This proposal is to re-vote the request to whitelist veToken Finance in Pickle’s “Whitelist” contract, allowing vetoken Finance to participate in locking PICKLE permanently and provide boosted rewards to Pickle LPs.
For more details, you can read about veToken here
- veToken Finance provides a boost to PICKLE LPs without auto selling rewards, while taking a small performance fee on only PICKLE itself.
- veToken Finance provides more rewards to PICKLE stakers by passing performance fees to PICKLE stakers.
- veToken Finance hopes to simplify the DILL boosting system and provide more incentives to locking PICKLE.
- veToken Finance works in a similar capacity as Convex Finance & Yearn Finance work with Curve.
PICKLE locked in veToken will be locked forever. A tokenized (vtDill) version will allow users to trade their vtDill back to PICKLE at any time through incentivized pools. Majority of veToken performance fees on Pickle Finance will be given to vtDILL holders as normal PICKLE (45%) with most of the rest being locked and tokenized as vtDill and given to VETOKEN stakers (4.5%). There will also be a small 0.5% fee for gas incentives for claiming rewards from gauges and keeping the system moving.
As DeFi farmers ourselves, we saw a need for a platform that allowed users to receive the max boost possible from PICKLE and other projects that adopt voting escrow token economics in a simplified manner. veToken Finance aims to enable more users to be onboarded into the PICKLE ecosystem by making it easy and painless for users to receive better yields on their PICKLE and PICKLE LP tokens compared to what the average user might receive on their own.
The PICKLE DAO needs to execute the following function on Smart Wallet Whitelist to approve the veToken Finance contract
By doing so, veToken Finance will be able to lock PICKLE permanently and thus receive boosted rewards, and receive Dill rewards.
- veToken Finance has completed its audit with Quillhash (link).
- veToken Finance is supported by the Pickle core team.