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Alchemix is a new DeFi protocol which allows for the creation of synthetic tokens representing future yield of a deposit. Essentially, a user can deposit DAI to mint alUSD, with the underlying DAI being invested in a yield-generating Yearn vault. ALCX is used to incentivize users who stake certain assets on their platform. For example, users who stake alUSD-3CRV Curve metapool tokens are rewarded with ALCX.
Alchemix has expressed a desire for Pickle to develop a symbiotic PickleJar for them. This is advantageous to Pickle for the cross-promotion opportunities and the high farming yields from which Pickle can earn fees.
Requirements
There are 2 Jars that we want developed for farming on top of Alchemix:
ALCX/ETH compounding LP Jar
alUSD-3CRV symbiotic Jar
1. ALCX/ETH
This one is straightforward - a user deposits ALCX/ETH Sushiswap LP tokens and we sell the earned ALCX rewards to increase the LP position in the Jar. An example strategy is the MIR-UST strategy here or in this PR #34.
2. alUSD-3CRV
This one is a bit more interesting in that it departs from our typical Jar strategy. The Jar strategy should work as follows:
accept deposits of alUSD-3CRV LP tokens
stake in Alchemix farm - this is an adaptation of masterchef
harvest ALCX rewards (from both the alUSD-3CRV and ALCX farms)
stake ALCX rewards (in the same farm contract above but with a different poolID). For reference, Yearn has developed their own ALCX staking strategy, but this doesn't need to be followed.
When users withdraw, they should receive their pro-rata share of alUSD-3CRV and ALCX tokens per their pToken balance.
Frontend
A new Jar and Farm should be added for both of these Jars on the frontend. Multiple examples can be found in our frontend repo.
The text was updated successfully, but these errors were encountered:
Intro
Alchemix is a new DeFi protocol which allows for the creation of synthetic tokens representing future yield of a deposit. Essentially, a user can deposit DAI to mint alUSD, with the underlying DAI being invested in a yield-generating Yearn vault. ALCX is used to incentivize users who stake certain assets on their platform. For example, users who stake alUSD-3CRV Curve metapool tokens are rewarded with ALCX.
Alchemix has expressed a desire for Pickle to develop a symbiotic PickleJar for them. This is advantageous to Pickle for the cross-promotion opportunities and the high farming yields from which Pickle can earn fees.
Requirements
There are 2 Jars that we want developed for farming on top of Alchemix:
1. ALCX/ETH
This one is straightforward - a user deposits ALCX/ETH Sushiswap LP tokens and we sell the earned ALCX rewards to increase the LP position in the Jar. An example strategy is the MIR-UST strategy here or in this PR #34.
2. alUSD-3CRV
This one is a bit more interesting in that it departs from our typical Jar strategy. The Jar strategy should work as follows:
When users withdraw, they should receive their pro-rata share of alUSD-3CRV and ALCX tokens per their pToken balance.
Frontend
A new Jar and Farm should be added for both of these Jars on the frontend. Multiple examples can be found in our frontend repo.
The text was updated successfully, but these errors were encountered: