ve-3-3-pickle-governance-call.mp3
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LKJ:
Hello everyone. We are in the AMA stage, so we're going to begin the call for the proposed TOKENOMICS discussion in about a minute or two. There are about 20 something, 25, 29 people registered. So we'll wait a little bit for people to have a chance to join and then we will start. So the way the stage works is that in your controls you should have the ability to request, to speak, and then you will be invited to speak on stage. And that's basically how you can ask a question. So the topic will be the proposal. That is currently on the forms. So if you are. I'm assuming you have taken a look and forum. Pickle Finance. The proposal name is Vee three three Pickle. Also known as three three Dill. So it's a change on the tokenomics of pickle finance. Let's maybe start with like if anybody's got any questions that you want to ask before we begin the session, then please raise your hand. This session is being recorded so that everybody in the DAO that is not available to attend at this time can benefit from it. So yeah, let's hear some questions if there are any. All right, let's begin then. So I will be talking about the proposal on the forums in five parts because I've split it in in five sections. Right. So let's call them sections. Right. That's what they're calling the proposal. And at the moment the sections are split in two parts. Part one has to do with changing the emissions and changing the revenue distribution fee token.
LKJ:
And part two has to do with restructuring of the Treasury. So let's begin with the first section and then we will take questions at the end of explaining the section. So the first section is relatively simple. It's about currently when you look for pickles, your pickles for dill, then you choose how long you want to lock them for. If you lock them for four years, then you get one dill for each pickle and that decays over time. So at the end of your four year period, you will have zero dill, your pickle will still be locked and you you will be able to unlock that pickle and use it for whatever purposes. In the meantime, every week, depending on your dill balance relative to everybody, the total dill supply, right, then you will receive a a share of the revenue. So if you have a certain percentage, say 1% at any given week and we deposit, say, 10,000 pickles like we just did this week, so you will be able to get 100 pickles, right? That will be your dill distribution for that week. Now, the proposal is asking if the DA would like to change what the protocol deposits in the dill contract for distribution from the pickle token to ETHE or wrapped ether. So basically that's the first section of the proposal. It does look like it is relatively uncontroversial. We can use any ERC 20 token.
LKJ:
We gave people the option to to vote for a stablecoin if they so desire. That is more or less what happens in curve. You know, the original proposal of the v tokenomics. So however most people seem to have signaled their support for ether or wrapped ether. So I'll ask since that is basically the wrap up of what that section means, I will ask now if there are any any questions here from the community. And again, in order to speak on stage, you you must kind of raise your raise your hand, right? Do I request to speak? All right. Well, it seems there are no questions for this particular section of. You know what what the revenue, the change of the revenue sharing token. So again, whatever the revenues are down the line, if this proposal passes, there will be in eath. Right. And they will be reported as we had this many revenues in eith maybe the dollar equivalent. And we will we will let you know how many eth were deposited in the contract to share revenue with users, and that will be the e component of your deal rewards. Right. So the second the second section, right. Section two of part one that we're going to discuss is something that we've called anti dilutive pickle rewards. So or anti dilutive rewards for short. So basically the idea is that when we are changing the distribution to ETHE, we can also add dual rewards for deal holders.
LKJ:
Right? And the second component of the rewards, it's coming from emissions, right? So at the moment, the emissions that the typical protocol gets, that's their original design are to incentivize people for joining the jars. Right. You join the jars, then you stake your jar token and you start to receive pickle, right? And with the dill you can get a boost on, on, on if you're net and you can also vote with your dill, wait on on where, where the emissions are going. So none of this will be affected, meaning the boosting the fact that emissions go to jars or the fact that you'll be able to vote for where you would like the emissions to go wherever the gauge system is operating with dill. So the only thing that will change is that some percentage of the emissions are going to be redirected to dill holders and what percentage will depend on a simple formula and that is what is the dill supply relative to the pickle supply. So at the moment, for example, the dill supply is around 800,000, right? 793,000 to be exact. And the pickle supply is close to 2 million, I believe. So if you if you if you take that percentage, it gives you something like a. For 41 or 42%. So if this were to happen based on the current week, then you we have the emissions that are available at the moment, which are 0.05 pixels per block and whatever they emit for a whole week.
