*Important Update** (10/01/2021)
A new governance model for the PieDAO ecosystem is going to take off with the launch of the DOUGH staking initiative.
This represents a complete redesign of the PieDAO governance system with token holders in mind: vote on key DAO matters and get compensated for your work, every month.
- DOUGH v2 will remain the basic element to start your journey and be part of the PieDAO family.
- If you stake DOUGH v2 for a minimum of 6 months, you get in exchange veDOUGH, PieDAO’s NEW governance token.
- With veDOUGH you can help the community steer the destiny of the DAO and its products, make proposals, vote on issues while being compensated for your commitment and effort.
PieDAO will redistribute 60% of the revenues generated by its products and treasury management to active community members, proportionally to the amount of veDOUGH they hold.
veDOUGH is PieDAO’s NEW governance token. Anybody can be a member of PieDAO by holding it, and participate in the DAO governance.
What will DOUGH v2 & veDOUGH be used for?
DOUGH v2 will
- Remain the basic element to start your journey and be part of the PieDAO ecosystem
- Enable staking to get veDOUGH, the NEW PieDAO governance token
- Allow the participation in PieDAO liquidity mining initiatives (DOUGHpamine, etc.)
- Be the traded token on multiple AMMs, and paired in corresponding Liquidity Pools
On the other hand, veDOUGH will become the governance token of PieDAO, allowing
- Active participation in PieDAO’s governance through snapshot votes (management of Pies Parameters, strategic steering of PieDAO, etc.)
- Value accrual via fees gathered from different Pies & LP fees
- Value accrual via active Treasury Farming
- Exercise Meta-Governance on tokens held in different PIEs
- To get compensated for your active Governance support for PieDAO, entering the future of work driven by DAOs.
Use Cases
New Governance: The veDOUGH token is the true key to governance of PieDAO, veDOUGH token holders (stakers) can use their tokens to vote on and propose new ideas that can be used to improve Pies and the PieDAO ecosystem. veDOUGH holders will be in control for all matters related to the indexes & parameters of Pies as well as LPs incentives, community bounties, and other initiatives designed to bootstrap engagement & promote an organic ecosystem development.
Meta-governance: veDOUGH holders will be in control of different tokens which can be used to govern DeFi protocols. By voting with veDOUGH, PieDAO’s members decide how those tokens should vote in the specific DAO. PieVaults, (based on the gas-optimized implementation of the Diamond Standard) empower veDOUGH token holders to act as delegators for assets being included inside PIEs.
Tokenomics & Distribution
This section is intended to address the DOUGH v1 & v1 tokenomics as a whole, also with reference to the migration app allowing early adopters to convert their vested DOUGH v1 tokens to their transferrable equivalent DOUGH v2.
The DOUGH token model was designed to ensure:
- The development of the PieDAO ecosystem over time;
- Incentives for Pies liquidity provisions;
- Bounties for contributions by our amazing Community;
- Value creation to token holders believing in the uniqueness of PieDAO.
First of all, DOUGH is intended with a total supply of 100,000,000 tokens, allocated according to the following breakdown.
Requests for DOUGH v1
Roughly 10% of DOUGH tokens were distributed by accepting Requests for DOUGH v1 in exchange for ETH in two phases (6% of tokens in EPOCH 1, approx 5% of tokens in EPOCH 2) with increasing DOUGH/ETH rates and decreasing vesting periods (1.5year for EPOCH 1 & 1year for EPOCH 2).
Liquidity Mining & Incentives Plan
A total of approx 70% of DOUGH v2 tokens were minted to the DAO treasury, with the mission to foster its long term success. Those tokens were available to be awarded by Governance choice to promote PieDAO’s development through liquidity mining programs, community grants, and other incentives.
A portion of these was conceived for “future distributions”, intended to allow PieDAO the bootstrapping of liquidity events such as the DOUGH v2/ETH 80:20 market deployed on Balancer on the migration to DOUGH v2, the transferrable version of DOUGH token.
A key factor to PieDAO’s success will be represented by the total liquidity attracted by its Pies, thus the vast majority of these tokens could be used to bootstrap liquidity inflow to Pies, promoting the PieDAO ecosystem as a whole.
Summoners:
Summoners were granted a total of 20% of DOUGH v1 tokens, vested over a period of 3 years, as compensation for their full commitment and dedication to the initial DAO blossoming, the efforts in its early strategy definition, early tech development, community bootstrapping & consensus establishment across the ecosystem.
Next Steps
We’d like to thank the community for sharing their feedback and opinions and working hard to expand PieDAO’s community.
In the next article will go in-depth about liquidity mining incentives with numbers and timelines.
🥧 Stay crusty 🥧
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:
