, vePickle (DILL) could live on Arbitrum or Optimism to save gas.
There are many correct ways in which we can do the PickleStation/DILL. Long discussions incoming
Really like the idea. It looks like we’re accepting slightly more degen pools.
I would go a step further, and offer not only Pickle Factory where 2 tokens are autocompounded, but the masterchef solution as well (a contract issuing the token to pool2s like on Sushi).
Thesis: There will be many projects that lack the ability or can’t be bothered to launch a pool2 with pool2 farming (NFT/OHM/game - like projects). We can arrange pool2 farming for them on PickleSwap and shill our jars this way.
It would be very easy to offer these 2 services together, and it would generated a perfect synergy with PickleSwap that we can pilot on Optimism:
First of all ,there are no Uni V2 forks on Optimism. Uniswap has abandoned its child. Sushiswap refused to deploy there, leaving a large market opportunity. A perfect place to pilot the following:
PickleSwap with forever 0% protocol fee and 0.69% swap fee
PickleChef - Free masterchef V2 farming for protocols on PickleSwap (want to see potential customer profiles - have a look at protocols on Arbitrum Sushi)
PickleFactory - at 10 or 20% fee we can compound, obviously in the above interfaces we’ll have Jar advertisments/nudges.
The market void of a missing V2 fork on Optimism will be filled shortly, fingers crossed it will be PickleSwap
The call does not mention any plans for pToken index. DPI index with 150m is a clear indication that there is appetite. Using Balancer pools for the index requires 0 lines of solidity code, just time and work of a pickle employee and some stuff on the website. All custodial and centralized like DPI index.
On the topic of simplicity, I think we should offer an ELI5 what is Pickle Finance and screenshots of what to do to enter a farm.
Another important consideration - we’re planning to spend the large part of the $2.5m budget to build a lot of things. Can we make plans to avoid getting forked? Getting forked on AVAX has closed our expansion path to that chain, and the fork pumped to ~$70m mcap. An opportunity missed.
Can we please “forget” to add the license description to some of our products (making them effectively all rights reserved) and/or build them in a way that makes forking extremely difficult?
One of the potential designs:
1 Deploy a modified DILL contract on each chain, which allows infinite number of jars
2 Have PICKLE bridge freely to all chains
3 Have a separate DILL contract for each chain govern and boost only that chain.
4 Have emissions proportional to the amount of DILL locked. If ETH and Arbitrum have the largest amount of DILL locked, these chains will get most PICKLE rewards
Bullish on ETH farms? lock PICKLE for 1 year for DILL on ETH. Changed your mind and more interested in Arbitrum? Bridge your pickles to Arbi and lock there.
Pickle team will issue emissions to the chains depending on the number of DILL locked on each chain
Or abandon the DILL model completely and make it more centralized
Or make the DILL base on Arbitrum and vote for emissions on other chains from Arbitrum.