Net Asset Valuation (NAV)

As pies are fully backed by the underlying assets, which means they have an intrinsic value equal to the value of the tokens they represent. This is known as the Net Asset Value, and can be seen on the page of each individual pie. Every pie can be minted or redeemed at this value, at any time.

Market Price

Pies are also freely traded on both centralised and decentralised exchanges, enabling the price of a pie to fluctuate above or below the NAV.

The difference between the NAV and market price is displayed as either a premium or discount, and can create an arbitrage opportunity. This is the mechanism by which the peg is maintained.

Streaming Fees

All pies are subject to a streaming fee that is applied continuously to PieDAO products. For AMM pies this is 0.7%. PieVaults like YPIE that have built in productivity have a 1% fee. This fee is directed to the DAO treasury, to be used for further growth as determined by DOUGH holders.

Swap Fees Swap fees are earned by pie holders, providing an additional income. Because first pie smart pools are Balancer AMMs (automated market makers) they constantly rebalance to maintain the set allocation as users interact with them. This 1% fee is accrued by all holders of the pie smart pool token, with the underlyings constantly growing.

PieDAO is a community DAO focused on tokenising automated wealth creation strategies. The DAO'S first line of products are called Pies, yield-generating tokenized portfolio allocations.

The Vision - A Self-Driving Wealth Creation Machine

For as long as the modern-day financial system has existed, the ability to achieve financial freedom has been available exclusively to those who had (some) wealth to begin with: more often than not, one needed to be born to a successful family, have access to strong financial education, and initial capital to play with.

For the rest of us, getting from 0 to 1 in wealth creation is a gigantic chasm extremely hard to overcome, meaning that we have to spend most of our lives focusing on earning income, never quite getting to the stage of actually accumulating wealth. The introduction of crypto networks and decentralized finance has offered countless improvements to the way our financial system operates, often removing geographical barriers and permission-seeking of traditional systems, but we must admit that financial inclusion has not been one of them.

1. They require significant technical knowledge (expertise)

2. They require a significant amount of time investment to monitor trends and markets on a regular basis (time)

3. They have high transaction fees (money)

These prerequisites of expertise, time, and money make access to DeFI a luxury available to a select few.

We strongly believe that this vicious cycle should cease to exist, and that anyone should be able to have control over their financial future, no matter the country they live in, their economic status, their level of technical expertise, or financial education.

The PieDAO community envisions a world where wealth creation is a passive, automated process accessible to anyone with an internet connection without heavy prerequisites, while strategies to create wealth are in the hands of the most objectively talented individuals, distributed across the globe and correctly incentivized.

PieDAO is a community completely decentralized from day one, whose task is to govern the ecosystem of products designed to make this future possible.

The core products of PieDAO are carefully curated baskets of assets, traditionally known as ETFs — or Pies as they are referred to in our ecosystem.

Pies are designed for regular people with a busy lifestyle, little to no starting capital, and no time to spend watching the DeFi twitter trying to catch the next big hit.

DOUGH, the PieDAO governance token, is the driving force behind the entire ecosystem, allowing people across the globe to make decisions on what products to create, what strategies to deploy, and what assets to include.

Core principles

• Courage & Ownership: Changing the financial future of million will not be an easy task and for this reason, courage is the first and more important of all virtues. We need to breed bravery in the organization, to have the courage to do what it takes to set a bold course for the future, to engage in a courageous conversation, and to be decisive in uncertainty.

• Accessibility and Financial Inclusion: The open financial system has to be accessible to anyone with an internet connection. PieDAO’s products need to be usable from small holders to whales.

• Financial Transparency: Decentralised financial services are not be built in opaque silos. Informations are transparent and auditable to all participants.

Community

• Speak truthfully: As a community, we value honesty and frank conversations about our work and ourselves. We understand there is nothing to fear about the truth. We have integrity and demand it from others.

• Be transparent: We encourage transparency as a force for justice. We have the courage to share the things which are the hardest to share and we grow from those.

• It’s okay to make mistakes and unacceptable not to learn from those: We understand that mistakes are a natural part of the evolution of an organization. We don’t worry about appearances, we worry about achieving the goal of the organization. For this reason, we avoid focusing on “blame” and “credit” and instead focus on what’s “accurate” and what’s “inaccurate”. When we fail, we fail forward.

• We do what’s right over what’s easy: We do things because we believe them to be right not because they are easy to do or because everybody is doing them. We are radically open-minded about what’s right and truly commit to understanding the reasoning with the people we disagree with.

• Give tough love without being an asshole. : Tough love is the hardest and most important type of love to give. While most people prefer compliments, accurate criticism is most valuable. We are never disrespectful or offensive in doing that, instead, we encourage people to objectively reflect on their actions and reasoning to identify the root cause of mistakes.

Ecosystem

Community

Summary

PieDAO & NFTX team up to extend the scope of the $PLAY pie and bring to market the most comprehensive NFT/Gaming index in the market.

1. eligibility criteria for inclusion in $PLAY (or asset removal)

2. methodology for asset allocation

3. rules and procedure for rebalancing

History

What is a Pie?

Pies are the products of PieDAO. They are tokenized indices, baskets of assets represented with one easy-to-manage ERC-20 token. All pies are fully backed by the underlying assets, redeemable at any time. Pies can be built either as Balancer Smart Pools or PieVaults.

In the case of Smart Pools, the tokens are used in an automated market maker which maintains their set percentage allocation as users interact with the liquidity pool. Swap fees from interactions with the pools are gathered for pie holders, constantly growing their balances. What is a PieVault? PieVaults can be seen as the next generation of PieDAO products. Instead of being fixed percentage AMMs, PieVaults actively employ each of the underlying assets with a yield-generating strategy.

Strategies employed can be staking, lending, and much more. PieVaults bounce between strategies, maintaining the highest possible yield as rates fluctuate.

Profits realised by the PieVaults active strategies accrue to the token, requiring no action and incurring no gas fees.

The first PieVault was YPIE, providing complete exposure to the Yearn Finance Ecosystem. USD++ is the second PieVault, engaging in five stablecoin farming strategies and netting holders a predicted passive 18% APY.

PieVaults can be staked for double yield as part of our liquidity incentives program.

Blue chips only. DEFI+L represents DeFi’s biggest and best. These large-cap DeFi projects manage billions of dollars of assets and provide a wide range of financial tools, from synthetic derivatives to decentralized loans.

The Pie actively uses the underlying tokens in the index.

History

Description

Balanced Crypto Pie is all you need, it provides complete exposure to what our community believes are the core must-own assets in cryptocurrency, an even 33.33% distribution between $BTC, $ETH and DEFI. The underlying assets in BCP are constantly taking profits and growing your holdings as it automatically rebalances to maintain the set allocation. History

Description

Don’t sleep on the underdog. DEFI+S gives exposure to lower marketcap projects that have incredible potential for future growth. These projects are tackling a wide range of vital issues including scalable layer 2 decentralized exchanges, cross-chain DeFi composability, and decentralized contracts.

Over the last year Decentralized Finance has exploded, with many new financial tools built on Ethereum. DEFI Index Pie is the most diversified DeFi index on the market, aiming to provide the broadest possible exposure to this rapidly growing industry.

To achieve this we included both large and small market cap projects, with a focus on market leaders and innovators. The pie is composed by 14 tokens that represent large and small cap projects within the DeFi ecosystem.

Product Refinement Inititatives

Summary

DOUGH Staking creates a value accrual mechanism for token holders by promoting long-term alignment and rewards active participation in the DAO with cashflow.

Background

The PieDAO community has long discussed implementing single asset staking for DOUGH, as well as a mechanism for fee distribution.

The DOUGH staking design is shaped to add valuable utility, promote long-term alignment, and encourage participation in the decision-making process.

The proposed staking framework serves as a mechanism to distribute protocol fees as well as other revenues generated by the DAO.

