[Proposal] Allowlist Pickle Finance in veBAL’s VotingEscrow


Pickle Finance aims to become the home for Balancer LPs to enjoy the best possible returns and to become a major collaborator in the governance of the Balancer Protocol.


Pickle is building a module on top of Balancer’s Gauge system that seeks to aid Balancer LPs and prospective veBAL participants in maximising the utility of their deposits with Balancer, while also enhancing the overall utility of the Balancer’s Gauge system by creating a liquid veBAL derivative.

Similar to other “boosting protocols”, Pickle aims to create these synergies by providing an easy mechanism for the aggregation of veBAL boosts and for prospective Balancer LPs to benefit from this boost.

The Pickle and Balancer teams are no strangers to each other, with Pickle being invited and expressing its willingness to join the Balancer Wars as early as the Gauge system was announced. Pickle has borrowed from its unique experience running a Gauge system for itself and building on top of other boosting modules like Convex to come up with a unique system we call the Brinery.

As a gesture of goodwill and to encourage the creation and adoption of the Balancer Brinery, Pickle will be providing incentives (in $PICKLE tokens) to both those who vote to whitelist us and those who join the Brinery early on. These incentives will be detailed pending their approval by Pickle governance. The Balancer community can expect the Pickle Core team to propose between 2-3% of the PICKLE supply to be awarded to Balancer Brinery incentives, with rougly 80% of these reserved for joiners and 20% for voters.

This proposal makes no request to the Balancer community for financial assistance to Pickle. We are a solvent, revenue-generating protocol with a healthy balance sheet. Our interest is in providing a superior service to Balancer users and to create a symbiotic relationship between our communities.

Brinery Specification: Architecture & Design

The Brinery will provide a seamless experience for users to join veBAL. Our proposed system works in the following manner:

  1. Users deposit 80/20 BAL/ETH BPT with Pickle
  2. Users receive brinBAL in return
  3. Under the hood, Pickle will:
    a) Lock up a portion of BAL/ETH for veBAL in perpetuity - a receipt token is issued for the locked amount as pveBAL. A portion of BAL/ETH liquidity is retained
    b) Supply pveBAL and retained BAL/ETH into a new Balancer pool
  4. Users can redeem brinBAL for their proportionate share of pveBAL and BAL/ETH (or in a single asset if they wish)

This design has the advantage of guaranteeing liquidity for Pickle’s veBAL derivative. The Brinery contracts will have flexibility in managing liquidity to achieve the proper balance between liquidity and maximal rewards. Users who hold brinBAL will receive Balancer governance rewards (all fee-sharing rewards, emissions, and bribe proceeds will be consolidated into BAL tokens), the Brinery’s “flywheel” rewards (BAL “taxed” from Brinery boosted PickleJars), and of course PICKLE tokens.

For users familiar with our standard PickleJar, a series of Brinery Boosted Jars, or “brinJars”, will be on offer to compound users’ BPT positions, taking advantage of boosted rewards from the Brinery’s veBAL lock, alongside PICKLE incentives. These novel Balancer Jars will rely on state-of-the-art infrastructure and comply with the EIP-4626 standard for maximal efficiency, security, and composability.



Pickle is one of the original yield aggregators in DeFi, bringing innovations such as incentivised auto-farming with its PickleJars. We have been building as an Ethereum-based DAO since September 2020. Our builders are well-known and have collaborated over their time in DeFi with many top-notch protocols and teams to build, conduct security reviews, or brainstorm and validate ideas. To name a few: Yearn, Sushi, Curve, Polygon, Frax, Alchemix, and of course, Balancer.

Pickle has crossed paths with Balancer on several occasions. Pickle was the first yield aggregator to build on top of Balancer on its launch in Polygon. Moreover, our PICKLE-ETH was only the second pool after BAL-ETH to launch with Balancer on Arbitrum. A cursory look at the BAL mining scripts on GitHub shows we are 1 of 11 Balancer partners. On Arbitrum, we are 1 of 3. We are brethren in DeFi and hope to remain so for many years to come.

Finally, Pickle was the first-ever protocol to adapt Curve’s Gauge system to align its users and token holders into a better governance system we call DILL. More than 51% of all PICKLE is currently locked for an average of 3.23 years, with almost 1,000 DILL holders forming the DAO that backs our protocol.


Pickle is led by myself, joined by the rest of the core team which currently consists of another 12 individuals with a wide range of skills in product, product marketing, UX design, smart contracts engineering, and frontend and Web3 infrastructure development.


Pickle is run according to the principle of “progressive decentralisation” by the DILL DAO. DILL governance is currently upgrading so DILL holders receive 100% of protocol revenues generated by Pickle, in ETH, plus PICKLE anti-dilutive rewards. At present, using Pickle’s Gauge system, DILL holders can vote on-chain for where PICKLE emissions should go. With support for delegation currently in development, Pickle aims to launch its own “Pickle voting module” so users can participate in governance, including PICKLE emission allocations across sidechains, via secure offchain voting.

The Pickle voting module to provide DILL holders an interface for directing veBAL voting power held by Pickle’s Balancer Brinery, as well as select the allocation of PICKLE emissions amongst our various Brinery products.


If this vote passes, the Balancer DAO Multisig eth:0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will initiate a transaction with 0x7869296Efd0a76872fEE62A058C8fBca5c1c826C calling the function allowlistAddress with the argument 0x93318d4b44558f57B688C6943fA9E2c3e52540B0


Glad to see Pickle lives on, and thank you for spending the time to design this system and make this proposal. I strongly support having multiple systems built on top of veBAL.

If I read everything correctly there is no lockup for brinBAL right? You mention bribe rewards so I assume you plan to allow brinBAL holders to vote in the gauges?

This system is different from Aura as it creates a liquid market for veBAL that retains governance power. Aura’s system transfers governance to vlAURA so people cannot vote and immediately exit the system. I personally am not against this proposal but wanted to make this distinction clear so the community can come to an informed decision on this.


That’s right, there is no lockup on brinBAL. As an analogy, brinBAL shares the same properties as the Curve cxvFXS LP token here, the only difference being there’s another layer of abstraction from the base governance token being locked (i.e. FXS <-> BAL/ETH BPT). Holding brinBAL is what entitles users all rewards within the Brinery ecosystem - the intention here is that deep liquidity for Pickle’s veBAL derivative is prioritized.

All bribe revenue will similarly flow to brinBAL holders, but like with Aura, DILL holders (Pickle’s vote-escrowed users) are the ones who are able to vote on matters such as Balancer gauge weights and bribes. We hope that there’s strong overlap between those two user groups :slight_smile:


Hi guys,

thank you for the proposal.
I support Pickle and I’m happy to see you reaching the finish line.

Again, in full support!



as someone who is an active user of both protocols, I fully support the proposal. I think track records are still very underappreciated in the industry. I would rather whitelist an established protocol with a well known track record than some new unknown protocol.


gotcha, this is the same as Aura then with a few tweaks.


Pickle Finance member here. I fully support this proposal and want to see Balancer and Pickle Finance do great things together. I know that a lot of time and effort has gone into this proposal to give it a Unique value add to veBAL and Balancer LPs


You got all my support too, as a user and aficionado of both Balancer and Pickle


That sounds good to me. I fully support it. Great to see Pickle still developing and trying to move forward in this space. Both projects are very underrated in this space.

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Hey guys, quick question?
Who will have the veBAL voting power? will it be brinBAL holders or PICKLE holders?


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It will be DILL (Pickle’s veBAL equivalent) holders who get to choose how to direct veBAL votes.