[PIP-31] Compensation Proposal: Larry the Cucumber

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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!

[PIP-31] Compensation Proposal: Larry the Cucumber
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7 Likes

Larry absolute deserves and needs to be paid. The only change I would advocate is that the grant at least be vested over 12 months. The grant of 10k pickles is currently more than the base salary over a year and is 3x the base salary on a monthly basis. I would personally rather boost the salary to $250k. The 100k difference alone could buy 4k pickle at current prices. And maybe we have an option to buy 4k pickles at the current price within 1 year.

I recognize this is talking less than 1% of the total emissions, but assuming a 4 year period with this same rate, it would be approx 4% of a potentially billion dollar DAO which would be $40 Million not including the increases in salary which should probably be commiserate as we continue to grow.

Funny enough, the reality is that I am not in the Pickle-Eth Farm/jar so I will not be able to vote on anything until Dill when I plan to lock my pickles up for at least 2 years. So, I am in it for the long haul.

Also, I fully recognize the phenomenal work of Larry in establishing this work and founding the vision that was, is and will be Pickle Finance. However, I also recognize that the success of this work is because of the power of collective economics and shared risk between all involved parties. I fully acknowledge if this was a traditional institution then Larry could have over 50% ownership.
In a more relevant comparable, the uniswap team will have 17% of the allocation over 10 years. I have no idea of the individual breakdown… but anywho… my thoughts.

Honestly, I will vote yes to whatever we have consensus over if I had the ability to vote, but I do tend to want to think through the sourcing of numbers.

5 Likes

I love part of the salary in Pickles as a default for Pickle Finance to adopt. The Dev position I applied for had that too which I really liked.

It keeps alignment with the project as a staple for hires. Obviously Larry doesn’t particularly need that extra incentive but the higher-ups set a precedent for the protocol, like he already did with sending funds to Corn.

4 Likes

Not a LP anymore, so my vote yes will be here and wait till dill comes… To solo lead the community while removing his own salary is not easy. Thanks for sticking with us Larry! I`ll help wherever I can.

4 Likes

Larry is a great guy, and he has kept the project alive when it would’ve been easy to leave - deserves every pickle he gets, because without him pickle would cease to exist at this point in time!

Great proposal suggestion Lee!

4 Likes

This proposal has my full support. It’s easy to lead when times are good and users are making $. Larry led the protocol through the evil jar hack and while the other two founders left, he refused to give up. Larry has led by example and deserves a fair and very equitable compensation package. I would recommend we review this later in 2021 as the protocol continues to grow. Without Larry, I for one, would not have lasted this long.

Thank you Larry, LKJ + Team and the rest of our fantastic community of users.

1 Like

Your concern is understandable.

Just a brief comment that this isn’t to make Larry’s compensation (10,000 PICKLE + $150,000 ) / year – for every year onto the foreseeable future.

Particularly to your concern, the grant of 10,000 PICKLE is non-recurrent and, like other grants given to contributors, based on what’s currently available in the Smart Treasury. There may be other grants in the future, but going forward we will be looking to compensate within established common guidelines, and derived the grants from the same principles for everyone.

@Mah_Dills, for example, has suggested packages where the full-time contributor takes up to 40% of the package in PICKLE, based on a strike price at the date of hire / award. As you have suggested, this “grant” (or option, albeit that’s more a thing for junior employees on larger organizations) could be vested over the duration of the contract. There are tools like Sablier that make this more attractive and reduce uncertainty for the contributor. All of these things will be ironed out before any core team member is up for renewal, and ideally before any new hires beyond what’s been approved by the DAO. Larry’s case is special.

For other contributors, their packages have already been detailed. The idea is to price Larry’s package in 6 months, allowing time to gather feedback and refine compensation guidelines for all contributors, mainly in order to standardize how PICKLE grants work, vesting schedules, disbursements – the area where significant upside exists. In the meantime, as others have expressed it is important for Larry to not be working for free, and for Larry to receive compensation for his previous work that went largely unrewarded.

2 Likes

I have been away for a while, but absolutely support this proposal. As someone that was around Pickle in the difficult times right at the start, I can unequivocally acknowledge that Larry is a genuine and brilliant developer and founder. I hope that the Pickle community does acknowledge the contribution of DEVs and larry specially in Pickle and compensate them their true worth!! @leekuanjew great proposal … Hope its gone to vote already and had a resounding ‘YES’. @Larry_Cucumber deserves the best in compensation for the tireless efforts and soldering on since the lows of the hack!!

2 Likes

WHAAT ? Larry is not pay currently ?

2 Likes

He diverted his PICKLE dev fund to purchase CORN. If this is not a leadership quality, I don’t know what is.

3 Likes

Vote is up on snapshot.

1 Like

Of course! full support for this proposal

1 Like

I think compensation for Larry is an excellent idea, but I’m not so sure on the proposed structure. I’d like to see a longer vesting schedule, perhaps in a stepladder approach. I’d also like to see the compensation more heavily dependent on PICKLE rather than USD.

To add, this seems to me like a huge jump from Larry receiving $0 – perhaps we should be more conservative to start with further votes providing generous increases in the future

congrats @Larry_Cucumber !

3 Likes

Congrats, while I brought up some counterpoints, I’m glad you’re getting compensated Larry and wish you all the best – thank you for keeping this great work alive

1 Like

Thanks, @bigdill. Your points are well noted and appreciated. We are actually working to make future packages standardized and in line with many of the thoughts you and others have expressed. Some of the points we are exploring:

  • Letting the contributor determine his exposure to PICKLE, with up to 40% of the package being eligible as PICKLE with a strike / peg price that’s set on the day of hire.
  • Having the vesting last the duration of the contract. There could be a cliff – probation period, say 3 months. Afterwards the PICKLE would be streamed via Sablier.
  • Have the stablecoin portion of packages be deposited in interest-bearing stablecoin variants, so as to increase the predictability of budget calculations while giving contributors a hedge against fiat debasement.

As far as this being a huge jump for Larry, I think it is important to recognize that, as our CEO, he should be the most heavily compensated, and yet he is also the team member most exposed to PICKLE, which at the time of the grant constituted 2/3rds of Larry’s compensation. I hope that clears up things and thanks again for your goodwill and for taking an interest in this matter.

1 Like