Implementation

Specifications

High-level concept

• Governance Mining means revenues are shared with DOUGH stakers actively participating in governance.

• Long-term committed capital is more valuable than short-term committed capital, for this reason, long commitments are granted with extra incentives such as more voting power and a higher portion of rewards.

• veDOUGH holders (aka DOUGH Stakers) receive cash flow in a diverse basket of tokens knows as "Reward Pie".

veDOUGH

veDOUGH uses a lock-up weight system. The number of veDOUGH obtained by staking DOUGH is determined by two elements: The stakedAmount of DOUGH and the timeCommitment.

Locking DOUGH is allowed for a minimum of 6 months and a maximum of 36 months. The multiplier follows the curve: y=x/k*log(x)

After the lockup expires, the user can withdraw their stake and will not be able to vote anymore.

Anyone can call the eject function to push out an expired lockup and force-unstake the tokens for that address, as such anyone can make sure free riding is prevented.

Quorum requirement for veDOUGH In order to pass a PIP 5% of the total supply of veDOUGH has to vote of which 60% in favour of the proposal.

The Reward Pie

The RewardsPie is used to distribute the DAO's revenues. The underlying assets of the RewardsPie will not be used productively and are therefore enabled for meta-governance at any time.

Definition of revenues

(Optional) The DAO might decide to add to the Reward Pie rewards in DOUGH.

Revenues distribution breakdown

• 60% is directly distributed to veDOUGH holders

• 25% is used to compound the treasury principle

• 15% is used to cover operational costs.

Governance Mining

• veDOUGH holders who did at least one vote during the last 30 days are able claim their rewards.

• veDOUGH holders idle for >90 days have their rewards redistributed to everybody else.

Definition of active participation

The veDOUGH contract had an embedded system to gate the claim of rewards. It does that by using a merkle root to verify that the address claiming is eligible to do so. This system allows for participation to be tracked offchain and therefore easily evolve over time.

Resources

Conclusions

1. Deploy the staking & veDOUGH contracts (See: implementation section).

2. Deploy the Rewards Pie.

3. Distribute DAO Revenues to veDOUGH Holders according to "Revenues distribution breakdown".

4. Change the current snapshot strategy to only allow veDOUGH holders to vote.

5. Accept only PIPs that have the "Quorum requirement for veDOUGH"

USD++ was originally deployed as a Smart Pool using an inverse volatility model to determine weights. More recently, USD++ has been migrated to a PieVault to soon be transformed into a yield-bearing index.

Gas prices can be high for minting pies (the process of creating new tokens). As part of our community's mission to make our products accessible for a global audience and leave no one behind, we created the Oven.

The Oven is a way to mint new pies without incurring high gas costs, which works by pooling resources together. Multiple users can mint their pies within the same transaction, sharing the costs between each participant and saving as much as 97% of the cost.

Delegation

Delegation is not supported.

DOUGH

DOUGH is the DAO’s governance token and the engine behind the PieDAO wealth creation machine. All protocol management decisions are made by the DOUGH holders: from new products to asset rebalancing, strategies, and integrations. Think of a bank where every customer has the right to be a board member.

DOUGH enables its holders to take control of their financial future.

Buybacks

Following PIP-19 all BAL generated by the DAO’s products are used to purchase DOUGH off the open market, to be used for future incentives programs or as otherwise determined through the governance process. So far over $500k of DOUGH has been bought back.

Meta-governance

DOUGH isn’t just about PieDAO. It’s a governance passport for the entire DeFi ecosystem. DOUGH lowers the barrier to wider governance participation in unprecedented ways. Any asset with governance power held in a PieVault will be automatically delegated to PieDAO, enabling DOUGH holders to vote in that protocol’s governance decisions. One DOUGH to govern them all.

Different representations of DOUGH

Yearn Finance Ecosystem Pie provides complete exposure to the growing Yearn network. YPIE is a PieVault, unlocking extra capabilities and active strategies.

