Thank you all for kicking off and contributing to this discussion here: Wrapped Bitcoin Pickle Jar.
It is clear that many of you would like to see PickleJars having strategies involving BTC-based tokens. Accordingly, we have introduced this Snapshot proposal which is now open for voting.
The Proposed Solution
We, the core devs, propose adding PickleJars with the following strategies:
- an ETH/wBTC Jar which farms UNI and re-invests them to earn more ETH/wBTC LP tokens; and
- a crvRenWBTC Jar which farms CRV and re-invests them to earn more crvRenWBTC tokens.
We are aware that introducing BTC-based PickleJars would signal our departure from dealing only with stablecoins. However, we believe that this would nonetheless be a fruitful opportunity for the following reasons:
- it would bring in additional revenue to those staking PICKLE tokens and to the Treasury (per the recently passed PIP-8); and
- it aligns with our broader goal to help synthetic assets return to peg (stablecoins being just one example of a synthetic asset). This is opens up a much wider array of opportunites, as aptly explained by @jjdubs here.
We recognize that one of the reasons behind the great participation in our current pJars (pJar 0 and the pJar 0.69s) is because our users can double dip with PICKLE farming rewards. At this time, the allocation of the PICKLE farming rewards will remain unchanged, meaning that these BTC-based PickleJars will not immediately be entitled to PICKLE rewards.
We would like the community’s input on if/how the PICKLE rewards should be split if this proposal passes. Currently, the percentage allocation of PICKLE rewards are approximately:
- Pickle Power (PICKLE/ETH LPs) - 75%
- psCRV (from staking sCRV in pJar 0) - 4%
- pUNDAI (from staking DAI/ETH in pJar 0.69a) - 1%
- pUNISDC (from staking USDC/ETH in pJar 0.69b) - 9.5%
- pUNIUSDT (from staking USDT/ETH in pJar 0.69C) - 10.5%
Also, keep in mind that the APYs for these pools is affected by TVL in each pJar (which can be seen on the Jars page). We welcome comments and thoughts on what an appropriate re-distribution would be.