LKJ:
41, 42% of that is going to be sent to the deal holders. Right. So you're getting. From Section one east, right? That is from revenues collected by the protocol. And now from a redirection of emissions, you will be getting pickled rewards. And what why do we call them anti-dilutive rewards? It's because if you received, say, you had 1% of the dill supply in the week and, you know, dill comprised 41% of all the pickle equivalent tokens in circulation and we are drop you, we send 41% of the emissions and you get 1% of that. Then essentially you can now choose to re lock those. Anti-dilutive rewards that you got and then you'll end up if everybody does the same, you'll end up with your same percentage of dill. That is quite different from the current situation where 0% of the emissions go to deal holders. Therefore, the higher the emissions that go to the farms and you know, if you are not in in the farms, you're not using the protocol yourself, you are so called deal maxi. Then you are not. You're basically going to to have to maintain your deal percentage by going to the market regularly and purchasing to lock it. Right. So the value proposition. We feel under this system is, is a it's quite a lot stronger for a person that is a really committed deal, Maxi, if they have, say, 1% of the deal supply. And they constantly relook their anti delivery rewards, then they will continue to have that 1% and that will guarantee them 1% of all the ETH that the pickle protocol generates.
LKJ:
So if the pickle protocol generates 20,000 eth in a year, then that person will be getting 200 years, you know, for for their maintaining their share of dill throughout that whole year. Right. And however, there was also an option on or there is also an option on the proposal that these pickles that we give are not immediately claimable, that they have some time delay. And we, we discovered a contract that is able to do that called vested ERC 20 where we would be able to transfer you these vested pickles and then you, you would be able we will set it up so that it's a five day delay or some other option that the DAO chooses. We are we floated the idea of a five day delay and you will have them in your wallet, but you just can either sell them because there's not no liquidity for these vested pickle tokens and you can't, you know, lock them because they are not yet the pickle token. You need to wait for the vesting to be over in order to redeem your pickles, and then you can do things with them. We have liquidity across defi several ceded pools and we also have the ability to lock them for dill, which is what the anti anti-dilutive rewards are for. Looking at the current state of the proposal, it looks like the majority of people, 85% or so of everybody that's voting prefers the idea of the naked pickles.
LKJ:
And that's from the team's point of view, is the the the easiest to implement in operationally as well as basically in the code as well. So now I've been talking for about 15 minutes on this community call and I would like to invite you to ask questions if you have questions about either Section two, right, of part one, which we've just discussed, the anti dilutive rewards or Section one, which we already referenced before about switching the rewards to deal. Okay. So let's then proceed to the next section of the proposal, which is dynamic pickle emissions, right? So just to clarify, this is sort of the part of the proposal that enables this so called three three outcome. And this three three outcome has to do with a game theory design where we can all achieve more by doing what we find most beneficial for ourselves. Then also we get a collective reward. Right. And just to clarify, even though the three three original three three implementation is attributed to Suse, the founder of Olympus. Now, this does not mean that Pickle is adopting the Olympus model. It's it doesn't mean that Pickle is adopting the Olympus Tokenomics or that pickle is adopting the mission or any of of, say, the business elements or the product elements of Olympus. Just a reminder that Olympus is a meant to be a stablecoin that has a certain reserve value, which is its book value, and it has mechanisms by which people bond their assets and those get permanently given to to the Olympus Treasury.
LKJ:
And then, you know, what happens is, is there is some kind of game theory stick thing about whether people that receive this Olympus tokens should be locking them and what happens if they do. And and so none of what I just mentioned prior to the collective reward, if everybody does, what's most beneficial for themselves applies here. Right. So there would be no bonding in this proposal. There are it's not a doesn't turn people into our rebasing token. We are not going to have a lot of assets in the Treasury being donated to us because we implement these thing. And then we have to figure out like how to make the the price live up to those assets. Not none of those mechanisms are at work here. So with that being said, let's dive in into what is actually at work in this Section three of dynamic pickle emissions. So at the moment, the emissions of the pickle protocol are fixed by governance. And what has been happening since the protocol started is that we have been following a a schedule of emissions. Right. So that is a promise that the team has made. And then with the agreement of the DAO and later with the participation of the Dow, this emission schedule has been adjusted.
