Snapshot vote HERE: Snapshot
This proposal, if passed, would allocate $300k of PICKLEs/stablecoins to:
- Incentivize participation on Ruler Protocol to allow PICKLE holders to use PICKLEs as collateral; and
- Permit the Pickle Finance treasury to make a strategic equity investment in a promising crypto company.
(1) Ruler Collaboration
Ruler Protocol provides PICKLE holders the ability to borrow stablecoins without risk of liquidation if the loans are paid back in time.
We propose allocating 800 PICKLES per week for an initial period of 4 weeks. The RULER team has committed to providing 50 RULER per week for same period. These rewards serve to incentivize liquidity.
Further information on Ruler Protocol and background discussion can be found on the Forum thread here: [RFC] PICKLE + RULER collaboration.
(2) Strategic Investment by Pickle Treasury
Pickle Finance wishes to participate in a strategic investment with $250,000 worth of PICKLES + stablecoins in a preferred equity fund raising. Participants in the current funding round include Badger DAO, Consensys, Gitcoin and other prominent DeFi entities.
This investment is for a live, in-use product relating to HR services which serve the web3 workforce. Pickle Finance would receive this project’s governance tokens with rewards accrued from those tokens going to the Pickle Treasury. Pickle would additionally own equity in this company and would benefit from liquidity events.
a) $250,000 worth of PICKLES + stablecoins for tokens entitling Pickle to governance and fee sharing rights.
b) PICKLEs will not be sold for cash immediately as a majority of the PICKLEs will be vested over a period of 4 years. The price impact to the PICKLE token is negligible.
Currently, the Pickle Treasury and Smart Treasury contains $1.4M worth of assets. This balance is being deployed primarily for staffing purposes. We believe that making strategic investments will ensure that the protocol continues to grow by rooting ourselves in other promising projects and the greater crypto ecosystem. This is also attractive because the other party has agreed to reciprocate with an investment in PICKLE (due to the vesting schedule).