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PICKLEPICKLEby0x5c4D8CEE7dE74E31cE69E76276d862180545c307manymoneymanny.eth

# [PIP-47] $PICKLE Token Emissions

Voting ended about 4 years agoSucceeded

authors: @cipio, @leekuanjew

Summary

This proposal is to modify the current emission schedule for the $PICKLE token.

Background

Pickle Token emissions are currently at 0.3 $PICKLE per block. This was voted on by PIP-36. As per PIP-36, the emissions of 0.3 $PICKLE per block will drop to 0.1 per block on Jan 1 2022 00:00 GMT. We wish to adjust the emissions prior to this in order to smooth out the transition period to a new emission rate.

Proposal

We are proposing to modify the current emission schedule of the $PICKLE token i.e. the picklePerBlock parameter of our Pickle MasterChef contract that owns our $PICKLE token. There will be two distinct details we are voting on.

  • The schedule for the decrease of emissions; and,
  • The end state of the emission parameter.

For all proposals, the emission decrease will begin on Nov 18 00:00 UTC (Dill O'clock). This emission change will affect all chains equally, meaning the PIP-46 ratio will remain the same (2/3rds to ETH mainnet and 1/3rd on sidechains).

Emissions decrease schedule

  • Decrease emissions by 25% per week, this will take a total of 4 weeks to complete. Complete on Dec 16, 2021.
  • Decrease emissions by 14.28% per week, this will take a total of 7 weeks to complete. Complete on Jan 6, 2022.
  • Decrease emissions by 12.5% per week, this will take a total of 8 weeks to complete. Complete on Jan 13, 2022.
  • Decrease emissions by 6.25% per week, this will take a total of 16 weeks to complete. Complete on March 10, 2022.
  • Do Nothing, this will result in the emission rate being set sharply on Jan 1, 2022, 00:00 GMT to the set amount determined in this PIP.

End state emissions parameter

  • 0.05 $PICKLE per block
  • 0.1 $PICKLE per block (currently scheduled amount).
  • 0.15 $PICKLE per block.
  • 0.2 $PICKLE per block.
  • 0.3 $PICKLE per block (no change).

Voting Method

As this proposal is non-binary, we are using Snapshot's "ranked choice voting" or "instant runoff voting" (IRV) algorithm to count the votes.

You can find a short explainer of IRV in the Snapshot Docs. Below is a simple diagram from Wikipedia.

IRV countdown flowchart

The voting power is still DILL i.e. 1 DILL equals 1 vote.

Voters will rank their preferred choices for the winning slate, the slate with the most votes wins.

Vote Options

  • PIP-36 schedule (emissions set to 0.1 $PICKLE per block on Jan 1 2022 00:00 GMT).
  • Stay at 0.3.
  • Reduce to 0.2 over 4 weeks.
  • Reduce to 0.2 over 7 weeks.
  • Reduce to 0.2 over 8 weeks.
  • Reduce to 0.2 over 16 weeks.
  • Reduce to 0.15 over 4 weeks.
  • Reduce to 0.15 over 7 weeks.
  • Reduce to 0.15 over 8 weeks.
  • Reduce to 0.15 over 16 weeks.
  • Reduce to 0.1 over 4 weeks.
  • Reduce to 0.1 over 7 weeks.
  • Reduce to 0.1 over 8 weeks.
  • Reduce to 0.1 over 16 weeks.
  • Reduce to 0.05 over 4 weeks.
  • Reduce to 0.05 over 7 weeks.
  • Reduce to 0.05 over 8 weeks.
  • Reduce to 0.05 over 16 weeks.

Off-Chain Vote

PIP-36 schedule
2.12K 0.6%
Stay at 0.3
78.14K 22.6%
0.2, 4 weeks
0 0%
0.2, 7 weeks
278.59 0.1%
0.2, 8 weeks
398.68 0.1%
0.2, 16 weeks
960.14 0.3%
0.15, 4 weeks
0 0%
0.15, 7 weeks
0 0%
0.15, 8 weeks
4.27K 1.2%
0.15, 16 weeks
6.46K 1.9%
0.1, 4 weeks
383.54 0.1%
0.1, 7 weeks
664.63 0.2%
0.1, 8 weeks
305.88 0.1%
0.1, 16 weeks
34.29K 9.9%
0.05, 4 weeks
2.04K 0.6%
0.05, 7 weeks
0 0%
0.05, 8 weeks
0 0%
0.05, 16 weeks
214.99K 62.3%
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Timeline

Nov 08, 2021Proposal created
Nov 08, 2021Proposal vote started
Nov 11, 2021Proposal vote ended
Oct 26, 2023Proposal updated