Metagovernance, staking, lending, and interest-bearing assets are enabled by default and operate in the background without requiring any extra work from the pie holder. These revenue streams continually cause YPIE tokens to appreciate in value, redeemable for a greater share of underlying assets over time.

BTC++ minimizes the damage such an event would cause, diversifying your BTC holdings between four different service providers. If any one token fell to 0%, holders of this pie would lose just 25% instead of everything.

DAO stands for Decentralized Autonomous Organization.

DAOs are an emerging segment of the DeFi (Decentralized Finance) revolution, with many communities now tackling a wide range of issues through collaborative action.

Nobody is in charge of PieDAO, everything happens through the consensus of DOUGH voters. Anybody can propose a new pie or an update to an existing one, and contribute to the ongoing discussions in either our Discord channel or forum.

Description

Call Managers

CallManagers are addresses which are whitelisted to trigger arbitrary calls from the ExperiPie. A whitelisted caller can be added by calling addCaller(_newCaller) on the ExperiPie from the contract owner. ⚠️ This should be used with caution as it allows any token within an ExperiPie to be pulled out ⚠️. Only trusted addresses or smart contracts should be added as callers.

Lending Manager

The lendingManager allows the owner of that instance to withdraw and deposit tokens into lending lending protocols which are whitelisted in the lendingRegistry. The owner of the lendingManager instance can move tokens between whitelisted lending protocols in the lendingRegistry.

For a lending manager to be able to manage a ExperiPie's tokens it needs to be whitelisted as a caller.

The owner of the lending manager instance can lend, unlend and bounce(hopping between protocols).

These functions have the following interface and should be called on the Lending Manager contract.

/**
    @notice Move underlying to a lending protocol
    @param _underlying Address of the underlying token
    @param _amount Amount of underlying to lend
    @param _protocol Bytes32 protocol key to lend to
*/
function lend(address _underlying, uint256 _amount) bytes32 _protocol) public;

/**
    @notice Unlend wrapped token from its lending protocol
    @param _wrapped Address of the wrapped token
    @param _amount Amount of the wrapped token to unlend
*/
function unlend(address _wrapped, uint256 _amount) public;

/**
    @notice Unlend and immediately lend in a different protocol
    @param _wrapped Address of the wrapped token to bounce to another protocol
    @param _amount Amount of the wrapped token to bounce to the other protocol
    @param _toProtocol Protocol to deposit bounced tokens in
*/
function bounce(address _wrapped, uint256 _amount, bytes32 _toProtocol) external;

Lending Registry

The lending registry keeps track of all lending protocols and wrapped tokens. Only tokens and protocols registered in this registry can be used by the LendingManager. Currently supported lending protocols are Compound and Aave.

Contract address: 0xB739Dcf499306B191D9D4fa5255A8f20066a6a96

With the following functions protocols and wrapped tokens can be added:

/**
    @notice Set which protocl a wrapped token belongs to
    @param _wrapped Address of the wrapped token
    @param _protocol Bytes32 key of the protocol
*/
function setWrappedToProtocol(address _wrapped, bytes32 _protocol) external;

/**
    @notice Set what is the underlying for a wrapped token
    @param _wrapped Address of the wrapped token
    @param _underlying Address of the underlying token
*/
function setWrappedToUnderlying(address _wrapped, address _underlying) external;

/**
    @notice Set the logic contract for the protocol
    @param _protocol Bytes32 key of the procol
    @param _logic Address of the lending logic contract for that protocol
*/
function setProtocolToLogic(bytes32 _protocol, address _logic) external;

/**
    @notice Set the wrapped token for the underlying deposited in this protocol
    @param _underlying Address of the unerlying token
    @param _protocol Bytes32 key of the protocol
    @param _wrapped Address of the wrapped token
*/
function setUnderlyingToProtocolWrapped(address _underlying, bytes32 _protocol, address _wrapped) external;

Lending logic contracts

Lending logic contracts return the calls needed to lend or unlend from a protocol.

Deploying the factory

npx buidler deploy-pie-factory --network mainnet

Deploying a PieVault

2. run npx buidler deploy-pie-from-factory --allocation [PATH_TO_ALLOCATION] --factory [FACTORY_ADDRESS] --network mainnet

3. Copy the tx hash and search on Etherscan to find the address

4. Verify the contract: npx buidler verify [PIE_ADDRESS] --constructor-args ./verify/experiPie.js --network mainnet

Specification

Below is the proposed scope of the KPI Options for DOUGH staking:

• Proposed Airdrop targets: pro-rata to all veDOUGH holders

• Proposed Airdrop date: at first reward Pie minting

• Options expiration date: in 6 months, on 31st March 2022

• Metric tracked: total amount of DOUGH staked

• KPI Option backed by: DOUGH

• Proposed total amount of KPI options: 10 million units

• Maximum option converting value: 0.5 DOUGH per option, if 15m or higher ‘staked DOUGH’ KPI is hit.

Total option payout per KPI hit: growing in a step function, as below:

• 1M DOUGH Total Payout, with 7,5M DOUGH staked

• 2M DOUGH Total Payout, with 10M DOUGH staked

• 5M DOUGH Total Payout, with 15M DOUGH staked

Related info

Configuration

PIP-60 Release Impact — October 4th 2021

Vote weight = veDough

Pie Smart Pools are non-custodial smart contracts, the first implementation of a DAO-governed AMM pool. They add extra functionality on top of vanilla AMMs pools.

Providing liquidity to one of these Pies gets you tokenized exposure to the underlying assets and additionally generates yield from the liquidity in these pools to perform token swaps.

The Pie Smart Pools are asset management agnostic. At the time of writing, Pie Smart Pools are compatible with the Balancer interface.

Background

Balancer is an Automated Market Maker protocol, similar to Uniswap, which allows anyone to create a self-balancing index fund-like token. Those pools can be either Controlled or Finalized Pools.

1. Controlled pools are configurable by a “controller” address. Only this address can add or remove liquidity to the pool (call join or exit). This type of pool allows for great flexibility and implementation of custom functionality besides allowing the change of fees, pool assets, and their weights.

2. Finalized pools have fixed pool asset types, weights, and fees.

Any pool created on the Balancer protocol is used to aggregate liquidity when users want to swap one token for another.

Supplying Assets

Suppling assets to a Pie will mint the Pie to your Ethereum wallet. Pies are represented by an ERC-20 token balance, which entitles the owner to a proportional share to an increasing quantity of the underlying asset.

There are two ways of supplying assets:

1. Weighted-asset deposit/withdrawal

2. Single-asset deposit/withdrawal

Represented in the smart contracts by the following functions:

joinPool allows deposits where all the underlying quantities of assets are according to weights.

function joinPool(uint256 _amount) external virtual override ready noReentry

joinswapExternAmountIn allows a deposit where only one of the underlying quantities of assets is provided. Depositing a single asset is equivalent to depositing all pool assets proportionally by swapping the provided assets, which includes slippage.

Redeeming Pies

Redeeming assets in the Pie is equivalent to burning Pie tokens in the non-custodial smart-contract.

exitPool allows Pie holders to burn Pie tokens and receive the underlying quantities of assets according to weights.

function exitPool(uint256 _amount) external override ready noReentry {

exitswapPoolAmountIn allows Pie holders to burn Pie tokens and receive only one of the underlying asset. Exiting to a single asset is equivalent to swapping the other underlying assets for the chosen one, which includes slippage.

On a standard finalized Balancer pool if an asset transfer function reverts it is not possible to redeem any of the underlying assets.

Pie Smart Pools allow exiting the pool even with multiple frozen assets in it by using a specific function designed to limit the loss of frozen assets.

@param _lossTokens Tokens skipped on redemption

function exitPoolTakingloss(uint256 _amount, address[] calldata _lossTokens)

Features & Use Cases

Pie Smart Pools implement a wide range of additional features, from safeguards to flash loans, designed for a different use case that a specific allocation might benefit from.

