The New DILL is Here
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Ladies, gentlemen and gherkin…DILL has finally arrived 🛬.
In this post, we explain the exciting things that DILL brings to the future of Pickle Finance. For our users, the main benefits are:
- A share of protocol profits 💰
- Boosted PICKLE rewards 🚀
- Voting power ⚖️
To start, we want to give a huge thanks to Andre Cronje for the help he’s provided in getting us here and Curve Finance for their Gauge and veCRV design from which DILL is inspired 🙏
Vote Locking
The way to get DILL is to lock your PICKLEs up for a certain timeframe. Locking for longer grants more DILL for each PICKLE locked and provides correspondingly greater benefits (see below). This ensures that users who are invested in this future of Pickle reap the greatest rewards.
Users can lock from a week up to a maximum of 4 years. Detailed documentation on the process of locking can be found here.
Protocol Profits 💰
Based on modelling we’ve performed on Pickle’s current revenue streams, the fee-sharing benefits of DILL aren’t too shabby 👀
Going forward ( subject to governance), protocol income will be distributed as follows:
- 50% to Treasury/Smart Treasury
- 45% to DILL holders (as PICKLE on a weekly basis)
- 5% for repayment of the CORN debt
The first distribution will occur on Thursday April 29th.
Boosted PICKLE rewards 🚀
We know a lot of you come for the tasty PICKLE rewards you get on top of the auto-compounding rewards from the Pickle Jars. By vote locking for DILL, you can earn a boost on PICKLE rewards of up to 2.5x.
The formula for calculating your boost across the different Farms can be found here https://docs.pickle.finance/farms/boost. You can also play with the calculator at https://app.pickle.finance/dill.
The new Farms will be activated on Thursday April 22, 12 AM GMT.
Voting power ⚖️
Previously, voting power on governance proposals was held by PICKLE/ETH liquidity providers. Now, 1 DILL = 1 Vote. Voting power is now determined by users’ long term commitment to the protocol.
Farm Weight Voting
Previously, reward allocations to the Pickle Farms were voted on through Snapshot governance. Now, DILL holders are able to direct their weighted voting power to which Farms they feel should be incentivized with PICKLEs! This mechanism is much more efficient and better democratizes the weighting process.
Current Farm weights can also be easily viewed!
Join in on the fun at https://app.pickle.finance/farms.
Join Us
We’re excited to embark on the next chapter of Pickle Finance where DILL holders will be at the helm and where we’ll see our most committed members benefit the most.
If you have any questions or comments, we invite you to come drop by our Discord!
