Allocate 1% of the total PENDLE revenue on Ethereum to the “Harvest Caller” feature.
Abstract:
Penpie is a platform that focuses on accumulating PENDLE tokens and locking them as vePENDLE within Pendle Finance. This strategy grants Penpie governance rights and passive income in the form of PENDLE tokens, allowing Penpie to offer enhanced rewards to depositors in our protocol. The PENDLE revenue that Penpie earns within Pendle Finance is distributed to participants on Penpie as follows:
- 83% to Liquidity Providers
- 12% to mPENDLE Stakers
- 5% to vlPNP Holders
Since harvesting on Ethereum is expensive, this proposal suggests allocating 1% of the total PENDLE revenue on the network to the upcoming “Harvest Caller” function.
Motivation:
Considering that Penpie must harvest $PENDLE tokens from Pendle Finance for users to see their rewards on our platform, we propose allocating 1% of the total PENDLE revenue earned by Penpie towards covering the gas fees associated with this function on Ethereum. This allocation will enable our platform to consistently deliver an optimal user experience and benefits for our liquidity providers, mPENDLE Stakers, and vlPNP holders within the network.
Specification:
Change the distribution of PENDLE rewards on Penpie in the Ethereum network. Specifically, we suggest decreasing the total amount of PENDLE revenue shared with liquidity providers from 83% to 82% and use the decreased 1% to effectively harvest rewards from Pendle Finance within the Ethereum blockchain. Upon approval of this proposal, the new distribution of PENDLE will be as follows
- 82% to Liquidity Providers
- 12% to mPENDLE Stakers
- 5% to vlPNP Holders
- 1% to Harvest Caller function