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What is Pickle ?

Pickle is an experiment protocol designed to help maintain the peg of stablecoins (DAI, USDC, USDT, sUSD) with the help of farming incentive. PICKLE is the governance token distributed as an incentive to liquidity providers of four stablecoin/ETH pools on Uniswap V2: - DAI/ETH - USDC/ETH - USDT/ETH - sUSD/ETH When a stablecoin is above peg, the protocol will distribute fewer PICKLEs to that pool and more PICKLEs to other pools. As farmers chase the best yield, this creates sell pressure for the overvalued stablecoin and buy pressure for the other coins. This works in reverse for stablecoins that are below peg. Pickle will also give rewards to an ETH-PICKLE pool. This takes care of the case where all stablecoins are above peg. pVaults will come a few weeks after farming and will use flash loans to leverage up and arb between stablecoins, further bringing stablecoins to their pegs while generating return for PICKLE holders. Vitalik Buterin has praised its quadratic voting approach to prevent whales from having too much influence. There's no public audit report found so far.

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