Oven: Gas-Free BCP and DEFI++
It’s time to formally announce Oven, a new feature from PieDAO providing gas-free pie minting.
What is Oven?
Oven is all about accessibility.
We believe everyone should be able to use our pies to gain automatically rebalancing cryptocurrency exposure.
In our view it’s pointless to provide permissionless pies if a high gas price shuts out many people around the world.
With Oven users can avoid this expense entirely, opening the door for anyone, anywhere, no matter their budget.
How does it work?
The PieDAO Oven allows users to pool their ETH in our smart contract, minting pies together instead of individually. Our treasury currently covers the entire gas cost, making our products much more accessible.
Users deposit their ETH and as soon as the threshold is reached the Oven automatically mints everyone’s pies.
All you need to do is withdraw your freshly baked pie to your wallet.
Oven checks if there’s enough ETH in the contract every fifteen minutes, automatically triggering minting if there’s over 10 ETH ready.
It’s not completely gas-free as you do have to send the initial transaction and then withdraw, but by our estimation Oven saves users up to 97.5% of the cost.
A baking transaction can need 73 transactions and cost as much as 4m GAS. This can be hugely expensive when GAS prices are high. Thankfully with Oven users just need a deposit and withdrawal, costing around 100k GAS.
Currently Oven can be used to mint DEFI++ (our diversified DEFI index) and BCP (Balanced Crypto Pie, containing equal parts BTC, ETH and DEFI++).
More pies will likely be available through Oven in the future.
Learn more about DEFI++ and BCP.
How to use Oven
Step 1)
Navigate to https://pools.piedao.org/#/oven
It’s always best to go directly to the exact URL as there have recently there have been many phishing sites imitating defi projects as the top Google result recently.
Always double check the URL matches exactly.
Step 2)
Hit Connect Web3 to Connect your wallet (at the top right corner of the page)
Both WalletConnect and Metamask are supported.
Step 3)
Choose your pie and select Bake on the right hand side.
Step 4)
Select however much ETH you want to turn into pie, hit bake and sign the transaction using your wallet.
Step 5)
Wait for other users to deposit and the Oven to fill up.
The pies will be baked after 10 ETH is added, and the contract checks to see if the Oven is ready every fifteen minutes.
Step 6)
As soon as Oven notices the threshold of at least 10 ETH has been reached your pie will be automatically minted and available to withdraw.
It really is that simple, so happy baking!
Get started with Oven here.
Learn more about our pies.
Conclusion
We’re incredibly happy to be able to make our pies as easy and accessible as possible.
Providing accessible financial tools globally is our core mission, and Oven is a great step forwards for this ambition.
So far over 650 ETH has been used to mint pies using Oven already, so join the gas-free party and try it out today!
Don’t forget to join our Discord to get involved in the DAO. We’re an open community welcoming everyone.
We’re currently discussing a brand new Yearn Ecosystem Pie.
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:
