New Farm for pDAI

Summary
If this proposal passes, we will be adding one new farms for the recently launched DAI single asset jar/pool.
Following the same principles of recently passed PIP-12 here is what is being proposed:

There will also be a re-distribution of rewards to the various farms as follows:

PICKLE/ETH: 68%
— legacy stablecoin farms —
USDT/ETH: 4%
USDC/ETH: 4%
DAI/ETH: 4%
sCRV: 4%
— new farms —
3poolCRV: 4%
WBTC/ETH: 4%
renBTCCRV: 4%
—proposed farm—
DAI: 4%

TL:DR
2% reduction in pickle/eth
1% reduction in renBTCCRV
1% reduction in WBTC/ETH
This will bring all the farms except for pool 2 down to an equal ratio.

Please discuss!

Personally i prefer take incentive from PICKLE/ETH pool since renBTCCRV or WBTC/ETH pool still “young” and we should give them time to grow.

Why not start with a poll, everyone could justify their vote and make the debate move faster … :roll_eyes:

Would you agree to decrease the PICKLE / ETH allocation to 65% and allocate 5% to the pDAI farm?
  • Yes, let’s do it !
  • I prefer less than 5% and / or sharing with other pJARs
  • No farm for pDAI

0 voters

1 Like

Thank you I forgot to add that.

I don’t think we should take any more % from the ETH/PICKLE pool to be honest. It might make more sense to take some % from other older farms. Keep in mind that all these Jar-based farms are still earning returns as Jars alone (i.e. without PICKLE rewards), they don’t necessarily “need” Pickle rewards for them to keep their TVL to a reasonable degree (but it certainly helps).

4 Likes

It’s a tough decision as we saw the massive TVL spike after the adding of 3 latest farms. But I also don’t think we should add farm for DAI right away. We’re a bit squeezed as it is and Pickle/ETH dropping weekly.

This is an amazing risk averse strategy as it is and should attract much more long term and realistic Pickle people not after quick high yields

I think a single asset jar/farm combo like pDAI would compete with harvest’s 22% on stable.

I’d be for starting with 2% for the pDAI farm, taking 1% from those currently at 5% (so everything except DAI gest 4%).

If it shows promise, the entire suite of rewards could be rebalanced.

1 Like

So one thing we could do is to zero out sCRV rewards and just use those % for the new pDAI farm. We’ll have to do this after we remove withdrawal fees though, because we need to make it easy for sCRV people to switch into 3Pool.

Thoughts?

3 Likes

I say let’s go for it. There is some risk, in that the sCRV pool has what, $10m in it … but ~27% APY Dai farm would surely create strong appeal

Just a few thoughts :

Regarding those who are in the sCRV jar, once the rewards are at 0%, will the stakers have to migrate their LPs themselves with the swap?
Besides, they can already swap to pJar 0.88a if they wish …

Will the pSCRV jar remain active over time?

If not, could a migration to pJar 3poolCRV of all wallets be possible/supported by the treasury? (subject to a vote if necessary)
In order to compensate for the loss of yield and the gas costs inherent in these changes.

Looks like we are moving forward with removing sCRV farm redirecting PICKLE rewards for pDAI’s new farm. Regarding Curve, the focus going forward will be on 3poolCRV pJar.