🥧 Inside The Bakery 34: Bye-Bye YPIE, Hello Auxo Vaults
We say goodbye to a PIE, and welcome the age of multi-chain yield, PieDAO in Manchester
Welcome back to Inside the Bakery. Today’s newsletter will debrief you on the essential topics.
Treasury APR
6.4%*
*APR exclude sOHM position
Voting
🗳️ On the ballot
List of votes currently on snapshot (No gas required)
DOUGH staking
One Month To-Go
We are so close... The community needs to stake 1.4 million more tokens by the end of March to unlock the max KPI options reward.
Why should I stake?
As long as you vote every month DAO revenue is shared with you
You have the power. Only veDOUGH holders have voting power. Staking means true long-term alignment for PieDAO
More DOUGH staked for a longer time means more voting power for you
So what do you say, will we meet the 15 million DOUGH staked milestone? We say yes, but it’s up to you! Spread the word about DOUGH staking.
The numbers:
+13.6 million in DOUGH staked
+13.2 million veDOUGH minted
The average time lock remains at 34 months
363 voting addresses
Ok, I'm ready to stake
Other resources
How much rewards should I expect? Try our staking rewards simulator here
How-to use the staking reward simulator blog post here
Product Update
Auxo Means Growth
We're happy to announce the soft release of our latest product: Auxo Vaults. Named after the Greek goddess of growth, Auxo Vaults provide the first multi-chain yield optimizing vaults in DeFi. Please keep in mind Auxo Vaults are currently experimental and unaudited.
What does that mean? It means maximizing yield across chains has never been easier. With Auxo, you make a single deposit, of a single token, on a single network. The deposit is then deployed into a range of investment strategies across L2s/networks.
Auxo Vaults will be a phased release.
Phase 1 - Multi-chain vaults: We will deploy vaults on selected L2s/networks starting with Fantom (FTM). During this phase, vaults will optimize in the same chain in which they are deployed. During this phase, only veDOUGH holders can deposit into the vaults.
Phase 2 - L1<>L2: Cross-chain vaults will have exclusive access to PIEs. Example: A PIE, like the one discussed here #🧱-ltwo (Discord), can hold auxoFTM and earn yield from FTM farming in their native chain.
To summarize:
Currently only available to veDOUGH holders
Three vaults available: USDC, WFTM, FRAX on Fantom
A cap of 5000 unit deposits per address
Auxo Vaults are experimental and currently unaudited
If you have any questions head over to the #🍳-kitchen (Discord).
BYE-BYE YPIE
As part of [PIP-71], we’d like to announce the decommissioning of the YPIE token. What does this mean?
PieDAO will stop the following immediately: Rebalancing, LP incentives, liquidity provisioning, marketing, and internal listing of YPIE.
The product and all its site functions will remain available at legacy.piedao.org. Holders can use the site to redeem the YPIE for its underlying assets. Holders can also continue with depositing/withdrawing funds from the oven.
There is also a social exit option available. Here's how it works:
You can choose to send YPIE to a PieDAO owned multi-sig.
The multi-sig will collect, redeem and swap the YPIE token.
PieDAO will then send you the equal value of YPIE sent in ETH. A 2% fee will be applied for gas fees.
The social exit will be available from February 24th to March 27th. ETH distributions will happen on March 28th.
Details:
The value of YPIE will be established on March 27th (End of day), as the 3 day average of the YPIE NAV (Net Asset Value).
Multi-sig address to send YPIE to: 0x6458A23B020f489651f2777Bd849ddEd34DfCcd2
Withdraw your funds from the YPIE oven at legacy.piedao.org
Events
WTF is WEB3?
Manchester knows and they know about PieDAO as well! Well, at least the ones that were part of WTF IS WEB3? Meetup event. Our very own PieDAO full-timers 50 Shades of Gwei and Jamie gave a presentation on your favorite product. Well done sers, cheers!
Want to host your own PieDAO meetup? Click the link below and learn how.
Events & Meetups >> https://bit.ly/3BNKCyb