All matters pertaining to the Pickle protocol, including the selection of protocol officers (e.g. multi-sig members), the budget of the core team, grants and Treasury matters, enhancements, and strategic decisions are taken by the Pickle community under the direction of the founding and core team.
In order to increase participation, a gasless voting method is used, which is integrated via Web3 with users' $DILL balances at a pre-set point-in-time (i.e. a snapshot).
Each DILL holder is entitled to vote. A user is given a number of votes equal to their DILL holdings at the time of voting.
Snapshot voting is available here: https://signal.pickle.finance
Currently, there is no quorum to launch Pickle Improvement Proposals (PIPs), the main mechanism for deciding on changes in the protocol. The standard process instead involves launching a Request for Comments (RFC) on the forum.pickle.finance with a poll and obtaining enough votes to proceed that a core member would assign it a PIP number and submit it to a governance vote. This is a subjective process for the time being as meta-governance is worked out.
Users should draft and post the proposal on the governance forum to gauge the interest of the overall Pickle community, via Discord, Telegram and/or the Governance forum.
There is no minimum $DILL balance required to vote. Voting on PIPs will be conducted off-chain our Snapshot instance, signal.pickle.finance.
Once sufficient interest and technical details are ironed out, team members may submit a snapshot proposal for DILL holders to vote on.
DILL Holders are entitled to vote for which farm gets a share of PICKLE emissions. Those votes are then totaled up, and the emissions are divided into the farms. In the above picture, a user is splitting their votes into two farms, allocating 35% to the pYearnLusdCRV farm, and 65% to the pUNIV2 FEI/TRIBE farm. The voting mechanism is on the Farm page, instead of on the DILL page.
To start, a user will select from the dropdown the first Farm they wish to allocate some of their vote to. Once selected, that farm will appear below the dropdown, and the user will be allowed to enter what percent of their vote they want to allocate to that Farm.
The screenshot includes a few elements to note. First is the Farm name. After that comes the current APY range for the Farm including current rewards. The next column breaks out which portion of those rewards come from PICKLE tokens. The final column includes the current weight for the Farm, that is, what percent of emissions are allocated to the Farm currently.
Once you input your vote, the last column will update to display the change. The text “9.23% -> 9.47%” indicates that after your vote is counted, the weight of the Farm should increase from 9.23% of emissions up to 9.47%.
In order to submit your vote, your total vote must add up to 100%.
DILL holders are entitled to a larger share of emissions via Boosted Rewards. Each Pickle Farm has a range of yields, depending on how much DILL the user has locked. The more DILL you have locked, the higher the returns you can achieve.
For more information, see The Jar APY.
An important thing to note is that these Boosted Rewards do not come from extra emissions. Each farm is allocated a percentage of total emissions. The number of DILL holders in the farm does not generally change this. Instead, the boosted rewards you may earn in a farm come from you gaining more share over the farm’s emissions than your deposits alone would indicate. Long story short, your boosted rewards come at the expense of someone else in the farm’s non-boosted rewards.
Forty-five (45) percent of weekly revenue is shared, every single week. But only DILL holders are entitled to a share of weekly revenue.
A user’s share is equal to how many DILL they control as compared to how many DILL are locked at the beginning of the week. If a user has 1000 DILL, and there are 500,000 DILL locked, the user is entitled to 1/500 (or 0.2%) of the weekly revenue share.
If weekly revenue is $400,000, about $180,000 of that is shared with DILL holders. A user (as above) that is entitled to 0.2% of this should receive $360 each and every week.
The revenue share is distributed in the form of PICKLE tokens. These tokens do not come from emissions, but rather from market purchases by the Treasury at several times in a week. Because the token is volatile, and buy-backs are executed randomly, the actual value of this revenue share may be better or worse than the revenues would dictate.
The above picture shows that whichever epoch you lock your PICKLE tokens in, you will not be entitled to the revenue share that will be distributed that coming Thursday. Your PICKLE tokens must be locked for the entire week to be eligible for the distribution.
This is just one more benefit of joining the Pickle DAO.