Benefits of $DILL
Last updated
Last updated
Within Pickle, any user can influence the protocol's development via submitting a Pickle Improvement Proposal (PIP). Via PIPs, Pickle community members can vote on all matters pertaining to the Pickle protocol, including the selection of protocol officers (e.g. multi-sig members), the budget of the development team, grants and strategic treasury investments, enhancements, and strategic decisions.
The typical process for submitting a PIP is to post a Request for Comments (RFC) on the forum.pickle.finance with a poll and obtaining enough votes to proceed. 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.
Should enough votes be collected, a core member would assign it a PIP number and submit it to a governance vote as long as sufficient interest and technical feasibility have been established. This is a subjective process for the time being as meta-governance is worked out.
Each $DILL holder is entitled to vote, with no minimum $DILL balance required to vote. A user is given a number of votes equal to their $DILL holdings at the time of voting.
Voting on PIPs will be conducted off-chain via a gasless voting method that is integrated via Web3 with users' $DILL balances at a pre-set point-in-time. Snapshot voting is available here .
Should a PIP pass, it continues to be considered as non-binding until the core team agrees that it should be carried out.
$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.
The voting mechanism is on the Vote 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 towards. 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.
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.
Every week, 100% of the protocol's weekly revenue is shared with those community members that are $DILL holders. The Treasury holds 50% of the $DILL supply, and uses its share of revenues to finance the protocol's ongoing operations and development.
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.
Example: 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.
Revenue sharing is paid out in $ETH, in order to avoid volatility affecting the status of the fee token as passive income. A user's $PICKLEs must be locked for the entire week to be eligible for the distribution.
$DILL holders are entitled to receive a second batch of rewards paid out in $PICKLE, with these coming from "anti-dilutive" emissions.