LKJ:
So for example, when when Pickle started for a short period of time, the emissions were ten pickle per block and that there was no pickle in circulation. Right. And it was meant to reward the initial users and that was halved to five pickle per block and so forth until we have been tweaking with this emission schedule until very recently, two or three weeks ago we arrived at the current emissions of 0.05 pickle per block, which are the lowest emissions that the protocol has ever had in its history. At the same time a. They they are fixed. So if the Dow wants to change them, then we agree on on on a proposal to change them. And then basically the team changes that parameter and the pickle per block, the emissions either become faster or slower than they are right now. So that is the current system. And the proposal aims to replace this idea that the emissions are fixed and can be changed, with the Dow concerned with a formula about what the emissions should be any given week. Right. And this formula aims to reward more deal existing relative to pickle, which means more pickle being locked so aims to reward more pickle being locked. With less dumping pressure. Right. So if if I just read the formula, it may not come across. But the fact is that there there is a base level of emissions. Right. Which then gets modified, gets adjusted. Right. And the adjustment is based on again how much dill there is relative to, to the, to the total supply of petrol.
LKJ:
Right. So the more delay there is 100% of the locked, then the adjustment will make it so the emissions will be zero. Right now, this is an extreme case that we don't expect to happen, particularly because they'll decays. Right. So even if somebody manages to buy every single pickle and lock it and Max, lock it, you know, by the end of that week, there will be less dill than there are pickles in supply. So. The the point is that as we encourage more and more people, people to lock, then the emissions get lower and lower. And what that does is say, well. From the game theory point of view, if I receive some pickles, right, and I dump them and everybody dumps them, then there's going to be more pickle in the market. Right. But if I lock them, there's going to be less pickles in the market. And if everybody locks them, then it's going to result in some supply squeeze. So that's basically the point of of switching the emissions to dynamic emissions again. It's it's just to clarify, it's nothing to do with us becoming like Olympus in the sense of that we're now going to have a Treasury full of different assets and we're going to become a some kind of a defi hedge fund. It is simply to change the emissions from a fixed formula to a formula that rests on whether there are more or less people locked.
LKJ:
Right. And so that formula is on the on both on the body of the proposal and at the end on the specification. So if you have any questions, please. I'm happy to take them now on this section three. Okay. So any questions at all on part one? That is the combination of these three sections changing the revenue sharing to eith adding dual rewards. The second rewards coming from emissions and being impeccable and last of. Changing how the overall emissions of the protocol are set from a fixed amount that the Dow decides through debate, consensus, etc., to a formula that decreases the emissions. The more deal is relative to pickle. So the more pickles that are locked for deal, so to speak. All right. Uh, I'll. I'll proceed then to part two. And I believe this may be where we will see more questions, since this seems to be the more controversial part of the proposal. As far as the comments, I mean, we're we're seeing the votes, the signaling votes, and roughly the same passing rate as part one. But let's dive in. So part two, Section one. It's the most straightforward part of section of part two. So it simply says that currently whenever we measure the revenues of the protocol for a week, we don't send all of those revenues to the deal holders. We only send 45% of those revenues and that is what we advertise as well.
LKJ:
We when you first you never heard of Pickle, you hear about pickle. You go to pickle the finance and you start reading and we tell you, hey, we have this thing called Dill, which makes us very cool because that means our token is not a useless governance token. It's, it's, it's sharing you the cache that the pickle protocol generates. Right? But only 45% of it. And then you might say, well, of course that's because there might be expenses or something, but some people might just take that and say, oh, 45% isn't that good? When I can go to another protocol that shares me 100% right. And it's just a little bias, right? Because that other protocol likely has a Treasury that holds the token that is entitled to 100% of the rewards and is putting those rewards, those tokens locked so that they are able to fund their operations. Right. Either that or they have raised money through VCs. Right. And so they're definitely on a different position than pickle. And for pickle, we feel like we can start to lead the the our yield aggregator field by, you know, signaling coming together to the decision that we should be sharing 100% of the revenues the protocol generates. That's going to be a nice top line figure, a nice headline. And so that that's the motive of the change. Yeah, that is section one. Any questions there? All right, first question. Nice merchandise, please. Yeah. You can unmute yourself. Welcome to the stage.
Larry the Cucumber:
Hi, Lee. Can you hear.
LKJ:
Me? Yeah, yeah, I can hear you. Well, all.
