Vote on Snapshot: Snapshot
Larry is one of the co-founders of Pickle Finance, together with 0xPenguin and BigBrainBriner.
Larry the Cucumber, best-known for his green cucumber avatar, has been an essential part of Pickle Finance since the beginning.
Larry has worked for Pickle since its very beginnings. Together with the other co-founders, Larry was part of the talks that led to the DILL co-operation agreement with Yearn. After the departure of 0xPenguin and BigBrainBriner, Larry stayed to lead at a very difficult time in our protocol’s short history.
Larry took the helm and immediately offered the only income he had, the $PICKLE allocation to the
devAddr fund, to the Treasury to be used as $CORN relief.
Larry went straight to work and achieved important milestones for Pickle in a short period of time:
- (i) implementing the Smart Treasury, to work as an automated buyback machine for $PICKLE;
- (ii) collaborating with Yearn to launch DILL (currently with smart contracts and UI in refinement) and to define a long-lasting and symbiotic partnership; and,
- (iii) the creation of a core Pickle team by hiring the star dev Koffee, and later Product, Marketing and Ops leads sourced from the community.
All these achievements have been the result of significant effort sustained over several months, and have been led by Larry despite him having 0 pay. It is high time for Pickle to compensate Larry deservedly for the work he’s done and to further endow him with a stake on Pickle’s future.
With this background, let us take a look at the current financial situation of Pickle as of 10 February 2021:
- total Treasury assets totalling $1.78M, including $1.3M in the Smart Treasury.
- over 2 years of runway, with current monthly operating expenses at around $70,000 / mth.
- positive operating cash flows, with current TVL of >$40M, several triple-digit yield jars that net us 20% performance fees, and expected large receivables of vested $SUSHI from the Onsen.
Moreover, since Larry took the top job, the price trajectory of $PICKLE has been incredibly positive, with >200% growth since the post-EvilJar lows.
This proposal thus aims to implement the following compensation for Larry:
- a base salary of $12,500 per month ($150,000 per annum).
- a grant of 10,000 PICKLEs vested over 6 months.
- an undertaking to review these numbers in 6 months.
This compensation plan has been put together with the help of the Pickle team and the assistance of multi-sig member @Mah_Dills who’s been involved in previous hiring efforts, and is meant to serve as a base compensation for Larry. The community is further encouraged to give its input and discuss. This isn’t meant to be a full reflection of the value Larry has given and continues to give at Pickle, but rather a chance to right a wrong while maintaining operational liquidity.
If you agree, please vote to proceed and let us give Larry a great start to the Year of the Bull!
- Proceed to Snapshot
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