It’s been a busy week of baking at PieDAO.
So what’s been cooking?
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.
Read the full announcement.
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.
Read the full announcement
Read our staking guide
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
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.