Pickle is already multichain and looks to expand further.
How does the Core Team see the future for Pickle? What are the options?
How will PICKLE token and DILL fit into the multichain protocol?
Is the vision for DILL to vote on the rewards on other chains? When can this be achieved?
How are PICKLE and DILL tokens affected by these plans?
The community is built around the PICKLE token. The well being of the protocol depends on the value of PICKLE. The decision to increase emissions 3x has allowed for the protocol to grow but contributes to destruction of the value of the PICKLE token through high inflation. There are comments that the treasury is healthy and the runoff is infinite. In fact, the cashflows are large but the profitability is close to 0 because the high PICKLE inflation and destruction of PICKLE value happens at the rate similar to the flow of profits from the fees. This is not a bad thing for a growing protocol, just something to acknowledge.
Some decisions were made that don’t have PICKLE in the center. Farming PICKLE on Sushi does not have DILL boosts. Why? Is this about to change with the Pool 2 revamp on Sushi? Why freeloader farmers are not incentivized to lock PICKLE?
The proposal currently under the vote also does not appear to have DILL holders at the center - 16% of the current allocPoint (0.15 * 4000) will be removed from DILL holder oversight and used for Pool 2 farming. Extrapolating from the PICKLE farms on Sushi and Cometh, it looks like DILL holders will not be at any advantage over non-holders, but will be clearly at disadvantage because every emission destroys the value of PICKLE and DILL. Are there plans to arrange boosts for Balancer Pool 2 farming? Hard to arrange technically? Maybe NFT gamified boosting would be something easy to arrange? Maybe allow DILL holders to mint NFTs that for 1 month will boost Balancer Pool 2 farming? In 1 month Balancer will likely pull their side of the dill and remove BAL rewards.
While ETH farms are subject to voting, Polygon farms are not. My personal opinion is that the rewards on Polygon are a bit neglected and too high. For the first farm (Cometh USDC/ETH), Pickle pays 31% APY but gets only 1% APY through fees. Other Polygon farms also destroy the value of Pickle, generate very little trading fees and don’t benefit DILL holders who cannot vote on the APY distribution. Polygon is a special case, because the website often does not work on Polygon’s default RPC. There were instructions about changing the RPC in the past but now they are gone. Users are confused about the Polygon farms - this has a lot to do with Polygon being a fast sidechain, breaking a lot of stuff built for Ethereum.
Allowing DILL holders to vote on rewards on other chains will add value for PICKLE and DILL. It will encourage healthy circulation of the high APYs, with occasionally very high APYs luring users in, and retaining them later despite lowering APYs.
I hope that there will be more long term PICKLE vesting and we’ll all be laser focused on the value of PICKLE, essential for the protocol to function well.
PICKLE inflation is the funding mechanism for this protocol. Without keeping it at the center, we’ll erode it to 0 and we’ll have nothing to fund the protocol.