🥧 Inside The Bakery 37: Community Call Debrief
SLICE distribution, market turmoil, and updates from around the PieVerse.
Welcome back to Inside the Bakery. Today’s newsletter will debrief you on the essential topics from last Wednesday’s community call.
Treasury APR
7.9%*
*APR exclude sOHM position
Voting
🗳️ On the ballot
List of votes currently on snapshot (No gas required)
DOUGH staking
SLICE Distribution
Do you need a pick-me-up after this rough week? Well, here's a reminder that PieDAO's payday was May 6th. This means 130K+ SLICE has been distributed to 221 veDOUGH holders. We had a participation rate of 56% which is good but we can do better. So make sure you stay up to date with the latest votes or you risk losing your rewards! And in times like these accumulation is key.
The numbers:
+16.1 million in DOUGH staked
+15.8 million veDOUGH minted
The average time lock remains at 34 months
401 voting addresses
Where are my SLICE rewards? How do I redeem my slice rewards for PLAY?
Find the guide to SLICE claiming and redemption here.
Treasury Farming Committee
Down But NOT Out
Baby are you down, down, down...🎵
Yes, it's true, the market is down. Still, there was a distribution of $46,459 worth of SLICE for April. Aren't you glad you're getting paid to govern? With that being said here's what the TFC is doing to protect the DAO's portobello(portfolio):
Replacing leveraged ETH with high-beta coins
Tighter control & target allocation for the future
Balancing risk to capture mid-term upswing while protecting funds from further deterioration
Read the full April report here.
Products
The Best of DeFi in One Place
In a bid to simplify our product offerings DeFi+S and DeFi+L will merge into DeFi(formerly DeFi++) as per [PIP-70].
Why? In the Product Refinement Initiative, the DAO implemented a health check on some of our PIEs. The analysis found that our PIEs performed well but there is room for improvement. Merging our DeFi offerings would allow for:
Higher concentration of TVL
Improved allocation of LP liquidity and incentives
Lower maintenance/rebalancing efforts and costs by PieDAO
Optimized effort for its active promotion across the DeFi ecosystem
Do I need to do anything? If you hold DeFi(formerly DeFi++), nothing you need to do! But if you hold DeFi+S and/or DeFi+L you have several choices:
🚀 Migrate: Migrate to DeFi (may require to exit LP positions)
🛌 Do nothing: Keep your tokens (DeFi+S and/or DeFi+L) and keep their LP positions
🔥 Redeem: Burn the token and receive its underlying assets
When is this happening?
April 26, 2022 Migration begins
May 22, 2022 Migration ends
May 23, 2022 DeFi+S and DeFi+L officially retired
Resources
Read the in-depth blog here
Holders can choose to migrate them to DeFi++ (User Guide here https://bit.ly/3xJebB9).
All DeFi+S and DeFi+L related functionality will remain available at
http://legacy.piedao.org/
Miscellaneous
The Sandbox Treasury Management
The PieDAO pilot project with metaverse giant The Sandbox is almost done. As part of the pilot, PieDAO managed $925K in assets from their treasury. We are happy to announce that we are outperforming the benchmark by 1.39%(At the time of writing). Please stay tuned for a detailed performance report and pilot recap.
NFT Index Fund Update
Hamball gave an update on the current status of the NFT Index Fund. The fund gives single token exposure to a set of underlying NFTs. The project, originally a PIE, has evolved to something with more similarities to TradFi. Currently, the purchasing strategy is being defined. To stay up to date follow the NFT thread here.
Thanks for reading!👏Join the PieDAO community today.
Stay tuned for our next community call on June 8th.
Listen to the community call recording and find the presentation slides here. (Forum login required)