Vote here: Snapshot
The reception of our BAC-DAI (Basis Cash) and MIC-USDT (MITH Cash) PickleJars has been quite positive so far. Both of these Jars combined make up more than half (~$19M) of Pickle’s TVL. These Jars have also generated almost $100k in fee income for the Pickle Treasury in only the past 5 days since launch.
Currently, the liquidity in our MIC-USDT Jar is about a third of that in the BAC-DAI Jar, despite their overall liquidity values being similar. Accordingly, an opportunity to attract more profitable liquidity to Pickle presents itself.
In short, I propose re-allocating rewards so the Basis Jar receives 6% of emissions and so the MITH Cash Jar receives 5% of emissions.
Presently, the allocation of PICKLE rewards is as follows:
PICKLE/ETH: 65% pUNIBACDAI: 8% p3CRV: 4% pSUSHIDAI (Sushi ETH/DAI LP): 4% pSUSHIUSDC (Sushi ETH/USDC LP): 4% pSUSHIUSDT (Sushi ETH/USDT LP): 4% pSUSHIWBTC (Sushi ETH/WBTC LP): 5% pSUSHIYFI (Sushi ETH/YFI LP): 6%
I propose diverting tweaking emissions to the Sushi Jars so that they’re all equal at 4% and to equalize PICKLE rewards for BAC-DAI to arrive at the following distribution:
PICKLE/ETH: 65% pSUSHIMICUSDT: 5% pUNIBACDAI: 6% p3CRV: 4% pSUSHIDAI (Sushi ETH/DAI LP): 4% pSUSHIUSDC (Sushi ETH/USDC LP): 4% pSUSHIUSDT (Sushi ETH/USDT LP): 4% pSUSHIWBTC (Sushi ETH/WBTC LP): 4% pSUSHIYFI (Sushi ETH/YFI LP): 4%
Members of our Discord have also proposed alternatives such as re-allocating rewards from the PICKLE/ETH LPs towards our new MIC-USDT Jar. However, seeing as these LPs hold the voting power and have been on the short end of the stick in terms of IL recently, a vote requiring them to give up more rewards may be met with resistance.
I’m totally open to having my proposed formula tweaked or for us to go in a completely different direction. I welcome everyone’s thoughts here.