This post aims to collect in a single place all the CORN
contribution proposals/discussions that gained traction with the community in order to provide some relief to the victims of the pDAI
jar hack.
Context
Under the Pickle & Yearn co-operation dill, the CORNICHON
token (aka CORN
) was announced to track the losses of the Evil Jar exploit. Since then:
-
CORN
has been released (code by @banteg): $0.0767 | Cornichon (CORN) Token Tracker | Etherscan- claimable at: https://cornichon.ape.tax/
- a
CORN
–DAI
market has been created in Uniswap: Uniswap Info
-
@Larry_Cucumber has kindly decided to give up the 2% of emissions going to the
devaddr
(i.e. the “dev fee”) in favour ofCORN
holders.- this source of funds has so far been used to market-buy
CORN
and burn it, thereby reducing the supply ofCORN
for the benefit of the remainingCORN
holders. - down the road, Larry’s idea is to use these funds to deposit
DAI
soCORN
holders can burn their tokens and collect theDAI
deposited.
- this source of funds has so far been used to market-buy
- Other proposals that would add to the utility of
CORN
have been discussed but none have been implemented or put to a vote as of yet.
Proposals
Besides the devaddr
donation, these other proposals have aimed to bring new sources of funds to benefit CORN
. I have numbered them here for ease-of-reference, without implying any favour.
(1)
PICKLE
emissions to CORN
According to the current emissions schedule (PIP-5), perpetual PICKLE
emissions are implemented. As both emissions and emission allocations are governance parameters, a percentage of emissions could be proposed and voted for as either:
-
(a)
rewards for staking nakedCORN
. -
(b)
converted forDAI
at regular intervals to deposit forCORN
burning. -
(c)
added to thedevaddr
funds, in order to market-buyCORN
.
Or some other way the community determines in consideration of development costs and time.
(2)
Incentivized PICKLE
–CORN
pool
CORN
fundamentals and PICKLE
fundamentals should be sufficiently correlated. Moreover, the CORN
market could benefit from additional liquidity. This proposal aims to set up a PICKLE
-CORN
pool where rewards can be directed to.
The incentives could come from:
-
(a)
emissions, similar to(1)
. -
(b)
revenue-sharing, for example, part of theexcess
that is given to the community members (as per PIP-15). -
(c)
a combination of(a)
and(b)
.
There are several possible homes for this pool:
-
(i)
SushiSwap, another Yearn partner, where we could apply to getSUSHI
rewards on top of our incentives. -
(ii)
Uniswap, where ourPICKLE
–ETH
rewarded pool resides. -
(iii)
Balancer, together with the Smart Treasury, where we could make this pool programmable e.g. set. ratios different than 50-50, allow for single-sided liquidity adds/withdraws, and determine trading fees.
Other pool pairings with CORN
are also possible. Discuss below if you favour a different pairing (e.g. the same CORN
–DAI
referenced above).
Or, choose a source from here to combine with (1)
above (i.e. (2)(b)
or (2)(c)
as a source but used as per (1)(c)
).
(3)
Matching for Community Strategist donations
Under the current implementation of the Pickle revenue model (PIP-16), a strategist fee of 7.5% of performance is charged to jar users, on top of 20% of basic performance fee that goes to the treasury. Currently, this fee (also called “dev fee”, unrelated to the fee that comes from emissions) has been waived for many internally-developed strategies (by the core team) but could be reimposed.
Some members of the community have kindly proposed creating strategies and donating some or part of their strategist fee to CORN
. For example, @purplezky’s proposed USDN3CRV
strat promises to do this.
In order to generate extra revenue specifically for CORN
, Pickle could:
-
(a)
match the percentage points that the Strategist donates toCORN
out of his strategist fee e.g. if the Strategist donates 5% (out of 7.5% in total, keeping 2.5%), Pickle will donate 5% that would otherwise go to the Treasury. -
(b)
match some or part of the Strategist donations based on how much of the strategist fee is donated. e.g. if the Strategist donates half of his fee, Pickle would donate half what would otherwise go to the Treasury. -
(c)
earmark part of all of the fees for its own internally-developed strategies toCORN
. This would mean reimposing these fees on all or some jars that currently do not have it. For example, assuming 5% is earmarked, across all jars, Pickle would reimpose this fee (turning 20% performance fees to 25% performance fees) forCORN
's benefit.
Poll
This is not meant to be an exhaustive list of options. However, feel free to reference the numbers in your replies as a way to organize the discussion so that we can arrive at a proposal for the time being.
I am adding a poll to see where forum posters stand regarding sentiment. A narrower Discord poll could use this RFC and this poll / the replies here as guidance.
Thank you for putting some time and thought onto this matter.
- I’m leaning towards
(1)
. - I’m leaning towards
(2)
. - I’m leaning towards
(3)
. - We should combine / do something else (read my reply).
- Do nothing.
0 voters