Merpenduous:
Right. Yeah. Tell them to text and drive. I don't know what they say about driving and starting in a governance meeting, so clarify that you got $10 in revenue as a deal holder this way. The week after we would implement something like this, you would get that same proportion. So let's say the revenues were exactly the same. And week one and week two, you got $10 last week, then we implement this. Then in week two, you would still get $1 because we're just talking the way that the revenue goes. And I don't know that anybody has a concern with that. Maybe. I mean that literally the price of the token wouldn't change because all of them would be locked. As far as the as far as the only thing I saw in the comments where people were uncomfortable was the idea that the protocol would have a bunch of tokens that they could potentially vote with, which, you know, my argument was I would not invest in something. If you're afraid of, you know, them voting against you, I wouldn't be putting money there. But that aside, is there anything we could do to assuage that concern? Like, is there a way to say, hey, look, you know, we're not counting votes, uh, address one through three and and there may be a way of doing that, but is that even something that that's valuable? Because I saw one of the things I think Larry mentioned is, you know, if there was some type of a governance attack, then, you know, we would potentially reserve the ability to do that. Um, can you speak to that just kind of the idea of a, if you would get the exact same proportion and then B, could you address the governance side of things?
LKJ:
Right, right. So yeah, we're getting a little ahead of things, but I like that, right? No problem. And Larry is now on stage as well, since you you you mentioned him, you name him, you summoned him. So we have made him pop up on the stage.
Larry the Cucumber:
Yeah. So thanks. Thanks. Mary appears I haven't fared okay. Yeah. So, you know, the purpose of this proposal or the intent is to not change governance at all. You know, even you know, that case you mentioned with the emergency, you know, the protocol has to step in to stop an attack. I don't. Because we don't, you know, perform on chain governance. And, you know, we're no longer subject to civil attacks like we were before. I don't see any scenario where the Treasury would vote with the with a locked pickle. So so in my eyes, this this proposal has no bearing on governance. You know, everything is business as usual. But what is it really that we don't or marketing, do we? You know, we have a going for 100% at the top of the page that says deal holders get 100% of revenue and everybody goes, Ooh, I like that.
LKJ:
Yeah, of course. It makes things simpler. Yeah.
Larry the Cucumber:
No, that is a big selling point of this would be I think I think you were the first to mention that that was a sevens. I don't know but that's a strong narrative to push.
LKJ:
Yeah. I remember when we started Dill and I think you were right there at the beginning. I know for sure some some community members that were there and you know, we posted, we said, oh, this is the revenue we made this week. And then people were like, Oh, where, where's that? I'll just go half, you know, then we have to clarify. Sorry. Yeah, we're just giving you, you know, 45% of it and that kind of like, you know, like it's really, you know, not not good that it's we don't put it on the fine print, but, you know, it's much better to say, hey, I have 1% of dill or whatever percentage I managed to get. And I saw the revenue this week. And I know that my percent of that is coming. You know, the eath number is coming to me when when claims are are.
Larry the Cucumber:
Yeah. Yeah. Absolutely. I mean, given the fact that we don't have the on chain governance, I don't see any value in doing that. Correct. Now, the other question the other question that I think somebody had raised, you know, in terms of the complexity in doing that, you know, it's not like we would spend the rest of the year trying to migrate to that as a solution and not be able to produce any new yard. This is something that would be relatively trivial. Is that accurate?
LKJ:
Well, yeah.
Merpenduous:
It's a heavy.
LKJ:
Lift. We have to develop. The least trivial part is the one that's the least controversial, right? The one that's most desirable. Which is. How about we give you dual rewards? How about for having dill? You not only get pickle, but you get pickle plus. Right. So that's the part that would require a new contract. And, you know, we haven't started the development of that contract because we we don't do on chain governance. Larry said we don't have to, you know, have a contract ready to be deployed by the by the governance, that kind of stuff. So that's the simplicity of being small. We ask you if you want this, and if you do, then we go and develop it. But it won't be extremely complex, first of all, because, you know, we want to have it right away. And second, because it's based on a contract that is battle tested. We're just adding a second reward to it. Right. And the rest of of it, the contract is unaware of the contract, doesn't know where it's getting the eith from, if it's from like the revenues that we're sharing, you know, if it's from a donation by Vitalik, it doesn't really care. It just if it receives eith it will distribute it fairly across, you know, based on, on everybody's build percentage. And the same thing with the pickles, the contract will not care about where these pickles come from. If they are like, you know, there were extra revenues this week and we want to give you extra pickles or whatever. It doesn't care about that. Right. It just receives whatever pickles and distributes them fairly as well. So the rest of it, like all the things that have been in this deal, it's a social contract.
