Pickle Press w/c August 16th
TVL has remained relatively stable this last few weeks, peaking at $110m but consistently hovering around the $100m level.
However … as we have highlighted before, TVL is somewhat of a vanity metric and what matters more is how productive that TVL is.
We currently have five Pickle Jars with ~100%+ base APY (before Pickle Farm boost) that contribute to a growing weekly revenue (stats at the time of writing):
- $FOX-ETH —$544k locked at a base rate of 302% APY
- $SPELL-ETH — $1.65m locked at a base rate of 175% APY
- $ALCX-ETH — $15.8m locked at a base rate of 115% APY
- $FEI-TRIBE — $3.7m locked at a base rate of 97% APY
And a sleeper …
5. $TRU-ETH with $36k locked at a base rate of 107% APY
Performance and growth is also reflected in the number of users locking PICKLE for DILL. This continues to happen at a faster rate than current Pickle emissions, meaning the % of Pickle locked grows … now more than half.
Which we can see nicely reflected in this dashboard chart by the Dune wizard 0xBoxer:
We had an amazing 130 responses to our survey! It gives us some great insights into Pickle users and some areas to improve. Over this week we’ll be writing up a report of the results and identifying action points.
We had plans to launch two Jars last week. We had a 50% success rate 😄!
TrueFi’s $TRU-ETH launched as planned and has a great APY of 107% base level, up to 132% in the Farm.
What did not launch just yet was the long awaiting symbiotic Jar for Alchemix’s $alETH. It was close … but during yet more extensive testing we discovered an edge case that needed patching. So now we’re starting the testing period again but still hope to launch this week.
Onto this week and there are a few areas of focus:
- Testing and launching the $alETH Jar
- Discussing, exploring and developing backscratcher strategies. Given the popularity of the DILL/veCRV model we see more projects adopting this approach including Frax, QiDao, Cream and Sushi. There is potential for Pickle to lead the way with a backscratcher approach, though the development and application differs slightly from project to project. So this is for a now a “wait and see” but there should be news about at least one project soon.
- App redevelopment — we had an amazing breakthrough this week thanks to Jan who helped turbo boost the load times particularly on Polygon, but there are still performance improvements to be had. We’ve also been beta testing a fusion of Jars+Farms onto one page plus the addition of Zaps … soon the reskin can begin.
- Migration of the $stETH Jar and as of today the $MIM3CRV Jar to Convex, testing is underway and these should both happen soon.
- Innovative new Jar strategies are in development that will cater for vested/locked rewards which will provide access to Balancer strategies among others
- We’ve been in discussion with CREAM about an Iron Bank Jar, which is now in development … hopefully launching within a week
- We have several AMAs coming up with partner projects, schedule to follow soon
And we’ve made solid progress with our move to a new chain … watch this space 🔵🔵🔵🔵
Pickle will be present at Web3 Fashion Week with a workshop entitled ELI5 Automated Yield Farming for Creators. Excited to be collaborating with DIGITALAX on their move to dominate the metaverse …
PICKLE BIRTHDAY PLANS
Can you believe that Pickle is almost 1 year old? 😀
We’re preparing the party. You are all invited. Bring 🥒