veToken Finance: PICKLE Pre-Launch Announcement
The mission of veToken Finance is to support projects that adopt voting escrow tokenomics. These tokens increase perpetually locked tokens, while enabling retail users to stake tokenized veAssets and receive boosted rewards. This announcement approaches the integration of PICKLE Finance. veToken simplifies the process of staking on PICKLE as well as the Dill locking system, by way of native fee-earning token: VET.
The Impact On Liquidity Providers & Stakers
veToken has no deposit or withdrawal fees, and carries a low performance fee that is distributed to PICKLE stakers and veToken holders. Here’s how veToken works with Pickle Finance for liquidity providers and stakers:
Liquidity providers can deposit pTokens to the veToken system, which will be automatically staked in the Pickle Farm with boosted reward rates. From here, there is the opportunity to gain PICKLE rewards as well as extra incentive tokens, like SUSHI, CVX, LDO, etc. As rewards are claimed from the Pickle Farm and moved to the veToken reward contract, rewards will have a tail emission of seven days. Additionally users receive the veToken platform’s native token, VET, on a pro-rated basis for the PICKLE received.
At any time, users can add or withdraw pTokens with zero deposit or withdrawal fees.
PICKLE stakers can deposit PICKLE in the veToken platform and receive vetDill token; the aforementioned PICKLE is then locked in perpetuity. vetDill can then be deposited in the reward contract; this vetDill can be withdrawn at any time. Now, users can receive a share of boosted PICKLE. Standard Dill rewards will be distributed, generated from performance fees on Pickle Finance. Finally, users can then exchange their vetDill for PICKLE at any time by leveraging the incentivized vetDill/PICKLE liquidity pool. Users also receive the veToken platform’s native token, VET, on a pro-rated basis for the PICKLE received.
veToken stakers can deposit VET on the platform as well, which can be withdrawn at any time. Stakers can receive a portion of platform fees in vetDill.
Looking Forward: Airdrop & Incentivized Liquidity Mining
veToken Finance will airdrop a portion of VET tokens to all current Dill holders. All addresses that vote to agree to whitelist veToken in a subsequent PICKLE governance vote will receive additional VET tokens.
To bootstrap liquidity for both VET and vetDill tokens, liquidity providers for vetDill/Dill and VET/ETH Sushiswap pools will be able to deposit their LP tokens on veToken to receive VET tokens as rewards.
vetDill represents tokenized deposits, which are minted 1:1 for each PICKLE locked in the platform. Users can stake to receive platform revenue (PICKLE) and VET.
veToken & Pickle: Platform Fees
veToken’s mission is to work with major projects who adopt voting escrow tokenomics. For each of these projects, veToken will be deploying new smart contracts — only for those specific voting escrow tokenomics projects.
Benefits of this include that each integrated smart contract is audited separately, in order to ensure the highest fund security. Additionally, veToken performance fees acquired from each project will be calculated separately in order to maintain crystal-clear transparency.
In all, there is a 16% total platform fee from pJar users only:
- 10% to vetDILL/PICKLE LP provider
- 5% to VET Stakers
- 1% for the harvest caller
veToken: Rewards, Audit, and Treasury
veToken treasury is to be held by a multisig, and used for future incentives and/or rewards around community engagement. pToken Farming rewards are minted for each PICKLE claimed at a determined ratio, which will decrease as total supply increases. Finally, VET can be staked in a reward contract in order to receive platform fees (in vetDill).
Initial liquidity mining pools will be the aforementioned vetDill/PICKLE and VET/ETH.
veToken Finance has a completed audit available via Quillhash (link). Additionally, veToken Finance has the support of Pickle’s core team.
veToken Finance was created in 2021 with the intent of maximizing rewards without sacrificing token accessibility. veToken looks to continue to adopt new voting escrow projects as they come to market, with an expected initial launch date later this year. veToken enables and encourages governance, reward maximization, and liquidity — all in one place, encompassing a multitude of projects.
You can learn more about veToken Finance at our website below, and join the conversation with our Twitter and Discord communities below as well.
Stay tuned for more to come from the veToken Finance team.