LKJ:
Yes. It's it's it's not a full on chain governance. We may have that in the future when the complexity requires it. You know, when when we are, you know, getting the door knocked by some funds and say, well, you know, we can't we can't be putting nine figures in in pickle because, you know, you don't have on chain governance at the moment. We find regularly people are happy to deposit seven even eight figures in pickle just like this. Right. So so there is no need for for that complexity. And therefore, to answer your question, it's just one contract change. Now, the mint itself is it's simple. You know, the the team has had the keys to mint pickles for the whole time that pickles been out. And it's just the same, you know, there's there's not been a mint authorized ever. But once it is, we just need to say, hey, pickle contract mint me mint this address, the treasury, this many tokens and and then we will lock them. Right. So to go back to what you mentioned before, if, if, if on on snapshot, you could even blacklist or remove the address of of the Treasury that has built. Yeah, very likely. Again without on chain governance, any any governance attack can just be ignored by the team. There is no except for the fact that we will have to, you know, tweet and explain, hey, this was malicious, therefore we're not going to implement it. There is no, no, no, no real complexity there. It doesn't matter either way.
Merpenduous:
Right. I mean, that absolutely makes sense to go that route. And if if we're locking 100% of the newly minted pickles, if they never hit the market, they can't change the price. You know, I think I think it makes sense. I don't I don't know how you can be against it.
LKJ:
Um. Correct. I mean.
Merpenduous:
Would that be in the case? And then you've answered the governance stuff, so. Okay.
LKJ:
We are not trying to use them for any purposes like that. Inflate the value artificially. Yeah, we do know that, you know, once the pickles are locked in, you know, certain stats might look different. You know, the total supply, the FTV will look different. Right. And, and you know, when, when some bloggers or some lists out their lists like how many, uh, how rich are the different DFI Treasuries? You know, they always have like uniswap on top, right? And it's because they're sitting on a bunch of uni tokens, right then. And then there's obviously the VCs discount that because they know that's not real money that is going to save the protocol. You know, if they cannot pay salaries or something like that, they're not real reserves, right? But yeah, that might happen for us, but that's not the intent. You know, we want to. Tell you the deal holder's right that if you're expecting inflation right from this, then there is no pickles that are going to be circulating. Right, just from passing this proposal. Right. So this mint will not hit the market. It's going to go straight to locking. And therefore, the circulating supply will not change. You know, no change in circulating supply. It means no inflation, no dilution.
Merpenduous:
Got it. Great. Oh.
LKJ:
Cool. All right. Any any other questions from anybody else? Thanks, Mark. So I moved you back to the audience. And. All right, let's again, for the benefit of of going into detail, even though we went a little ahead, explained the last section, and that last section is part two. Section two is the fifth section of the proposal, and it's about the Treasury holding bill, right? So at the moment, the Treasury doesn't hold any bill, right? It does hold some pickles. And these pickles are used for a variety of purposes. First of all, the Treasury needs to have pickles at hand to hedge because it has certain obligations. Right. To contributors that that they're going to get compensated in pickles over, say, a period of a year, the period of their contract duration. Right. So if I promise, say, Larry, you know, from from as a treasurer. Right. A certain amount of pickles. Right. And I don't have them on Treasury. I run the risk that, you know, once the pickle price goes 100 times up, then I have to go and buy those pickles to pay my debt to Larry. Right. So that's why the Treasury holds these pickles. Another reason why the Treasury holds pickles is because we used to buy them back. Right. And and store them as what we call a smart treasury. And now a lot of the term of art, it's protocol own liquidity or protocol control value, essentially. It's a it's a pool, right. That's holding pickle. It's holding eth and it's controlled by the Treasury.
LKJ:
Right. And it has in the case of the smart treasury has different fees than the normal public pools you would find in uniswap and stuff. Ours is are on balancer. Right. And, and this pool essentially sometimes gets traded against and generates fees for for the Treasury. And that usually happens whenever there's an arbitrage opportunity. So because the fees are higher, it doesn't get traded all on the time. And what it serves is as liquidity of last resort. And also if we were to have a need for pickles because we onboard a new contributor and and we don't have the pickles right away, then we can take them out of this reserve of this more Treasury Reserve. So that's another reason why the Treasury holds pickles. The last reason why the Treasury tries to get a hold of pickles is because Defi is a very collaborative space, right? Anybody can build usually smart contracts on top of another application, but, you know, just building smart contracts on top of somebody else without anybody becoming aware about it, you know, it's not that useful. So a lot of the times the different protocols do co-marketing or collapse. Right. And and in good faith, if they do a promotion, for example, both sides will put up tokens, right? Sometimes these collapse go really well and the protocols would like to spend more of their, you know, planning their releases together. Right. If both communities like it. So so as their roadmaps become more entwined, they may decide to start swapping tokens, you know, usually not to sell them, but to lock them in each other's governance and things like that.
