Each quarter the Pickle Finance team will provide a Quarterly Business Review (QBR) to the DILL DAO. This will include changes to team personal, product roadmap developments, and a breakdown of our finances.
This QBR is for Q2 (April-June), 2022
As per the June message from Larry in the DILL DAO Discord channel, the decision was made to cut down on operating costs.
As such the following measures were implemented:
1. AmatureApe had to be laid-off. He worked diligently with the team in delivering on the Multi-chain, Multi-layer (MCML) strategy within our roadmap, which was an important source of expansion for Pickle as the bull cycle raged. We wish him well as he continues to develop as an engineer in Web3 and smart contracts elsewhere.
2. The SCCOC will no longer receive a stipend. The SCCOC members will still be around to keep the core team in check, and be the voice of the DAO, but services resulting from their mandate will be delegated to team members for execution.
3. All remaining core team members have taken a 15% pay cut.
These decisions were not made lightly, but we foresee Pickle Finance continuing to build through this bear market, and rise triumphantly on the other side. Our increased runway will help us achieve this goal.
Product Roadmap Updates
Q2 was a relatively productive quarter, but the changes in the team, as well as unforeseen bugs and blockers made it difficult to fully deliver on our stated product deliverables.
Our 3 biggest achievements for the quarter were:
1. The ve(3,3) tokenomics change. Now users can earn ~30% ETH revenue share by locking their PICKLE for DILL.
2. Our sponsorship of the Portland Pickles minor league baseball team. This sponsorship has gained great traction on social media and is introducing new members to Pickle Finance. Watch this space for further developments in the partnership (especially in the NFT space).
Items like the Babylon Finance Index and Cronos launch were released, but had poor uptake due to the bear market. We have also de-prioritised initiatives like $GREEN, a CEX Listing and the Pickle contributor program for initiatives we know will bring in revenue.
Our focus for the coming quarter will be the veBAL Brinery, the CowSwap Integration, and releasing new Jars on Optimism in line with our $OP Governance Fund request. We are excited to also launch PICKLE emissions on Optimism within the quarter, and our Uniswap V3 auto-balancing strategies. A great source of yield farming in the highly volatile, uncertain market.
With our Opex cost cuts we currently have a runway of ~2 years at current revenues, and 1.5 years at $0 revenues.
Below is the Income Statement and Balance Sheet for the quarter.
Income Statement, Q2–2022
Balance Sheet, Q2–2022
If you have any questions on the above, we will be holding our community call later this month, and you can always reach out to the team via our Discord channel.
What is Pickle Finance
Pickle Finance is a yield aggregator that maximizes yield on behalf of users. Users realize the power of compounding, while saving time and money compared to manual yield farming.