On June 23 $BAL has gone live, as described in announcement post here.
BTC++ pools and USD++ are both eligible to $BAL rewards.
$BAL tokens reward will be redistributed to Pies holder on a weekly basis, within 7days from the original transfer, following the PieDAO reports calculated by the balancer team which can found on the GitHub repo here.
Liquidity providers in BTC++ and USD++ and future Pie will be rewarded as expected from other shared pool.
Pies in Pools policy
Double dipping is defined as the act of taking a PieDAO Pie, for instance BTC++, and add that into a separate Shared pool in Balancer to get double $BAL rewards.
Normally those rewards would be lost unless the Balancer pool containing BTC++ also supports BAL in the first place so that they cannot be extracted. PieDAO being a governance layer on top of the pools can instead implement a distribution strategy to save those rewards.
A similar situation happens for Uniswap pools, BAL tokens would be normally sent to the Uniswap pool where those are lost forever as there is no way to extract them.
Distribution proposal in practice
Exclusively for weeks number 1, 2, 3 BAL rewards will be distributed to regular users as expected. Smart contract holding Pie (ie: BTC++) such as Uniswap or other BTP pools will not receive the BAL reward, instead the LPs which have contributed to those pools will receive the BAL as if they have been holding the tokens in their regular wallet.
Moving forward starting at week 4, I propose that BAL rewards which would have been otherwise lost are ONLY redistributed to pools and markets that PieDAO considers of value for the PieDAO ecosystem.
The current pools I’m proposing are:
|0xd4dbf96db2fdf8ed40296d8d104b371adf7dee12||Balancer Shared||BTC++ / WETH|
|0x0b5e26829B72654620cD431E685FD71ad956E58E||Uniswap V1||BTC++ / WETH|
How to add a new pool to the double-dip program
- Open a PIP in the governance forum explaining why the pool is beneficial to the PieDAO ecosystem.
- Open a vote into the DAO with an IPFS hash of the proposal for DOUGH holders to decide.
A template can be provided to facilitate the process.
You can find how the distribution looks like for BTC++ holders right now without the double-dip calculation. Rewards to regular address (IsPoll == no) will be distributed shortly.
I will put out a DAO vote to ask for consensus about this proposal soon.