Description
Cornichon is a project developed on the Ethereum blockchain to address losses suffered by users during the DAI stablecoin de-pegging event on Curve.fi in November 2020. It introduces the CORN governance token, which symbolizes a claim to the losses incurred, based on a snapshot of affected users from the pre-hack pDAI Jar on Curve.fi. CORN token distribution is proportional to the loss each user experienced. These tokens not only represent the loss but also grant holders voting rights in the project's governance, allowing them to participate in decisions about its future direction and management. The project incorporates a mechanism for burning CORN in exchange for DAI, with the replenishment of DAI reserves being subject to decisions made by the Pickle community. By leveraging smart contracts for transparent and secure operations, Cornichon aims to offer a decentralized solution for compensating affected users while fostering community engagement and decision-making within the DeFi space.
Cornichon is a project developed on the Ethereum blockchain to address losses suffered by users during the DAI stablecoin de-pegging event on Curve.fi in November 2020. It introduces the CORN governance token, which symbolizes a claim to the losses incurred, based on a snapshot of affected users from the pre-hack pDAI Jar on Curve.fi. CORN token distribution is proportional to the loss each user experienced. These tokens not only represent the loss but also grant holders voting rights in the project's governance, allowing them to participate in decisions about its future direction and management. The project incorporates a mechanism for burning CORN in exchange for DAI, with the replenishment of DAI reserves being subject to decisions made by the Pickle community. By leveraging smart contracts for transparent and secure operations, Cornichon aims to offer a decentralized solution for compensating affected users while fostering community engagement and decision-making within the DeFi space.
