[PIP-14] Pickle Staking Reward Token Change to WETH

VOTE HERE

Following this previous RFC discussion, it has been decided that we should reward WETH instead of sCRV for Pickle stakers. Here is a summary:

  • sCRV is not user-friendly and requires a lot of gas to extract the underlying stablecoins.
  • WETH can be easily unwrapped into ETH, which is the natural currency of the Ethereum ecosystem.
  • WETH can be directly used to trade for most tokens on Uniswap and other exchanges.
  • Pickle was not chosen due to issues with how it looks and also potential technical risks.

For more information that expands on these points, please read the discussion linked above.

7 Likes

Note: Some people are wondering why we are not allowing voting for PICKLE. This is because there is too much technical risk, an explanation was posted here: [RFC] Staking Reward Token

3 Likes

I think this move (plus I guess the excess share) can be marked down as successful!

Staking up from 36% to 48%
Free supply reduced from 19% to 13%
LP share reduced from 44% to 39% (far less than feared)

Amazing that 100k Pickle still sits in the old contract …

1 Like