[Discussion] - Whitelist Pickle to lock CRV and vote

Summary:

Whitelist Pickle for locking up CRV for boosted rewards and voting.

Abstract:

Pickle’s Curve Strategy for their vaults have been audited by MixBytes. The Curve team has taken a preliminary look at this audit report and the Pickle Curve Strategy smart contract and deemed it ready for whitelisting to be voted on.

Motivation:

The Pickle protocol already facilitates the staking of tens of millions of dollars worth of tokens supplied to the Curve Finance protocol. The CRV rewards currently earned by these gauge deposits are at a minimum and none of it is being locked.

Specification:

The Pickle CRV Locker smart contract, deployed here, is to be whitelisted so that Curve LPs using Pickle will be able to lock up additional CRV for boosted returns and voting.

For:

By approving whitelisting, the Pickle protocol can lock up a portion of the rewarded CRV to participate more in governance. Curve LPs using Pickle will also get boosted CRV returns.

Against:

By approving whitelisting, the Pickle protocol can get boosted returns on CRV and this will give more CRV to Curve LPs who are going through Pickle. Some may not want additional CRV to be exposed to this externality.

Poll:

N/A

Note

Please comment below if there are any additions or changes that should be made to this original post.

19 Likes

What percentage of CRV is Pickle currently holding?

5 Likes

None so far, but we are prepared to lock up up to 70% of the CRV earned going forward if whitelisted. We are also discussing a market buy of $100,000 worth of CRV to get an accelerated boost once whitelisted.

4 Likes

Where is the 70% figure coming from? How would you use your CRV? How would you convince your DAO to take a smaller APY?

Assuming you obtain a large amount of voting power, how would you decide what to vote for? Do you have a group of users that can decide how to vote on Curve proposals without approval of the Pickle community? Or would every Curve vote need to be a Pickle signal as well?

7 Likes

Are the technicals behind whitelisting similar to CIP#3 - Add SmartWalletWhitelist with DAO maintained whitelist ?

2 Likes

Correct.

Here’s what I think will result in the community leaning in favour of whitelisting:

  • Commitment to vote (how the protocol decides how to vote isn’t relevant to us but participation is essential)
  • Demonstrating sufficient interest in Curve (voting is certainly one aspect but it’s important for the community to know a protocol which will likely hold a large amount of voting power is not gonna work against the protocol’s best interests). Holding x amount CRV and using it for x is also good (as @BigBrainBriner has suggested Pickle would do by holding/locking 70% of CRV rewards)
  • Audits, having been around for a reasonable amount of time (which Pickle satisfies)

As a reminder, the Curve team does not hold enough voting power to reach quorum on our own so those proposals are really about convincing the community it’s worth doing

7 Likes

You’ve got my votes; I think the robo advisor “Sell pressure” is generally a red herring.

5 Likes

pickle white listing will have my vote as well.

4 Likes

Has my vote! great benefit for both parties

5 Likes

We vote for this as well.

5 Likes

I concur as well. This should definitely be approved as it’s a win/win for both projects.

4 Likes

If both parties win then I support this all the way.

3 Likes

Sounds like a mutually beneficial strategy, we are all for this!

2 Likes

Follower of the 2 platforms, I see only mutual benefits! I am for

2 Likes

Here to show my support for this proposal!

More collaboration in this space between major reputable players is only good for everyone, including the projects involved. I get that Curve doesn’t want to list any old sham yield farm to the whitelist, but I think Pickle has proven over a solid period of time that it is solid and can be trusted.

4 Likes

I would also vote for this proposal. PickleFinance has a great community of which I think many of its members are also part of Curve community so they would be heavily involved in both projects. I think a whitelist will be beneficial for both projects.

4 Likes

For what duration would the 70% be locked up for or rather what is the strategy for lockup you envision? The longer

1 Like

The previous 70% figure was calculated as a theoretical maximum based upon future fee-sharing veCRV and a much lower initial buy-and-lock value. That figure is now out-dated.

After some discussion, our current proposal, if whitelisted is:

  1. buying and vote-locking approximately 550,000 CRV
  2. diverting 25% of CRV rewards to be locked with the end goal of obtaining the maximum 2.5x boost within 20 weeks

Note that this still needs to be voted on by the Pickle community. But this is the direction we are proposing at this point in time.

8 Likes

This sounds reasonable. I plan to vote in favor on both Curve and Pickle.