State of the Pickle Jar
October 6th, 2020
Author’s note: This is the first in what I plan to be a series of regular community updates for the Pickle community. This article is created by Pickle community volunteers. If you’re looking for ways to contribute to this publication or to the broader Pickle ecosystem, please leave a note here or contact me via twitter.com/dblrain .
On September 29th, The Pickle dev team announced that they had discovered an issue during the implementation of the most recent changes voted in by the Pickle community:
Larry the Cucumber 09/29/2020
@here We have encountered an issue in our PickleJar controller which results in an incorrect withdrawal amount. I want to reassure everyone that their funds are safe. However, to avoid issues with withdrawing while we implement a fix, we have temporarily disabled the withdraw button. Thanks everyone for your patience and understanding
And after a couple sleepless nights by the devs:
Larry the Cucumber 10/01/2020
@here We have successfully completed the migration of everyone’s PickleJar funds. The PickleJars are now fully operational. Thank you everyone for bearing with us. Please follow the instructions in the following article for claiming your new pTokens. The team will be here to assist throughout the process. https://medium.com/@picklefinance/claim-picklejar-funds-a033b5ef91aa
The details of this incident and the ensuing fixes implemented by the devs are outside of the purview of this article. They are discussed at some length here, and an upcoming article from the dev team further details what exactly occurred and what changes they’ve implemented to ensure no future issues. This article picks up shortly after the fixes were made. I’d like to personally commend the devs for their hard work. They navigated a treacherous situation and implemented a fix that resulted in no lost funds.
Here’s a brief summary of the highlights from the last week:
October 1 — Pickle Devs announce funds are once again available for withdrawal. All systems functioning as intended.
October 2— All Farms go back online after 2–3 days down. Halving is postponed for three days.
October 3— Pickle Devs announce that MixBytes has commenced audit of all Pickle smart contracts! The audit will take place in three phases:
Phase 1 — Audit the psCRV jar (pJar 0)
Phase 2 — Audit the PickleJar suite (including the rest of the strategies)
Phase 3 — Audit the entire Pickle-Finance repository
October 3— Pickle Devs transfer $232,000 to treasury to compensate for profits earned by strategies during the lockout period.
October 5— Pickle emissions are halved for the last time! More details further down in this article in “Emission Rate and Distribution”
October 6— [PIP-10] goes up for vote! More details on this further down in “Governance Updates”
PIP-8 (PASS with 99.96% support)
If you’ve spent any time in Pickle Discord or telegram, you’ve probably heard of PIP-8 (shorthand for Pickle Improvement Proposal #8). PIP-8 was the result of a lively conversation on the forums that featured well-articulated opinions from our developers, community members, and a handful of influencers and thought leaders in the broader Ethereum and DeFi space. The exact language of the approved proposal can be found here and the official forum thread is here. The main points of the proposal have been partially implemented and the community eagerly awaits the resolution of the rest of the proposal.
Status: Partially Implemented
Already implemented — Currently the team has diverted the 4.5% profit fee on jar strategies to the treasury. This is a temporary measure as this will soon be distributed directly to PICKLE stakers. They have also split the 0.5% withdrawal fee so that 0.175% now goes to the dev fund and 0.325% goes to the treasury. A conceptual roadmap towards multi-sig control of the treasury has been agreed upon and we expect that this will be fully implemented in the days or weeks to come.
Not implemented — One primary feature of PIP-8 was the staking “jar” that would allow PICKLE stakers to receive 4.5% of the profit from our jar strategies. This has not yet been implemented.
PIP-9 (PASS with 97.48% support)
PIP-9 cleared the way for Pickle Finance to offer financial services to bitcoin holders. Two separate types of strategies were approved. The first would allow users to deposit to deposit wrapped bitcoin (WBTC) on curve.finance and receive crvBTC. The Pickle Jar would accept the crvBTC and go to work farming, harvesting, and redploying as crvBTC. The second strategy would allow users to deposit the ETH / WBTC Uniswap LP token. This would function in the same way as our ETH / Stable pools and farm / harvest / dump UNI tokens to purchase more ETH / WBTC. The full text of the proposal can be found here.
Status: Not implemented.
Currently there is one proposal being voted on: PIP-10. This proposal acknowledges the reduced discrepancy between stable coins by splitting PICKLE emissions evenly between all four of our current jar-based-farms. This proposal can be reviewed and voted on here.
There are a number of different proposals for future improvements being discussed by the community. Among the most popular of these are:
Expand strategies to include sushiswap
Create Pickle NFTs
Expand strategies to include other types of pegged assets — discussed various places.
Contribute a portion of treasury to charity / public goods
Consider reimbursement for lost profits during outage
Allow for strategy writers to share in profits — this is the master-thread for PIP-8 and includes both this, and a number of other suggestions for future development.
Emission Rate and Distribution
October 5, 2020
Total Supply: ~870,000
PICKLE Emission Change: 2.5 / block to 1.25 / block
Duration at New Rate: 3.5 days
Distribution: 75% to ETH / PICKLE (powerpool), 10.5% to pUNIUSDT, 9.45% to pUNIUSDC, 4.5% to psCRV, 1% to pUNIDAI.
Note: Most emission periods are seven days. This period was reduced to 3.5 days because the previous period had been extended due to the incident that kept folks from being able to access the farms. This was our last halving! The next adjustment (on October 9,2020) will bring us to 1 / block. After that we’ll begin reducing emissions by 10% per week.
October 9, 2020
Total Supply: ~900,000
PICKLE Emission Change: 1.25 / block to 1 / block
Duration at New Rate: 7 days
Note: Emissions will continue to reduce by 10% every week from this point forward.
The Pickle Finance treasury holdings can be tracked here. As of today, the treasury holds approximately $410,000. There have been $410,000 in deposits + interest and $0 in withdrawals since the last update.
If you’ve read this far, you know that you have good reason to be excited about the Pickle Finance roadmap. While prices have remained depressed along with the rest of the ecosystem, the fundamental value proposition of this protocol continues to increase. Over the coming days and weeks, we will see progress on our audits, new types of strategies, PICKLE staking for profit, progress towards complete community governance, and a brand new UI! Stay tuned for more.
Pickle Finance is fortunate to have a number of community members with unique skill sets and a passion for pickles. Below is an incomplete list of the community-created resources within the pickle.finance ecosystem. We plan to compile all of these into a perpetually maintained list sometime soon. Future editions of “State of the Pickle Jar” will include any new community resources.
medium.com/the-pickle-press — Created by Double Rainbow Crypto / @jjdubs
pickle.fyi — Created by Matt Henderson
vfat.tools/pickle — Created by @vfat#7369
How to use farms and jars (noob friendly!) — @project_uwb
github.com/pickle-finance — Created by Pickle Dev Team
twitter.com/picklefinance — Created by Pickle Dev Team
forum.pickle.finance — Created by Pickle Dev Team
If you’ve created a website, tool, or publication that is dedicated to the pickle.finance platform, please reach out and we’ll include a link here!