LKJ:
Sometimes interesting synergies happen there, like, for example, different protocols holding the CVACs token because they want to be able to vote for four pools that they are interested in because they are farming them because their token is in those pools. The V system allows these synergies to happen and we are not changing at all that part of the V system. Therefore, you know, these types of synergies can happen in pickle too, except for we are always short of pickle, you know, to to to make this collapse happen, you know. Sometime this this year, the pickle was about to get about a half a million dollars worth of of of another doubt buying into pickle and part of the reason we just couldn't close the deal in time and then the market changed was that we had a shortage of pickles on Treasury. Right. And they they wanted to do the deal OTC. Right. And this is the type of thing that basically people say, well, why can't we just every time a deal like this pops by, you know, put it to a full Dow vote and just deal with it that way. And if the Dow voted votes that these things happen, then and only then we will go and buy the pickles to make the deal happen. And, you know, if you just stop and think about it for a second from a business point of view, then you realize that the idea doesn't have much legs.
LKJ:
You know, most people wanting to finalize the deal do not want the details of these deals to be public before the deal is final. And at the same time, we're signaling to very sophisticated traders out there that we are about to engage on a buyback program so that they can front runners. Right. So that is going to just basically kill the the the ability to close these deals. So another reason why the Treasury seeks to to have pickles at hand. So now having explained, the pickle has no deal at the moment and why it seeks to have some pickle. Then we go to why actually the Treasury has to mint. And again, we're just going to tie it up with the previous section. We said, right, we're going to transition to 100% revenues to deal. So where does that leave the Treasury? Right. Where does that lead the development of the protocol? So either. The current deal holders decide they're going to have some kind of associative agreement and decide on the rules about and decide who is going to donate this or that and might probably end up in the same place as when we started to build out. We just say, well, how about the Treasury locks for deals starts owning some deal, right? And whatever percentage of bill it owns, that's going to be its entitlement of rewards. And that's going to be it. Right. So that we can keep the principle of Section one or part two, which is 100% of revenues, will go to deal.
LKJ:
Right. So whenever you will see all pickle made this many revenues last week, you know they made 500 ETH last week. I have 1%. I'm going to get five. Right. This this simplicity, we can keep it with the Treasury having some deal as well. If somebody does their due diligence and wants to find out how the protocol gets funded when 100% of revenues go to the token laughers, then they will realize, oh, that the Treasury is also looking like the case and looks rare like the case on the curve Dow. People have large shares of the locked supply on the hands of either an official group of core contributors or, you know, and the founders and so forth that are still contributing. And that's how they are able to finance all the operations, you know, not just paying salaries, hosting the front end app, doing marketing, you know, paying for audits, paying for infrastructure that the app relies on to provide data. Like, what are your yields? What are your, you know, the profits that you made on every jar, etc., right? All of all of these things to keep things going and to build more on top of need, some kind of budget. And therefore, you know, we we will just continue with the exact same budget, the exact same situation as there is right now. But we will have changed the the value proposition of deal from 45% revenue share to 100% revenue share. So any questions here? So I see a lot of people have joined recently.
LKJ:
Again, in order to ask a question, you need to request to speak and you'll be invited to the stage and you can ask your question. All right, guys, we have a few minutes still. So I will discuss a little part of the proposal that we call clarifications. Right. And that it seems to be maybe because it's sandwich right in the middle of the proposal. A lot of questions pop by related to that. But, you know, just to say, there are there are five clarifications there. The first one is that, you know, there's not going to be any problem with pickle rewards still being available if you're using the jars. After passing and implementing this proposal, there will still be pickle going to the jars and you'll still be able to receive pickle rewards if you are in the jars. So we have set the parameters of the proposal so that the impact to the protocol, it is relatively minimal, but implied in our calculations there is a slight reduction to to the rate of emissions going to the farm rewards. But that's not the only thing affecting your yield. A lot of it is the pickle price. And we the point of this proposal is actually to generate the man for for the pickle token. By clarifying its value proposition. Yeah. Larry, you want to say something? No. All right. Another clarification again is that the pickle supply will not double. Right. Instead, the Treasury will mint an amount equivalent to the pickles that are locked for dill so that it can control 50% of the supply as a starting state of right after the implementation of this proposal.
