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The simple case for $450 $PICKLE
$450 x ~1.33M YR1-supply = $600M
$600M / 50x P/FCF => $12M FCF per year
*Very doable* FCF target bc
Over $3B of stablecoins on AMMs
Over $60B of annualized AMM stablecoin exchange volume
@picklefinance gives $YFI vibes. But actually.
$450 x ~1.33M YR1-supply = $600M
$600M / 50x P/FCF => $12M FCF per year
*Very doable* FCF target bc
Over $3B of stablecoins on AMMs
Over $60B of annualized AMM stablecoin exchange volume
@picklefinance gives $YFI vibes. But actually.
IMO, this is the best asymmetric bet in the market, but do your own research.
Price: $34
Mcap: $15M
In addition, Pickle has some of the highest APR for DeFi farming around at over 1500% for an asset you may actually want to hold.
Price: $34
Mcap: $15M
In addition, Pickle has some of the highest APR for DeFi farming around at over 1500% for an asset you may actually want to hold.
Here’s the fee structure
3% to governance to subsidize gas (vs 5% YFI)
1.5% is used buy & burn pickles from the market
0.5% withdrawal fee (same as YFI)
3% to governance to subsidize gas (vs 5% YFI)
1.5% is used buy & burn pickles from the market
0.5% withdrawal fee (same as YFI)
Between governance and burn totaling 4.5%, @picklefinance only needs to generate $266M for pJar users to hit $12M FCF.
This ignores the big revenue generating potential of the withdrawal fee, which could easily generate millions for $PICKLE holders by itself.
This ignores the big revenue generating potential of the withdrawal fee, which could easily generate millions for $PICKLE holders by itself.
How much needs to be in pJars to get to $12M FCF?
pJar0 APR=40.5%, so only $660M needs to be deposited. And as APR goes up once flash loans and new pJars are implemented, minimum deposits needed to hit $12M FCF goes down.
Maybe a $450 price & $12M FCF is too low of an estimate.
pJar0 APR=40.5%, so only $660M needs to be deposited. And as APR goes up once flash loans and new pJars are implemented, minimum deposits needed to hit $12M FCF goes down.
Maybe a $450 price & $12M FCF is too low of an estimate.
Estimating the FCF is easy once you estimate the amount put into pJars and average return.
Annual FCF = ($ in pJar) * (Annual Return) * 0.045 + 0.005 * (Amount withdrawn per year)
Annual FCF = ($ in pJar) * (Annual Return) * 0.045 + 0.005 * (Amount withdrawn per year)
This is just the beginning. There are many other pJar strategies coming, just like with YFI.
Next pJar: leveraged short DAI. Using flash loans, the APR may massively outperform any offering from YFI. https://medium.com/@picklefinance/introducing-picklejars-70a311ab65c5
Next pJar: leveraged short DAI. Using flash loans, the APR may massively outperform any offering from YFI. https://medium.com/@picklefinance/introducing-picklejars-70a311ab65c5
But even before that, we may see pJar 0.69, which lets you stake your stablecoin LP tokens and earn both $PICKLE and $UNI from @UniswapProtocol https://twitter.com/tbr90/status/1306754683499884551
Extra awesome — YFI and other robo-yield DApps are unlikely to be able to duplicate or compete as as well as @picklefinance in this strategy bc YFI has a hard supply cap.
As I’ve said before, the founders and community rejecting a hard cap for low persistent inflation (like Monero or @synthetix_io) is **excellent**. It means Pickle can compete in strategies that YFI simply cannot because Pickle can continue to incentivize behavior.
And if YFI develops a lucrative strategy, Pickle can be there too. Pickle may even outcompete YFI in the same strategy *because* of the ongoing pickle reward as Pickle can drive behavior through incentives.
I still love $YFI, hold it, and think it will do very well.
I still love $YFI, hold it, and think it will do very well.
Currently, ongoing inflation is set at 1 $Pickle per block.
But it’s about to get much lower, following @synthetix_io emission schedule so within 1 yr only 0.00816 $Pickle per block are emitted.
This is equal to 1.29% annual inflation.
https://snapshot.page/#/pickle/proposal/QmYZqjjvgkC3u4nNXf5ywufVWGtNj1VAEkg8PJ7Z2P6nzx
But it’s about to get much lower, following @synthetix_io emission schedule so within 1 yr only 0.00816 $Pickle per block are emitted.
This is equal to 1.29% annual inflation.
https://snapshot.page/#/pickle/proposal/QmYZqjjvgkC3u4nNXf5ywufVWGtNj1VAEkg8PJ7Z2P6nzx
Being able to persistently incent behavior gives @picklefinance a major advantage in capturing deposits and generating FCF, but the low emissions means current pickle owners won’t see their stakes overly diluted.
And as @picklefinance gets bigger, its incentives become more powerful. If things go right, future platforms simply will not be able to incent capital like Pickle can without massively diluting their supply of gov tokens.
This preserves and captures value for $PICKLE owners.
This preserves and captures value for $PICKLE owners.
So Pickle may end up developing supply side economies of scale and demand side economies of scale. As pJars become embedded in new projects just like yUSD is becoming the standard risk-off store of value, Pickle Finance pJars may develop network effects, too.
Of course, there are risks. The biggest immediate risks are that the devs are anonymous and the code is unaudited. So seriously, do your own research and only make bets that will let you sleep at night.
. @picklefinance has the opportunity to be the next big DeFi money management dApp, and it’s only a few days old.
If it weren’t a food coin, it’d be the talk of DeFi. I, too, thought it was a joke when I first heard of it.
Nonetheless, I’m impressed now.
Is green the new blue? https://twitter.com/tbr90/status/1304666613447299073
If it weren’t a food coin, it’d be the talk of DeFi. I, too, thought it was a joke when I first heard of it.
Nonetheless, I’m impressed now.
Is green the new blue? https://twitter.com/tbr90/status/1304666613447299073
And to add to all of this, it looks like @defiyield did a preliminary audit and found no major issues https://twitter.com/defiyield/status/1306631275932004353
