[RFC] ReVote Whitelist The veToken Finance

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.

Abstract

  • veToken Finance allows users to lock PICKLE through its own smart contracts to PICKLE’s smart contract permanently, while issuing an another token, called vetDill at a 1:1 ratio.
  • veToken Finance uses its own governance token (VET) as incentives to create liquidity between PICKLE - vetDILL so that users can sell it in the secondary market as they please.
  • veToken Finance provides a boost to PICKLE LPs without auto selling rewards, while taking a 16% performance fee from pJar users.
    • 10% to vetDILL/PICKLE LP provider
    • 5% to VET Stakers
    • 1% for the harvest caller
  • veToken Finance works in a similar capacity as Convex Finance & Yearn Finance work with Curve.

Benefits to Pickle Project

  • Pickle Finance revenue will be increased: Since more PICKLE has been permanently locked, PICKLE in the market is reduced – each individual pJar APY is increased – more users deposit pJAR – TVL is increased, and there is more protocol revenue for PICKLE – more PICKLE permanently locked. This feedback loop directly benefits to the Pickle founding team and Dill holders, as revenue increases.
  • Existing pJar users + new users can join the veToken finance wrapped pFarms in our dashboard and farm there to share those boosts. All TVL makes its way into Pickle, and makes the Pickle protocol more accessible and profitable for regular users. This benefits both existing DILL holders and veToken Finance.
  • Unleash more tools within the ecosystem and project in joining Pickle Finance: the contract veToken Finance has built can be used to expand the ecosystem of Pickle Finance, as other projects can build on top of our smart contract in order to initiate more innovation - such as using Pickle assets as collateral assets to create stablecoin or synthetic assets – with the reference of CRV to CVX , Yearn, IronBank to MIM, etc.

Tokenomics of VET:

Key points:

  • Team token vested in 4 year schedule.
  • Investor’s token is under 1 year lockup.
  • Airdrop: The airdrop is 1% of the Total Supply to Dill holders and voters who vote yes to the whitelist. The tentative proposal is 0.3% to all the holders and 0.7% to the voters who vote yes. (vested in 10 weeks after product launch)
  • VET Functions:
    • Vote to change VET emission rates.
    • Participate in veToken platform governance – gauge weights only.
    • Vote to integrate other projects which adopt voting escrow token economics.
    • More to come.

Progress since last vote:

  • Tested the smart contract, based on Larry’s advice.

  • The contracts have been audited and reviewed once again.

  • Developed the main dashboard with timeliness in mind, while waiting for the next vote: https://app.vetoken.finance/

  • Refined white paper and strategy.

Notes:

  • veToken Finance has completed it’s audit with Quillhash (link).
  • Whitelisting veToken Finance is supported by the Pickle core team
Temperate Check on Whitelisting VeToken Finance as a Smart Wallet on DILL
    • Proceed to Proposal
    • Do Nothing

0 voters

4 Likes

I vaguely remember when I first joined Pickle earlier this year there was some debate about this whitelist. To me it sounds like we expand the Pickle ecosystem and create more utility of the Pickle protocol. I see only benefits, but I’m sure I’m not seeing the whole picture so for anyone who disagrees with the whitelist then I’m keen to hear your opinion.

2 Likes

Originally one of the reasons I voted no because I was unsure about the legitimacy of the developers etc due to a lack of interaction with pickle at the time and a lack of reputation in the wider space - voting yes does give vetoken power over pickle, both soft power and power to damage pickles reputation if we are whitelisting a project which then goes on to rug or whatever. Hypotheticals, but that’s what put me off personally.

Epic! But how do i become verified level 1 user?