LKJ:
Right. The second thing is, again, currently there, the the team there are some special pools that were passed in previous proposals that allow it to collect a certain pickles right. From the emissions for strategic reserves. And because 100% of the emissions are going to to go to dill if pa to pass this, then this, these two proposals will be basically superseded. Right. Once this proposal passes, the the other clarification is that, you know, some of you who are more familiar with the VE 33 that was proposed over solidly in Phantom know that you know people that lock get an NFT called V NFT and that they can list that nfts on nft exchanges. And you may be wondering if this proposal makes dill an NFT or makes deal tradable in NFT exchanges. And the answer is no. There are no changes to the dill contract itself on this proposal. However, you know, for those of you that are excited about tradable deal, we remind you that the V token launch is coming very soon according to the V token team. So soon you will have an airdrop if you participated in the vote or you were locked for dill in the vote of the V token. And once their contract is out, you'll be able to lock pickles for tradable derivative of dill. So. The final thing is something that depends who wants to go on the stage again. Hello, sir. Hi.
Merpenduous:
Right. Keep this question just as you're on the on the air drop. So are they dropping like v dil like are we functionally getting free dil or what what are we actually getting with that air drop? I'm not sure. I totally understand.
LKJ:
Yeah, correct. You'll be getting their governance token. So the airdrop of the V token finance will be their governance token. So you might have. Yeah, yeah. You might have remembered something similar happened when comics launched their air. They airdropped the the people on curve that had voted for their proposal. Some cvc's tokens.
Merpenduous:
Yeah.
LKJ:
And the idea.
Merpenduous:
Is that right.
LKJ:
Yeah. Correct. You'll be able to stake these according to their tokenomics. And then when you stake them you will receive free deal. Right? You will receive av3 deal. Right. And then you can stake that V three deal to receive the same things that you, you receive on the, on, on, bye bye. Locking your pickles in the deal platform and you will receive v governance v v token finance governance tokens on top of that. So hopefully it's a great deal. It's very synergetic, you know, remember all the, all the pickles that are locked in V token finance eventually make their way 1 to 1 to to the the deal contract where everybody is locking right now. That's how they're able to, you know, give you a revenue share. They can create eth from thin air and things like that. Right. So yeah, to answer your question. Okay. Uh, the last clarification item again is that the Treasury will not be voting right for proposals. Of course, as asked right now if there is any governance attack, some malicious proposals, something like that, then, you know, the governance reserves, the right to ignore it. And again, as we explain on the call, there is no on chain governance, so nothing is happening. Just because people voted for it, everything has to be implemented. But, you know, we have so far not received governance attacks and we have so far or we have. But they haven't been successful. They haven't been able to change the nature of proposals and things like that. And we have also whatever proposals were passed, all of them that have been not totally foiled by any governance attacks we have implemented.
LKJ:
So the the trust between the team and and the community. You know, if if it's not high for some reason, it it's not because of not implementing any proposal. All the proposals have been implemented, even those that the team voted against, so to speak. So that's the end of the clarifications. And I hope that through this talk you have a better understanding of the proposal from from my point of view, I hope that you would like the proposal and vote for it, because I think it's a step forward for people. But if you don't like the proposal, you don't want to vote or you don't want to vote against it, that's also fine. You know, at the end of the day, that's the beauty of of being a DAO is that you get to decide. So thank you for your time. And if there are any further questions you can ask them. Now I'll stay linger around if there is any questions. Otherwise you can ping me, find me the general build out chat. Seven, seven, six. He has to leave. His boss is calling and the big boss must be your wife, I'm sure. And okay. Yeah, you're welcome. No problem hosting the call anytime. And if you missed any bit of the call or know anybody that missed any part of the call, it will be out later today on the forums with a transcript and the recording and a summary as well. Thanks to our fellow green mass friendly marketing and business development community guy at Pickle. Thank you. Thank you, guys. All right.
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