Into the Brine Vol. 4 — Yearn Collab and Smart Treasury

  • The Yearn Collaboration 🤝
  • Our Smart Treasury Implementation 💵

Yearn Collaboration 🤝

PickleJars

  • When Yearn’s v2 Vaults launch, the current PickleJars will hook into these the v2 Vaults.
  • Until then, the existing PickleJars will continue to operate and accept deposits.
  • Following the migration, Pickle will be accepting yToken deposits so users can earn PICKLEs on top of their yVault APYs.

DILL (PICKLE locking)

  • By locking PICKLE for set maturity dates, users get 1) voting power in Pickle governance, 2) boosted rewards, and 3) a portion of protocol profits.
  • The boosted rewards are in the form of increased PICKLE rewards, and NOT in the form of underlying Jar/Vault returns.
  • The mechanics of DILL largely mirror those of veCRV from Curve.fi.

Next Steps

  • DILL boosts to be released SOON™.
  • Details of the revenue model going forward are still being hashed out.
  • Following this, how $CORN is to be funded can be discussed by the community.

Smart Treasury 💵

  1. Automatic buyback machine — fees generated from the protocol are used to buy back PICKLEs, which reduces the circulating supply.
  2. Liquidity provider — the Smart Treasury serves as a liquidity provider and can generate trading fees for the protocol.
  3. Token issuance pool — the Smart Treasury facilitates the secondary issuance of PICKLEs (separate from our Farms) for things such as grants.

Why is this Important?

  • With the Smart Treasury, all PICKLE holders will benefit directly from the protocol’s profitability, rather than some directly (e.g. through becoming an LP & staking) and others indirectly.
  • The Smart Treasury provides another source of protocol revenue in the form of trading fees.
  • The Smart Treasury receives all protocol fees to thus maximize buy pressure (with the exception of revenue diverted to DILL holders).

Technical Details

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Disclaimer

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