The Pie Is Out The Oven
It’s been a busy week of baking at PieDAO.
So what’s been cooking?
DeFi+L Index Launched
DeFi+L launched successfully, providing easy exposure to a basket of the largest DeFi projects.
The seven underlying tokens are COMP, AAVE, UNI, LINK, MKR, SNX, and YFI.
You can learn more about the projects the community chose below:
@compoundfinance @AaveAave @UniswapProtocol @chainlink @MakerDAO @synthetix_io @iearnfinance
DeFi+L Staking Launched
The successful DeFi+L launch was followed by the introduction of our DeFi+L / ETH 70 / 30 staking pool.
This pool uses a brand new staking contract based on Ampleforth’s token-geyser. It has a built in multiplier, so you can earn up to 3x your share after eight weeks, with the multiplier scaling linearly.
Week Two Staking Incentives
We also announced further staking incentives, with 150,000 DOUGH available to be earned across all pools this week.
DeFi+S + DeFi+L Both Break $1m Staking Liquidity!
It was an exciting day! DeFi+S broke $1m liquidity, and then, just a few hours after launching DeFi+L did the same. It’s so rewarding to see such high demand for our automatically rebalancing indices, and we couldn’t be happier with the incredible response from the wider DeFi community
Rewards Recycling Program
Until now PieDAO has incentivized liquidity providers out of our treasury, minting 350,000 DOUGH in the first two weeks to get our pools off the ground.
However at PieDAO we are committed to a sustainable rewards strategy based on the concept of minimal viable issuance.
This week we executed PIP 19, our first action aimed at keeping DOUGH inflation as low as possible. Using BAL rewards earned from our staking contract we were able to purchase 10,450.60 $DOUGH off the DOUGH / ETH market for a total of $18,060.01. The amount of DOUGH we are able to take off the market will continue to increase each week as trading volume grows.
PIP 19 is just the first step. We’re actively working on a range of other models that will add continued buying pressure to the DOUGH market, so stay tuned for updates.
Community Growth
The PieDAO Twitter channel broke 5000 members!
It was a week of explosive community growth for PieDAO, with lots of new faces interested in our DeFi+L index and staking pools.
Thank you to everyone who’s joined us on our journey to provide truly decentralized investment portfolios. This is just the beginning.
Zapper DOUGH / ETH Staking Support
The first zapper integration has arrived!
You can now invest in the DOUGH / ETH 80 / 20 staking pool directly with ETH.
This cuts out the need to wrap your ether and get BPT from the Balancer protocol.
Head to https://zapper.fi/invest , search for DOUGH, and select Balancer from the drop box. Once you have BPT you just need to head to https://pools.piedao.org/#/stake and deposit into our staking pool.
Staking with PieDAO is now easier than ever. Happy baking!
DeFi Governance Progress
We crossed the first obstacle on our journey to become a governance hub for the broader DeFi ecosystem.
UNI tokens in ExperiPie were successfully delegated to the DAO, allowing DOUGH holders to vote on future protocol decisions.
We are aiming to integrate governance through the DAO for all the tokens in the DeFi+L pie, with a goal of simplifying the process and raising governance participation across DeFi.
Previously:
DOUGH / ETH Staking Launched
The DOUGH / ETH 80 / 20 liquidity pool launched successfully on Balancer and is baking nicely.
There’s currently $8m in the pool and liquidity providers are earning a whopping 190% APR.
What is DOUGH?
DOUGH is the governance token of PieDAO, the world’s first decentralised organisation for tokenized investment portfolios.
Anyone can buy DOUGH and become an active part of the DAO. As well as enabling governance in both PieDAO and some of the largest DeFi projects there are loads more exciting incentives to be a DOUGH holder coming soon.
What’s Next?
We’re incredibly excited for the next PieDAO update.
The moment DeFi fans have been waiting for is just around the corner.
Get ready to say hello to the brand new DeFi++ index.
DeFi++ will give investors easy access to a basket of both small and large cap DeFi project tokens. It’s a combination of the DeFi+L and DeFi+S index tokens, weighted at a 70 / 30 balance.
In total it’s made up of thirteen DeFi tokens:
COMP AAVE UNI LINK MKR SNX YFI
UMA REN LRC BAL PNT MLN
Is your favourite DeFi project not included? Make sure to stock up on DOUGH so you can actively participate in building new portfolio tokens with the rest of the PieDAO community!
Stay tuned for a full DeFi++ blog later this week.
That’s all for this week. Happy Baking!
The PieDAO is a decentralized organization dedicated to bringing market accessibility and economic empowerment to anyone with an internet connection through Pie Protocol. Anybody in the public community may support these efforts by completing bounties, making feature requests, or proposing new Pies. DOUGH token holders are the DAO’s decision-makers, governing which proposals are accepted. If you want to know more about PieDAO:
