Pickle and Yearn developers have worked out a structure to allow the two projects to work together in symbiosis. This is done to reduce duplicate work, increase specialization, and to leverage shared expertise. A description is provided in a blog post with more information to follow. This is an initial minimal release, with further integration planned.
Saving a good project!
Wow!! welcome to the fam Pickle!!!
Glad we got involved :))
Welcome Pickle! That’s great job.
Any Eta for the merge?
Great news ! Looking forward to it…
Any info about the total supply of DILL ?
Jose here from Delphi Digital. Super interesting proposal and great to see the first few protocol M&A transactions taking place. I have a few questions about the specifics here, specifically regarding governance rights and how they are split. The post says this:
“Holders of DILL can participate in Pickle governance and boost rewards received from Yearn Vault gauges. Pickle Governance decides on gauge weights, fee allocations, and other protocol parameters.”
What protocol parameters does Pickle governance decide on exactly vs what’s decided on by YFI holders? Is Pickle effectively a self-sovereign protocol within Yearn consisting of the pickle jars? What happens when YFI holders and DILL holders disagree on protocol parameters? Will the Pickle strategies generate protocol fees for YFI treasury as with any other vault strategy? Do DILL holders have any say on treasury allocation or in YFI voting more generally?
How was this simply dropped without any input from the Yearn community?
I mean, we have a governance token and a place to vote on things. Time critical decision?..it could be passed through quickly.
I’m also a bit concerned this was passed through without governance. I mean I would have supported it, but it’s a pretty big thing to just do
Governance is a slow beast. The core team needs to move fast on these type of M&A activities. Timing is critical.
Now don’t get me wrong, Id agree with this if it was a proposal, and I also believe some actions absolutely should bypass a vote. However I also believe in following a process to prevent power creep in the wrong places. I do not believe the power to Merge/Partner (This is basically a merger but doesn’t seem to be how its being officially pushed) has been enumerated anywhere. If we want to give that power, it should absolutely be spelled out. Would love to hear the teams input/justification though, maybe I’m just missing where it was spelled out.
Anyway, IMO one or more of the following things should absolutely happen for the YFI token to not be compromised of its use case (to govern the yearn ecosystem), assuming I’m not missing where the power to acquire whatever protocol as desired was enumerated:
- A retroactive vote on this deal should be held
- A vote on whether to grant the power to make these sorts of deals should be held, plus whatever other power the community finds fitting
Hey all, there is nothing to vote on here. I went through each point here https://twitter.com/tracheopteryx/status/1331364199579185155
but in very brief summary:
Anyone can write a strategy (Jars --> Vaults)
Anyone can contribute to Yearn
The Gauges, $PICKLE, $DILL, and $CORNICHON are Pickle’s, not Yearn’s.
What would you vote on?
People are calling it a merger, but what does that even mean in DeFi? In the future maybe things merge more, but for now it’s a pretty clearly dileneated, permissionless, and mutually beneficial collaboration.
Using a simple Q&A format is very effective and a clear way to convey complex information. You twitter thread is a good example of that. Going forward, for all yearn external communication, I recommend this simple template (this is what we did at amazon and literally every product or initiative follows this format before a piece of code is written):
explain the thing
show examples of the thing
benefit to the customer - from their perspective
end with Q&A format
I think that simple format will reduce a lot of back-and-forth later.
to clarify your thread, is the only way to earn pickle to deposit in jar (which is now yearn vault) and then stake that vault share in the guage? so in essence, from a yfi perspective, the only change here is the additional performance/management fees from the new vaults (previously jars)?
there is no acquisition cost, there is no income outside of strategy fee going to pickle. no other benefit to yfi token besides extra perf/mgmt fees from new vaults, while vault depositors can now earn additional pickle rewards.
There is one more thing about that “merger” - yearn is successful because of talented top notch devs, community and other things - one of them is that yearn with it’s cool name and good design doesn’t look like a thing from kitchen. In my opinion it is very important - you can wrap up good thing into bad package and it will not attract so much good attention - power of branding. With due respect to Pickle devs (yearn wouldn’t play with mediocre ones) - guys that kind of naming has no future. Yes, nerdy things are cool, but not all of them. And those with cool names will always win crowds - names could be strange, but not silly.
So, isn’t that “integration” of Pickle harm Yearn brand? And us, Yearn crowd, LPs and yfi holders.
I would say it does. From outsider point of view without diggin in - Yearn & Pickle looks more fishy, and Yearn was never fishy - it is part of it’s success - looking not silly thing from digital future.
What others think about it?
Branding can be solved.
Especially in “merger” times.
By the way - is here right place for such discussion (i just started to participate in yearn gov - direct me please)
The symbiotic relationship sounds great for Yearn!
Definitely not a merger or acquisition in a traditional sense.
I cannot wait to lock my Pickles for Dill
I might lock it for 2 years period