Editor's Note: This article comes fromBlue Fox Notes (ID: lanhubiji), reprinted by Odaily with authorization.
Editor's Note: This article comes fromBlue Fox Notes (ID: lanhubiji)》。
, reprinted by Odaily with authorization.
Pickle was hit hard after the last hacking incident, but with the merger with Yearn (YFI), things turned around. In this merger of Yean, in addition to the merger of PJars and YFI’s Vaults, for PICKLE token holders, the most concerned may be the change of its token mechanism. Regarding the merger of Pickle and Yearn (YFI), you can refer to the previous article "
Merger of Pickle and YFI
secondary title
DILL token
In this merger, Pickle’s token mechanism has a new token DILL. DILL is similar to VeCRV in the Curve protocol. DILL is generated by locking PICKLE tokens (similar to generating VeCRV with CRV), and it will give users corresponding rights and interests according to the length of locking time and the amount of locking, these rights include:
Voting Rights in Pickle Protocol Governancereceive a portion of the agreement's profits》。
In other words, DILL tokens are closely related to the development of the Pickle protocol. Why do you need DILL when you have PICKLE tokens? Why is the PICKLE token not directly used as a governance token? DILL itself is actually derived from the PICKLE token, which is equivalent to PICKLE with time weight. The advantage of DILL is to serve its governance. The length of PICKLE holding time and the number of holdings represent the degree of binding between the holder and the development of the Pickle protocol. To some extent, it is equivalent to tokenizing PICKLE with time weight, thus generating DILL.
Therefore, in the future Pikcle ecology, DILL is the most direct measurement token for obtaining protocol benefits. In addition to having the governance rights of the Pickle protocol, DILL is also related to user rewards (PICKLE additional issuance rewards) and the distribution of profits captured by the protocol. relevant. Regarding the additional issuance plan of PICKLE, you can refer to the previous article "
PICKLE'S VALUE CAPTURE
secondary title
Token Model of Smart Treasury
Smart Treasury is a concept that Pickle plans to implement, which originated from Placeholder Capital. Smart Treasury tries to come up with a way to increase the value of tokens: decrease token supply as income increases.
The Smart Treasury of the Pickle program includes three main functions:
* for automatic repo
The fees generated by the agreement are used to repurchase PICKLE tokens, thereby reducing the circulation of PICKLE tokens. Note that this is a repurchase, not a destruction.
*Act as a liquidity provider
Smart Treasury acts as a liquidity provider, providing liquidity for PICKLE tokens and earning transaction fees for the protocol. For example, build a PICKLE/ETH liquidity pool on Sushiswap or Uniswap.
*Token issuance pool
