How does Pickle improve Curve? I still have not gotten a clear picture on that. What it feels like is someone wants to “rent” veCRV out to LPs which I myself am not able to do…
So let’s get the cons of whitelisting pickle out of the way first. The main negative would be they would receive a boosted crv rate leading to a roughly 15% increase in the amount of crv being earned by their 3pool jar currently to be dumped. However I believe whitelisting pickle can provide benefits to the curve protocol.
The first positive is that pickle is not the first protocol that is going to be whitelisted and I doubt it will be the last. I believe yearn was whitelisted which is why I’m assuming pickle isn’t the first please correct me if I’m wrong. From my understanding of how the boost mechanism works this means that as more vecrv is locked to boost a specific pool the cost to boost that pool increases. So let’s say it takes pickle 750k of crv to max boost their jar. The next farming protocol such as Farm may then need 900k to boost the same amount of money in the same pool due to the cost to boost that pool going up. This would also cause pickle to lose max boost and need to buy more crv to lock up for max boost. This in turn should cause a consistent buy pressure when multiple protocols become whitelisted or limit them from dumping the entire farmed amount of crv to continually lock up a % of the farmed portion to keep their boost up.
Second, as a pool becomes more popular and more expensive to boost this may cause protocols such as pickle to develop strategies around lower liquidity pools such as the linkusd or musd (just for example purposes). The cheaper cost to boost these pools would be the incentive for them to develop efficient strategies for these less used pools.
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There are several good arguments for and against this proposal which obviously have not convinced you. Is there anything that could possibly could sway you or is this sort of agreement just a nonstarter on its very premise?
To me out of all, I think the most vague of ideals seems to be the most compelling which is the idea of building bridges and not walls since we need hyper growth for this project to be successful to benefit us all.
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It’s not a non-starter; I’m just not convinced of the economics of it. Building bridges is fine, but there needs to be somewhere I want to go on the other side for me to invest in building the bridge. I’ve just not been convinced that Pickle provides anything other than liquidity like every LP already does.
Edit:
Believe me, I want to be convinced that this expands the protocol (Curve) somehow so I can vote for it. That would be exciting.
Please take a look at this discussion on our forum for what we intend to do should we get whitelisted: https://forum.pickle.finance/t/rfc-curve-vote-locking-proposal/482
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I think this is generally good for both parties and don’t see why we would allow some protocols (yearn) and not pickle. My only concern that I have at the moment is allowing pickle (and potentially harvest.finance) without having free voting implemented yet.
We currently have a low voter turnout problem in some of the recent CIPs and with pickle potentially exercising their voting power it could mean that they have a large sway in Curve because not everyone is willing to pay the gas fees to vote. From what I understand, the Curve developers mentioned on telegram that free voting is a few weeks away so why not whitelist them after we have free voting in place? If pickle gets 550K veCRV then their voting power will be ~2.9% (assuming ~19M veCRV locked) which shouldn’t be much of a problem if the majority of the ~19M veCRV gets exercised for voting (not at the moment, the most I have seen is roughly 4-5M in some of the recent CIPs).
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Regarding concerns of Pickle dumping CRV, please review what Andre has said about Yearn Vaults here: https://twitter.com/AndreCronjeTech/status/1302187974583615491
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Are there any details on the Pickle multisig?
Good example. Maybe if we will add automated systems to whitelist , one of the conditions that they also must lock 40% (or like that ) of farmed CRV and we will check it by smart contract ? Also it is neccesery to do that with yearn.finance or ban them
I’d like to see some minimum listing requirements for being on the Curve platform. I’m not sure how to specify the parameters, but here’s a start:
- Contracts audited by at least [2] auditors within the last [30] days. I don’t care so much as to whether the team is anonymous. The code should speak for itself. But someone competent has to be reviewing the code and most people just don’t have those skills.
- Minimum market cap of [$50] million
- Minimum trading volume of [$5] million per day.
- Operating history greater than [3] months.
- Payment of a listing fee of $[x] (not sure what this should be or how it should be set).
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Can’t technically ban yearn since smart wallet checker is only invoked when creating a vote lock. If an address is removed from the whitelist later on, it has no effect on the already created lock.
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Information for those interested pertaining to this proposal on the Pickle gov forum for additional insight to base your decision on.
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It’s a pity, that you as a co-founder of yearn.finance don’t want change your parasite model - farm and dump… Wish Picklers will win the vote and it will be a good precedent
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We also have a symbiotic CRV vault in the works which actually buys CRV.
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For anyone who read my post in the Pickle governance forum, I wanted to point out that I’m not a part of the dev team.
Just a curious investor who happened to stumble upon Pickle in week 2…tbh I never envisioned becoming actively involved…
Like many others, I came for the juicy yields and ended up staying once I saw the calibre of the team and community.
As an ongoing example, the Pickle team has just developed ‘one-click’ swapping capability between Uniswap and Curve LP tokens.
This is a feature that no other project has, and will be rolled out shortly once the frontend is polished.
When the current Uniswap liquidity mining program ends on November 17, $60M+ in liquidity will have the option to move to Curve with a single click.
If whitelisted and boosted, the Curve-based PickleJars will be a highly attractive option for that liquidity.
These are the kind of innovations that I believe make a Curve-Pickle partnership highly desirable and a WIN-WIN for both organizations.
VOTE YES!
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The signal vote has passed, what’s the process for the on-chain vote?
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Signal passed. Thank you for the vote of confidence. Wen satisfied with PICKLE review frens? On-chain vote soon-ish?
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We are reviewing the contracts this week and hopefully kick off process as well
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appreciate the response. thank you.