Abstract. Off peg bad, on peg good. Read the goddamn picopaper.
1. Introduction ⚡
Too many farming projects don’t actually do anything for the community. Pickle is an experiment that actually gives a shit. Specifically, Pickle brings the four largest stablecoins (DAI, USDC, USDT, sUSD) closer to their peg by using the power of farming and pVaults.
2. Farming 👨🌾
The idea is simple, we give $PICKLEs to liquidity providers of four stablecoin pools:
More rewards are given to below-peg stablecoin pools and fewer rewards are given to above-peg stablecoin pools. This gets people to sell above-peg stablecoins and buy below-peg stablecoins.
Pickle will also give rewards to an ETH-PICKLE pool. This takes care of the case where all stablecoins are above peg. There will likely be other pools as well.
3. pVaults 🏦
We realize that we can’t just print $PICKLEs forever, there needs to be a reason (beyond the typical “governance” bullshit) to hold $PICKLEs. pVaults will come a few weeks after farming and will use flash loans to leverage up and arb between stablecoins, further bringing stablecoins to their pegs while generating return for $PICKLE holders. More details to follow.
4. The Usual 💸
No VCs. No pre-mine. No ICO.
Join the Discord.
Contributors to Pickle have made reasonable efforts at ensuring the integrity of the protocol including tests. Pickle is completely valueless and has 0 financial value. Anyone who chooses to engage with these contracts, including the Pickle token contract and the staking contracts, are doing so at their own risk. You should perform your own due diligence.