[PIP-38] To migrate PICKLE:ETH UNI LP to Masterchef V2 in Sushiswap

[PIP-38] To migrate PICKLE:ETH UNI LP to Masterchef V2 in Sushiswap

Abstract

This proposal, if passed, would migrate the PICKLE emission from PICKLE:ETH UNI LP to PICKLE:ETH SLP within Masterchef v2 in Sushiswap.

This move will strengthen our partnership with Sushiswap team and provide the opportunity for PICKLE:ETH SLP providers to earn double rewards in the form of PICKLE + SUSHI. This move also offers the current PICKLE:ETH UNI LP to move away from Uniswap v2 and into Sushiswap, while new strategy is being developed for Uniswap v3.

Double Rewards & Total Value Locked (TVL)

With the Masterchef v2, PICKLE:ETH SLP will receive double rewards in the form of PICKLE and SUSHI emissions. Sushiswap team has kindly agreed to allocate 25 allocPoint for the LP and PICKLE will continue to incentivize the LP with 150 allocPoint.

Some math for the PICKLE:ETH SLP rewards:
SUSHI reward = 0.02026178222636463103294565790007 SUSHI per block
PICKLE reward = 0.01125 PICKLE per block

The estimated APR per PICKLE:ETH pool size is below:

LP Pool Size APR
PICKLE:ETH $1,000,000 87.99%
PICKLE:ETH $2,500,000 35.20%
PICKLE:ETH $5,000,000 17.60%

*Rewards = [allocPoint / totalAllocPoint * sushiPerBlock] + [allocPoint / totalAllocPoint * picklePerBlock]

  • Proceed with the move from Uniswap to Sushiswap
  • Do Nothing

0 voters

2 Likes

Finally, about time, now with more alloc points should boost a nicer APY.

So a question, with Masterchef v2 you can alloc pickle and sushi reward automatically.

Now will those Sushi reward be compounded, or naked?

Then will people who farm it gets additional pickle from the DILL alloc weight?

I hope my questions are clear.

1 Like

Maybe we could even expand the symbiotic strategy strat here. Make a jar for the LP that stakes the earned sushi for xsushi (if the tech allows this). But as a whole moving off of Uniswap v2 to Sushiswap makes sense!

Edit: if staking xsushi in turn for axsushi is a possibility that’d be even cooler (overtime you’d be able to borrow against your LP position)

4 Likes

Thanks sevenz, with the new Masterchef v2, we are able to make use of the ComplexRewarder to add double incentives, which wasnt supported by Masterchef v1 previously. The implementation of this is to be done outside of the DILL gauge system.

The SUSHI and PICKLE rewards will need to be harvested by the respective LP.

3 Likes

Cool, that means users have to stake it on sushi and not on pickle site right?

1 Like

Why you should vote yes:

  1. Uniswap will try to push V3 and will make it harder and harder to access V2. We should move to an AMM where we can be sure that the LP position is easily accessible at any time.
  2. Better yield and the potential to get even more yield with the upcoming Sushi features (oSushi?)
  3. Sushis philosophy is more in line with Pickle than Uniswap ->actual community involvement
4 Likes

Agreed, rather than getting backed from VC etc, I prefer organic growth and community engagement. I hope that they will continue to do so.

I agree with Harry; it would be nice if we could use this migration to start another symbiotic jar. Not only would this increase APY, it could also lead to some interesting additional collaboration/strategies between Pickle and Sushi.

Posting this up for voting shortly! thanks guys