🥧 Inside The Bakery 32: Time to Remodel the Kitchen
A new way to govern, streamlining DeFi PIEs, crafting a product for L2 2022.
Welcome back to Inside the Bakery. Today’s newsletter will debrief you on the essential topics in the Pieverse.
Treasury APR
11%*
*APR exclude sOHM position
Voting
🗳️ On the ballot
List of votes currently on snapshot (No gas required)
DOUGH staking
2 Milli in 2 Months
We have great news to end this first month of 2022. A little over 13 million DOUGH tokens have been staked (46% of the total circulating supply). This means the community only needs to stake 2 million more tokens to unlock the max KPI options reward. So baker's here is the challenge: 2 million in 2 months, do what you have to do, and spread the word about PieDAO staking! Ready, set, let's go!!
The numbers:
+13 million in DOUGH staked
+12.7 million veDOUGH minted
The average time lock remains at 34 months
348 voting addresses
Reward Distribution
Double Check your SLICE
Did you know you can now self-check SLICE reward eligibility?
There have been updates implemented to the Governance Mining Reporter. For context, the reporter keeps track of who and when someone voted on a proposal. These updates are meant to increase transparency within the DAO.
Updates:
Before: Votes were eligible only if the snapshot vote closed within a given month.
Now: Votes are eligible regardless of the snapshot vote end date.
Bottom line: Keep voting every month to avoid missing out on your rewards!
Announcement details here (Discord).
What to expect?
Starting in the February 2022 SLICE distribution vote expect the following:
The vote for SLICE distribution will now contain the information below:
Self-check your eligibility for SLICE rewards. Here is a how-to guide here.
If your address is eligible- congrats! vote 'VALID' on the SLICE distribution vote
If you don't find your address but you are sure you voted - vote 'NOT VALID' instead
Let us know if the #bug-report Discord channel
Forum
Time to Renovate the Kitchen…
The treasury isn't the only thing that has experienced growth this year, the DAO has as well. And with growth comes friction if our internal governance processes can't keep up. With that in mind, a new proposal has been put forth. It seeks to streamline how we run by standardizing the following:
Proposal paths
Adding gates(checkpoints) to proposals
Defining proposal guides and templates
Define vote types
Proposal "gatekeeper" position
We encourage you to read and familiarize yourself with the proposal here. Don't forget to leave your comments and questions!
And Update the Menu?
While on the topic of updates there is a new discussion in the forum that may affect our product offerings. The idea is simple, merge our current DeFi offerings into a single PIE: DeFi++.
But why? It would free up DAO resources that can be used in other areas. Turning us into a lean mean PIE-making machine, as well as these benefits:
Concentration of TVL
Improved allocation of liquidity pool liquidity and incentives
Reduction of maintenance costs for PieDAO
Increased focus of DeFi++ as our premier DeFi offering
What do you think? See the full discussion and let us know here.
Layer 2
L2 in 2022?
Apart from "metaverse" the term "L2" seems to pop up with ever-higher frequency in crypto Twitter. It seems like it's only a matter of time before layer 2 solutions and the projects on top of them get traction. It happened with NFTs last year and look how much of a boom that was for the crypto space. It's time we get together as a community and define an action plan in this area.
PieDAO has launched a series of meetings in which we discuss creating an L2-focused product. These meetings are open to the community and we encourage you to attend. This is a fast-evolving area with the potential to be as big or bigger as PLAY. If you are interested in contributing please follow the #-layertwo Discord channel.
Find a recording of the Layer 2 team hub here.