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What mining micro-creatives does Pickle pickle have?



After YAM forked AMPL and adopted the liquidity mining mechanism, a large number of forks and popular mining projects suddenly appeared in the entire DeFi field, and new projects appeared almost every day. The Sushiswap fork Uniswap has pushed this phenomenon to a new level. But most projects are just forks with nothing new, not even the tiniest new thing.

However, with the development of time, there will be more and more micro-innovations in liquidity mining. These projects may not be large-scale projects, but because of their small changes, there may be some new developments in constant iterations.

For example, the recent Pickle (Pickle) has begun to have some small ideas, showing something different.

Pickle's goal is simple and focused: to bring unpegged stablecoins (DAI, USDT, USDC, sUSD) closer to their peg prices. Pickle is an experimental protocol. In order to achieve the goal of bringing the stablecoin closer to its anchor price, it adopts the incentives of liquidity mining, treasury and governance methods.

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Due to changes in market conditions and the constraints of the stablecoin protocol's own monetary policy, stablecoins often break away from their anchors, and the recent rise of liquidity mining has made this problem even more pronounced.

Pickle’s token is PICKLE, which can only be obtained through liquidity mining, without investor shares or pre-mining. Pickle’s popularity mining means that users can obtain their PICKLE tokens by providing liquidity to several different stablecoin pools on Uniswap.

Pickle and Yearn have partnered to distribute CORNICHON, a new token that tracks losses from Jar attacks: YFI founder Andre Cronje says Pickle and Yearn developers have devised a structure so the two projects can work together symbiotically . Initial minimum versions below, with further integrations planned.

1. Pickle Jars merged with Yearn’s v2 Vaults;

2. Pickle launches reward Gauges, the release of Pickle still exists, and tokens are distributed through reward Gauges;

3. Yearn Vault depositors can get additional rewards by storing Vault shares in Gauges;

4. Pickle Governance participants lock Pickle on the set expiration date to obtain voting rights and obtain DILL;

5. Yearn vault can get extra rewards by locking Pickle to get DILL, up to 2.5 times, the more DILL they hold, the greater the reward;

6. Gauge deposits, withdrawals, performance and agreement fees belong to DILL holders;

7. A new token, CORNICHON, to track the losses caused by the recent Jar attack, distributed proportionally to the victims of the attack. [2020/11/24 21:59:32]

Currently, PICKLE token rewards can be obtained by providing liquidity for DAI-ETH, USDC-ETH, USDT-ETH, and sUSD-ETH on Uniswap.

MixBytes completed the Pickle Finance strategy audit, and found no major or critical issues: Liquidity mining project Pickle Finance officially tweeted that MixBytes has released an audit report on all Pickle Finance strategies. No major or critical issues were identified. [2020/11/5 11:43:05]

The current Pickle distribution plan is that each block allocates 1 PICKLE token, and there are five pools to share PICKLE tokens, of which four stablecoin/ETH pools get 50% of them, and the remaining 50% is allocated to PICKLR/ ETH token pool (because this pool takes the highest risk). When it was first released, there was a 10-fold multiplier effect in the first two weeks, that is, each block can be allocated 10 PICKLEs in the first two weeks. After two weeks, it will return to normal, that is, return to the allocation mode of 1 block and 1 PICKLE.

MixBytes conducts a comprehensive audit of Pickle Finance: Pickle Finance tweeted that it has started a comprehensive audit activity, and the audit agency is MixBytes. [2020/10/4]

Unlike other projects, liquidity mining is only used to guide liquidity. Pickle is also trying to push the stablecoin closer to its anchor price by adjusting the rewards of different stablecoin pools. Its main principle is that miners are a group that pursues high returns. By allocating different reward shares in different mining pools, they form selling pressure on stablecoins that are higher than the anchor, and form buying pressure on stablecoins that are lower than the anchor. This pushes the stablecoin closer to its target anchor price.

However, from an operational point of view, if users operate back and forth between different stablecoin mining pools, it will be very complicated and not cheap, because operations such as exit, exchange, and join are involved. In order to make it easier for users to switch between different mining pools, Pickle plans to launch PickleSwap, where users can switch their LP tokens from one stablecoin pool to another with one click.

It is not enough to exert an influence on the stablecoin price only through the adjustment of liquidity mining incentives. The second method of Pickle is to take the initiative. This is also the original intention for it to set up a treasury (pVault).

At launch, there are two strategies. First, Pickle allows liquidity providers to deposit sCRV to earn CRV tokens, and then sell CRV tokens to provide a minimum amount of stablecoins to earn additional sCRV. Second, use the flash loan method to achieve arbitrage between different stablecoins.

In short, the role of the treasury is to use different strategies, including the flash loan model to arbitrage off-peg stablecoins, thereby bringing benefits to the holders of the treasury (pVault) and the protocol.

PICKLE tokens are used for governance. The monetary policy of the system is iteratively adjusted by the holders of PICKLE tokens. Holders of PICKLE tokens can vote to govern the protocol. At the same time, Pickle also plans to introduce the quadratic voting model that V God has been paying attention to in order to achieve better governance.

2% of the PICKLE token allocation is used as a developer fund. This part of the funds is used for security audits, protocol and product iterative development, etc.

At present, the high-yield stimulus funds of liquidity mining are swimming back and forth between different protocols. Due to the different incentive mechanisms of each mining project, liquidity flows back and forth between different DEXs. The most obvious impact is Uniswap. Before Sushiwap started liquidity mining, Uniswap had about $500 million in liquidity. With the development of Sushiwap’s liquidity mining, Uniswap once touched $1.5 billion in liquidity, but as Sushiwap pried away its liquidity, it It was later reduced to $500 million. It seems that Uniswap was hit hard, but later various swaps still locked their liquidity mining on Uniswap, so that the liquidity of Uniswap was pushed up again.

Therefore, until liquidity mining ebbs, no one knows which protocol or DEX can retain real users.

The income of liquidity mining is very high. At the beginning, the annualized rate of the project often exceeded 1000%, which seemed very attractive. But there are many risks, including the risk of smart contract vulnerabilities and the risk of founder centralization, which may lead to the loss of principal. There is also the risk of impermanent loss. If liquidity is provided for the project’s own token/ETH liquidity pool, if the project’s token plummets, this will cause users to have less and less ETH in the pool, which may cause relatively large losses. Big loss. This has already happened to some liquidity mining tokens. Therefore, users participating in liquidity mining, especially ordinary users, should control risks well, and should not ignore potentially huge risks in pursuit of high returns. Behind high returns must be high risks.


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