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.
Users who are willing to deposit and lock up their PICKLE tokens for a period of up to four years will be rewarded with DILL. DILL (sometimes known as vePICKLE or vote-escrow Pickle) provides holders with several benefits. These benefits are:
Participate in governance (1 vote = 1 DILL), including Snapshot voting and on-chain governance
Farm Weight Voting Rights, DILL holders get to set which farms get PICKLE emissions
Boosted Farm Rewards of up to 2.5x, DILL holders get additional weighting in the farms
Weekly Revenue Share: 45% of weekly revenue via PICKLE tokens
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
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 on your wallet address 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. Your PICKLE tokens do not decay. All funds are safu.
Towards the end of your lock, your DILL balance will approach 0. On expiry of your lock, all of your deposited PICKLE tokens will be released at once – you do not need to perform 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.