Inside the Bakery 40: Community Call Debrief
SLICE distribution, TFC updates, BasketDAO summary, new product updates, and more...
Every month, PieDAO holds a monthly community call on our Discord server, so that the community can get together and update one another on the progress that has been made in the preceding month. Attendees are able to ask pertinent questions about the DAO and a POAP is distributed to everyone.
SLICE distribution
On the 5th of August, 96.4K SLICE ($20,463) was distributed to 211 eligible veDOUGH holders — a participation rate of 48%. In order to be eligible for SLICE distributions each month, a wallet must vote on PieDAO proposals.
For more information on how to redeem SLICE, please refer to the following guides (the first in English, the second in Spanish):
Treasury Farming Committee Update
This was the first month of the new treasury strategy since the revisions were made on the one-year anniversary. The revisions stipulated the direction the treasury will take henceforth, most notably that all distributions are to come exclusively from yield generated.
The last treasury report shows that 96% of the treasury’s assets are currently deployed into farming activities, and the treasury earned an APR of 7.47% in July.
veDOUGH Holders
For stakers of DOUGH, this equates to an average APR of 34.82%.
The number of DOUGH stakers is on the rise! There are currently 441 stakers, which accounts for an increase of 4.26% when compared with the previous month.
BDI Migration Wrap
The BasketDAO acquisition has now been completely finalised, and the migration window is now closed. All BDI that was deposited to the migration contract has now been withdrawn for DeFi++.
Unfortunately, the BasketDAO acquisition wasn’t as much of a success as had been hoped for, as only $42.4k of a potential $1.76m was migrated.
There were many lessons learned from this process, but of course, PieDAO is happy to welcome the new members that did migrate from BasketDAO :)
UNO Fund
UNO Fund is to be yet another PieDAO first. UNO will be the first omni-chain vault for yield generation on stablecoins.
To use UNO, one is simply required to deposit stablecoins into the vault. In exchange, a user will receive UNO tokens.
Using the Layer Zero Network at the communication layer and Stargate Finance as the liquidity layer, the UNO Fund will allow anyone to deposit stablecoins into the vault and automatically make use of strategies that aim to extract the highest yield possible using different strategies and across different chains (as long as they are EVM-compatible). At first, the UNO Fund, which is a part of Auxo, will operate across Mainnet, Polygon, Arbitrum, and Optimism.
Unlike Cronje’s “test in production” attitude to yield generation, PieDAO does not want to take unnecessary risks. To show confidence in the products, and to ensure that they are trusted by the community at large, there are four phases to the rollout.
Phase one was the investigation stage, in which the product was brainstormed and assessed on its initial merits. This was the stage when preliminary questions such as how multi-chain vaults would function, how to deal with bridges, and which protocols could be used.
Phase two was the proof of concept phase, in which cross-chain were implemented with the cross-chain strategies.
Phase three, where we are now, is the alpha version of the product. This is an exclusive phase in which the only party that can use the vaults is the PieDAO treasury itself. This is not only to show confidence in the products (and to juice the largest yields for the DAO itself) but gives a chance for the DAO to optimise strategies, reflect on the success thus far, and to continue to roll out the necessary product documentation.
Phase four is the beta version, which will be available to partners such as other DAOs and DeFi OGs. From this point forth, the strategies will be repeatedly improved and optimised, before the vaults are rolled out publicly.
ETH LatAm
On the 11th August, @AdrianAddesso gave a speech in which he talked about PieDAO and unveiled UNO to the world. This was met with an extremely positive reception by those in attendance, and it seems that we will have many more people joining PieDAO.
Today, there will be a meeting at OnTap Recoleta, Azcuénaga 1781 in Buenos Aires as part of the ETH LatAm celebrations in Argentina, at which there will be merch, beers, etc. The tickets are all sold out, but everyone is still welcome to join.
Governance
Since the last Inside the Bakery, there have been four votes on Snapshot. All of these votes passed with a lot of support from the community.