🥧 Inside The Bakery 31: Community Call Debrief
Treasury performance in a bear market, BasketDAO acquisition and more.
Hello #FullTimeTokenHolders! This week we round up how PieDAO is weathering the recent market volatility, the new community contribution push, and the newest proposals.
Treasury APR
11%*
*APR excludes sOHM position
DOUGH staking
New year, New DOUGH
The DOUGH staking frenzy continues into the new year; as it stands currently 45.22% of total circulating DOUGH has been staked, but the main boom this month has been the rise in unique voting addresses with well over 300 DAOers now on board!
The numbers:
+12.7 million in DOUGH staked
+12.4 million veDOUGH minted
Average time lock remains at 34 months
337 voting addresses
Rewards distribution
SLICE for everyone
This month a total of 67.468,9856 SLICE was distributed to 207 eligible addresses due to market volatility; the community recently voted that there should be a minimum distribution in times of a negative return, although the precise amounts should be left to the committee. The TFC decided that the numbers would be calculated from the treasury principal at the start of the month, then assume 0% volatility and the benchmark rate of 6.5% APR for farming returns. This totaled $74,562 to be distributed between active governors.
A vote was held on discord to decide whether the asset SLICE can be redeemed for should be voted on every month or should remain the same until a community push to change it arises; the community felt that SLICE should be redeemable for PLAY for the foreseeable future, passing with a vote of 41:16.
TL;DR:
67,500 in SLICE rewards distributed to 207 eligible addresses
~62.5% governance participation rate from holders
SLICE will be redeemable for PLAY until a community push to change it arises.
Where are my SLICE rewards? How do I redeem my slice rewards for PLAY?
Find the guide to SLICE claiming and redemption here.
Governance and Proposals
Compounding to veDOUGH [PIP-65]
This month a gauge of community sentiment was carried out on the PieDAO forums to investigate the attitudes towards compounding SLICE rewards to veDOUGH and found that overall the idea of compounding was a hit with community members, with over 75% of voters saying they would be interested in compounding regularly. The addition of a gas rebate in the form of more veDOUGH also proved a very popular move with members and as of the time of writing, over $33k has been compounded with that number increasing by the day. Crusty!
BasketDAO acquisition continues
In the community call held on Jan 12th, the acquisition of BasketDAO continued to sail along smoothly. A BasketDAO representative (0xLingonberry) reported that their community was overall bullish on the proposition and encouraged PieDAOers to head over to their discord and discuss any feelings and ideas they may have. As it stands, the road to full acquisition is clear.
Recent votes
Treasury Farming Committee
Performance Under Pressure
December was the first in which the treasury underperformed, missing the benchmark by -3.8%. This was largely due to holding a leveraged long position in Eth that was hit particularly hard by the recent pullback in the wider crypto market. This volatility was dampened by the amazing work of our farming positions which have been generating outsized returns even in turbulent times.
TFC underperformed the benchmark in December due to a pullback in Eth
TFC used the opportunity to buy the dip
Minimum distribution policy passed the litmus test
Yield-farming strategies were effective despite the market downtrend
Treasury is now geared up to take full advantage of the market upswing
Read the full December report here.
Community Contribution Initiative
Tu hablas Español?
This month we recognize Lu Iglesias as our community contributor of the month for her work on an experiment gauging whether translations of PieDAO content (such as staking manuals and newsletters) to Spanish would drive engagement and community growth. The PieDAO team appreciates your work, congratulations!
Say hello to #Content
This months’ discord revamp included a new channel specifically for content creators; there has already been some great work done and we look forward to seeing even more people come forward in the near future!
Do you want to work in a DAO? Well, here's your chance- check out our open bounties and claim yours today! See the bounty board here.
Events
PieDAO around the web
This past month we saw some great PieDAO content spring up on the internet, two highlights being;
DeFi with Jamie: Aligning incentives with PieDAO
Jonathan Feasby: PieDAO for Dummies - (PieDAO for Dummies)
Thanks for reading!👏Join the PieDAO community today.
Stay tuned for our next community call on February 10th.
Listen to the community call recording and find the presentation slides here. (Forum login required)