🥧Inside the Bakery 25: Payday and veDOUGH Compounding
Updates on the first distribution of SLICE rewards and veDOUGH compounding trial.
Welcome to a special edition of Inside the Bakery. This Friday the first SLICE reward distribution went live, here’s all you need to know.
DOUGH Staking
“It’s Payday”
A little over a month after DOUGH staking went live you can now claim SLICE rewards for October.
The numbers:
1.35 million in SLICE claimable
201 eligible addresses
~76% governance participation rate
PLAY market cap increases to ~$5.28 million
Who is eligible? Members who staked DOUGH(Oct. 4 - 31) AND voted with veDOUGH on a governance proposal (Oct. 18 - 31) in October.
What am I getting? With the passing of PIP-64 PLAY has been selected as the pie distributed as a reward.
Why PLAY?
There is already an existing market, instead of having to create a new one which can be expensive
A self-feeding TVL mechanism for a PieDAO product
This process can be employed to bootstrap liquidity for new pie
Where are my SLICE rewards? How do I redeem my slice rewards for the underlying pie?
Find the guide to SLICE claiming and redemption here.
💭Food for thought
Although PLAY is the underlying pie for these first set of rewards (PIP-64) this does not mean it will be so in the future. The underlying pies in SLICE rewards will be voted on by veDOUGH holders on a monthly basis. Voice your opinion on what rewards should consist of in the forum here.
Compound Them Gainz
”Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.” - Albert Einstein
📈 PieDAO is running a veDOUGH compounding trial and you can take part of it today. Proposed by DarkMattereum and inspired by Alchemix. The idea is to allow veDOUGH holders to forgo part of their share of SLICE rewards in exchange for more veDOUGH.
Key points:
Gives you the option to receive veDOUGH as a form of yield distribution from DOUGH staking
Your forgone share of SLICE rewards would be available for use by the treasury
veDOUGH holders as a whole will benefit as this would allow for faster treasury growth
Once a week we will publish a SLICE/DOUGH conversion rate based on a three day average of DOUGH price and SLICE NAV
Participants will receive veDOUGH equal to the amount of SLICE sent
Plus veDOUGH to cover gas fees spent on both transactions (claiming and sending SLICE)
How to auto-compound: