BasketDAO has been recently looking to discontinue its operations, so a potential opportunity emerged for PieDAO to onboard the BasketDAO current Community, while transitioning the Liquidity of their products.
Back in November, 0xMaki introduced the PieDAO team to the BasketDAO core team members, which were looking to wind-down their operations following the exploit incident suffered in October 2021.
The opportunity to synergically transition the BaskDAO community and TVL to PieDAO was undoubtedly of interest, so some discussion was started to better assess the potential and work on a draft proposal to BasketDAO that, if preliminarily accepted, could have been then discussed and voted on by the PieDAO community.
These the macro topics under discussion:
- Migration to PieDAO of the residual* TVL in their $BDI DeFi Index (~$2.6M)
- Migration to PieDAO of the residual* TVL in their $BMI DeFi Index (~$0.4M)
- Onboarding to PieDAO of the current BasketDAO community (~1k $BASK holders)
*TVL residual after the last social burning event performed on Nov 29th, 2021
A proposal was preliminarily discussed and accepted on Dec 15th.
We’d therefore now want to move on and share this joint proposal put together by the PieDAO core team together with 0xMaki and the BasketDAO core team, so that it can be discussed with the entire PieDAO community, to ultimately solidify or not the PieDAO acquisition intent through a governance vote.
Below the details of the proposal.
1. PieDAO to offer BASK holders a conversion through a KPI option
→ Option Nominal max payout = current BASK Circulating Market Cap [$]
→ Converting to veDOUGH (PieDAO gov token - 6month staked)
→ Option conversion: in 12 months
2. KPI measured
→ Proportional to BDI + BMI Liquidity stickiness
→ Min 50% of BDI + BMI migrated liquidity should be sticky for Option to convert
→ Liquidity tracked as “units” of migrated liquidity
→ BDI & BMI keys to be handed over to PieDAO, so that liquidity could be eventually migrated over to PieDAO products
→ BasketDAO domain + socials’ accounts to be handed over to PieDAO as well
→ BASK holders snapshotted, for future option distribution