Social Exit for USD++ and YPIE holders
If you own USD++ or YPIE and you want to exit gracefully, PieDAO has something to offer to its fam — read below 👇
So, what are the news?
Since January 2022 the PieDAO team has started a product revision initiative called ‘Product Refinement’. The goal of this initiative was to define and run an evaluation of the Pies that were believed to be underperforming. At the time of writing of this article, the USD++ and YPIE pies have been reviewed and selected for decommissioning due to underperformance. This means that the DAO will no longer maintain or incentivize these products.
Easy, we won’t abandon those anons who trusted our products — it gets better below
YPIE has been effectively decommissioned as of Feb 24th, while USD++ as of Mar 4th. Starting from each Pies’ respective decommissioning date, holders will have 1 month to exit their positions via the social exit process which will give them ETH in return.
😌 I’m ready, how does it work?
How?
1️⃣ The DAO will offer holders a multisig address to send their funds to during a specified time frame.
2️⃣ All funds received will be swapped to ETH the day after the window is closed and will consider the asset value (NAV) from an average of the previous 3 days.
3️⃣ The DAO will charge a 2% fee to compensate gas fees and nothing more.
❓ Questions? Don’t keep them to yourself, shoot us a message at Discord
YPIE Details
Decommissioning effective February 24th 2022
Exit Window
- Starts: February 24th / Ends: March 27th
- ETH will be distributed on March 28th
The Process
- YPIE holders can opt to send their tokens to the multi-sig address for PieDAO to collect, redeem, swap, and send back an equivalent $value in ETH. A 2% fee will be applied as partial compensation for the gas cost incurred.
- Funds will be collected starting February 24th until March 27th. ETH will be distributed on March 28th
- YPIE $value will be defined March 27th end of day, as the 3 days average of the YPIE NAV (Net Asset Value)
- Multi-sig address: 0x6458A23B020f489651f2777Bd849ddEd34DfCcd2
USD++ Details
Decommissioning effective March 4th, 2022
Exit Window
- Starts: March 4th / Ends: April 4th
- ETH will be distributed on April 5th.
The Process
- USD++ holders can opt to send their tokens to the multi-sig address for PieDAO to collect, redeem, swap, and send back an equivalent $value in ETH. A 2% fee will be applied as partial compensation for the gas cost incurred.
- Funds will be collected starting March 4th until Apr 4th. ETH will be distributed on Apr 5th.
- USD++ $value will be defined at Apr 4th end of day, as the 3 days average of the USD++ NAV (Net Asset Value)
- Multi-sig address: 0x6458A23B020f489651f2777Bd849ddEd34DfCcd2
🤔 Well, I’m not interested, what are the other options?
If you aren’t interested in utilizing the Social Exit process, Fear not! You can:
- Keep holding your Pie
- Remove liquidity at YPIE’s oven (Baking is suspended)
- Redeem your pie for it’s underlying tokens anytime at legacy.piedao.org — legacy YPIE page and legacy USD++ page
- Keep providing liquidity on the available pools
Closing notes
We appreciate everyone’s effort and trust in our products. It is not an easy decision to decommission these pies, but we believe it’s for a good reason: focusing time and resources towards PieDAO growth and new offerings with better market fit. All decisions made are in the interest of bettering PieDAO and its services to the community.
Remember that these windows will close soon, so help us spread the news to all the holders that you know so we can support as many believers as possible.
Thanks for reading, here’s a PieDAO Potato
