[PIP 34] Expand core team Budget

Passed

Upgraded from RFC

Vote: Snapshot (Closed)


Background

As Pickle is about to enter a new cycle with major upgrades such as $DILL (vote-locking $PICKLE) and consequent $DILL-nomics, more innovation and quicker time-to-market is required to maintain and accelerate our positive Growth trajectory. The core team, having worked together in the development of DILL as well as releases of new jars, has thus identified a gap in its engineering capacity and would like to fill it by onboarding an additional smart contract developer.

Proposal

Equivalent to previous engineering packages, the Pickle core team requests approval for a budget of $156k ($120k from the stablecoin reserve and $36k in $PICKLEs from the Smart Treasury) in order to fund the hire for a year.

Hiring Process

  • A call for candidates will be posted on this forum, Pickle’s Discord and social media, and other relevant channels.
  • A hiring committee consisting of the Pickle core team (@Larry_Cucumber, @0xkoffee, @unlocker, @purplezky, @leekuanjew, @chimaera, @anoniminis), independent multi-sig members (@jintao, @Mah_Dills), and Brinery members (@Rooster_Cogburn77, @sifu, @yyctrader) shall assemble to evaluate candidacies and conduct interviews.
  • The hiring committee shall deliberate internally and come to a decision according to its own procedures. Any selected candidate(s) shall be extended an offer by a member of the hiring committee.

The job advertisement, below.


In search of: Solidity/Vyper Smart Contract Developer

Pickle is a yield aggregator and automated yield farming protocol on Ethereum. In its short 6 months of existence, it has gone from an elastic stablecoin farming experiment to a Yearn ecosystem member with projected revenues exceeding $6M/year.

We are one of the smallest yet most daring teams in the DeFi space. We take pride in developing and releasing novel strategies for yield farming vaults, and in creating deep partnerships with the protocols and teams pushing the boundaries of this new and open financial system that is being built on sound, programmable money. We follow best-in-class security procedures, yet retain our “degen” instincts intact.

We are looking for a driven and enthusiastic smart contract developer to help us bring about the next evolution of Pickle Finance. With the aid of the Pickle core team, you will design, develop, and test the strategies and yield-generating products that will delight the growing Pickle userbase. Kudos if you are also willing and able to help contribute to our frontend, analytics, or process automation development.

Role and Responsibilities

  • Design, test, and implement new yield farming strategies and tests
  • Design, test, and implement peripheral contracts for Pickle jars
  • Design, test, and implement peripheral mechanisms to the Pickle protocol, including governance

Must-haves

  • 1-3 years of experience with Solidity or Vyper, including deep familiarity with the Ethereum development stack (e.g. Hardhat, Ethers, The Graph)
  • A deep understanding of the Ethereum Virtual Machine
  • Prior experience deploying smart contract systems in Ethereum
  • Deep familiarity with the foundational principles of software architecture, design patterns, test-driven development, data-driven programming, and development in an Agile environment
  • A collaborative, can-do attitude, and a deep appreciation of the Scrum values

Nice-to-haves

  • Formal training in maths, physics, computer science, computer engineering, or electrical engineering (Degree level or above)
  • Prior experience as a developer in DeFi, particularly in yield farming applications
  • Prior experience deploying smart contracts to non-Ethereum EVM implementations (Fantom, Binance Smart Chain, xDai)
  • Familiarity with React, Next, and TypeScript
  • Pickle connoisseur :cucumber:

Pickle welcomes all qualified candidates to apply. Whether you are public or pseudonymous, please provide ample evidence of relevant work and experience for consideration.

Candidates with experience and credentials well in excess of requirements will immediately be considered for a more senior role e.g. Delivery Lead, Development Lead, Solutions Architect. Conversely, candidates with lesser experience or time availability may be considered for a more junior or part-time role.

Total compensation for this role will be $156,000/year, as follows:

  • A base salary of $120k/year, which will be deposited in an interest-bearing stablecoin (i.e. aDAI) and streamed over Sablier.
  • A vested tokens component valued at $36k/year on the date of hire. An equivalent amount of PICKLE tokens (according to the day’s low price in CoinGecko) will be earmarked from the Smart Treasury and streamed over Sablier after a 3-month cliff.
  • All other benefits and bonuses available to core team members, which will be extended to new hires upon completing a 3-month probation.
  • Yes, I support this
  • Do nothing

0 voters

1 Like

Support, more the merrier

3 Likes

I voted no because I haven’t seen results from the recent hires so why should we think there needs to be even more money directed to hires? There really appears to be no incentive to actually perform in any of these hiring calls. Yes you can check off the boxes, but once you’re in, what guarantees anyone will actually work hard for the protocol?

What are you looking at as far as results? What’s your criteria for evaluating a hire? What’s a concrete difference between “ticking boxes” and “working hard” for the protocol?

This protocol had <$250k in reserves before it started hiring. Reserves peaked at $1.7M recently before the team was 3 months old. This protocol hadn’t done a new jar in 2 months after the hack, now it’s done 15+ , generating $6M/year in revenue and growing. It didn’t happen by osmosis.

There’s a gap in development. In short, if you want more stuff developed, you need to hire developers. If you want the developers to work on stuff that’s valuable, you need product people. If you want more people to find out about the amazing work your team is doing, you need marketing people. If you want internal processes to run smoothly, you need operations people.

1 Like

I think the $250k to “1.7M” is a bit disingenuous since a majority of that increase came from the ETH holdings iirc. Additionally the main devs leaving may have played a role in no new jars being made after the hack.

I suppose that is my point. We, as a community, should be figuring out how to evaluate performance instead of just throwing more money out there. What is the standard? What do we expect? For example, is >4 months reasonable to wait for an upgrade that was supposed to be similar to another well established protocol? Is the price of PICKLE a useful metric for team performance? Is TVL a useful metric for team performance? Etc.

“Prior experience deploying smart contracts to non-Ethereum EVM implementations (Fantom, Binance Smart Chain, xDai)”

Allons-y baby!

1 Like

I think you make valid points. I also think some of these have been answered, however as these answers are spread out it is the team’s fault for not putting these things together in a single, public “source of truth”.

For example, the DILL upgrade involved more than importing a well-known contract. This was actually the act of adapting the functionality of a suitable mechanism to a different type of protocol (AMM → Yield aggregator) and doing so in a way that wouldn’t interfere with the User Experience, while making it work with another yield farming protocol (Yearn), and getting several audits before going live. The Pickle protocol with DILL will be unique in the yield aggregator space, so it is fair to say this is a sophisticated feat of blockchain application engineering. 4-6 months is rather reasonable for such a milestone.

As it comes to the PICKLE price, a de rigour caveat here is that the core team officially does not recommend speculation with PICKLE tokens, whose purpose is a governance utility, and can be readily obtained by providing liquidity or staking Pickle jar tokens in the farms. Having said that, given the team’s compensation is significantly in PICKLE, then I think it is fair to expect long-term alignment. With that in mind, it so happens that the core team is doing reasonably well. Most of the team was onboarded on the (third month for most, 4th for the first hire) $9-11 price range, the newest member (in his first month) came in when PICKLE was $15. As of right now, the price of PICKLE is $17.81. Bear in mind, there are oscillations, peaks and throughs, as our token has a small market-cap and the Crypto market itself has been highly volatile.

On the measure of TVL, I personally wrote an article about the focus of the team being profitability (already achieved) followed by revenue growth, for which a proxy metric was created and called mTVL. If you notice the trend with the higher-yield farms, the harvests have been getting bigger which means more profit even on smaller capital. In fact, our profitability is on par with Yearn v1, but at 1/20th of the TVL. We are launching DILL out of the box with revenue-sharing, so it will have an implied P/E. That together with exclusive jars as a result of partnerships will be a great moment to test our thesis that cash-on-cash matters more than more obscure metrics like TVL.

Interesting. This is the first I’ve heard of this so maybe an updated medium post or something to help build the hype around how significant this upgrade is would definitely improve confidence ahead of launch.

I think this is a bit of smoke and mirrors considering the PICKLE token is not used for governance. If the core team is serious about not speculating on price then the token needs to be used for governance ASAP. Not the LP token.

Significant is debatable IMO. In this listing it’s less than 25% of total compensation. If there are price targets and associated bonuses then maybe I would think there is an interest in token success but nothing I’ve seen really indicates that anyone paid in PICKLE will actually hold beyond required vesting times.

Good for you all.

Well, just relaying a fact, here. While DILL further facilitates the use of PICKLE as a governance token without being paired with other assets, the speculative activities will continue to be a matter of secondary markets. All participants have to put their big boy pants and understand this is a governance utility token that has never been issued for cash directly and can be obtained, for free, by using the protocol’s yield aggregating services.

Not really. The Smart Treasury is 20% ETH and 80% PICKLE and the regular Treasury is mostly stables. The biggest contributor has been higher revenues allowing for more buybacks via the Smart Treasury.

1 Like

an essential role to the team. my full support.

1 Like

Supporting heavy lifter developers

2 Likes