Vote-locking is a modified form of governance staking. Governance voters lock their governance tokers to participate in voting. This prevents governance attacks and aligns incentives between voters and long-term holders.
PICKLE is the governance token of Pickle Finance. You can vote-lock your PICKLEs for DILL in order to:
Participate in governance (1 vote = 1 DILL), including Snapshot voting and on-chain governance
Receive 45% of the protocol's revenues, distributed weekly in market-bought PICKLEs
DILL represents your balance of PICKLEs that have been vote-locked, weighed for the time remaining in the lock. The longer the time remaining in the lock, the more DILL you will have for the same amount of locked PICKLEs:
PICKLE x LOCKED DURATION
NUMBER OF DILL
1 PICKLE x 1 week
0.0048 DILL (approx.)
1 PICKLE x 1 year
1 PICKLE x 2 years
1 PICKLE x 3 years
1 PICKLE x 4 years
See here for a guide on interacting with DILL on the UI.
With DILL, the following things are NOT possible:
Decreasing your lock time
Decreasing the amount of PICKLEs locked
Transferring your DILL balance to another wallet
Once a DILL lock is created, the lock will continue until expiry and cannot be transferred or undone in any way. Creating, extending, and increasing locks are irreversible actions.
Your DILL balance will decrease linearly over time. Towards the end of your lock, your DILL balance will approach 0. On expiry of your lock, your unlocked PICKLEs will be released at once – you needn't do an "unlock transaction" or anything of the sort.
The only way to mitigate this decay is to extend your lock or increase your lock with more PICKLEs.