Flash Loans

A Flash Loan allows you to borrow an asset without the need for collateral as long as the asset is returned within the same transaction.

Flash Loan technology allows users to use fewer transactions, thereby reducing fees.

They allow users to perform a variety of operations including arbitrage, refinancing, and more. Borrowers of Flash Loans might have to pay fees when returning the funds.

Pie Smart Pools allows for Flash Loans via the PFlashLoans smart contract pool.

Unlike other platforms offering Flash Loans, for security reasons PFlashLoans does not imply funds have been returned after a smart contract call by looking at the balances at the end of a transaction. It explicitly sends funds back to the Pie Smart Pool.

In some cases, PFlashLoans Pools could be used for more reasons than borrowing funds, for instance, a Pie containing governance tokens of some DAOs could use the Flash Loan mechanics to vote by owning the Pie instead of the governance token.

Dynamic Fees

The DAO governed function setSwapFee() in PieDAO Smart Pools allows for a dynamic fee system that can respond quickly to the expansion and contraction of demand for specific assets in the pool according to external factors.

Fees can be either decided directly by DAO participants or algorithmically determined according to specific factors.

Additionally, a dynamic fee system can be used to influence trading frequency within the pool, and either incentivize or disincentivize rebalancing until a certain maximum deviation from the nominal % allocations is reached.

Similarly to other industries, the ability to set pricing rules with a powerful algorithm that takes the price elasticity of tokens into account is likely to become an essential property of successful pools.

Dynamic Weights

Pies are different in nature, some will be designed to boost diversification, others to maximize yield. Pie Smart Pools allow time-based weight adjustments to run off-chain and be notarized by DOUGH token holders.

One early example is USD++, in which weight function takes into consideration several different factors including the volatility compared to the peg of $1, trust minimization, and market risk, allowing weights to be adjusted every quarter by the DAO.

Dynamic Weights can be used to roll expiring futures contracts, offering perpetual exposure to an asset class, and even replicate derivatives such as protective puts and calls.

ie: Adjust the weight of the underlying asset to always equal ΔPrice/ΔValue aka the elasticity or ‘omega’ of the derivative.

Safeguards - Halting trading

Unlike finalized pools in Uniswap or Balancer, trading in Pie Smart Pools can be halted. Emergency transactions can be prepared via a vote of DAO token holders and broadcast in the future under specific conditions that require trading to be halted.

These transactions can be triggered based on multiple conditions by bots monitoring the mempool for abnormal behavior regarding the price and total supply of the underlying assets, in order to minimize the risk of a single asset collapse draining the entire pool.

Over time, we believe live risk statistics and predictive analysis regarding the likelihood of a specific asset defaulting will be essential tools for liquidity pools to succeed.

Safeguards - Capped Pools

Pie Smart Pools can include a maximum cap for experimental pools.

Parameters to Govern

Pie Smart Pools have a range of parameters governed by DOUGH holders.

• Pie Swap Fee

• Pie Weights Function

• Pie Trading Switch

• Pie Flash Loan Fee

• Pie Single asset entry/exit Fee

• Pie Management Fee

• Pie Cap Value

• Pie Implementation Address

Oven Summary

The Oven infrastructure manages baking, or pooled entry into a position.

The Oven accepts a single token. It uses a recipe, which can combine many steps such as swapping for several assets and depositing them in various strategies or LPs, to compose a single output token.

EthOven.sol

• constructor

  • _weth

  • _outputToken

  • _roundSize

• receive

  • Receives ETH, Deposits to msg.sender

• depositETH

  • Deposits ETH to message sender

• depositETHTo

  • Deposits ETH to provided address

Oven.sol

• Initializes

  • inputToken

    • address

  • outputToken

    • address

  • Recipe

    • address

  • roundeSize

    • This sets the max units of inputToken to be used per round.

    • Acts to limit slippage

  • rounds[]

    • Stores each round

  • userRounds{}

    • Maps users to rounds

  • fee

  • feeReceive

• onlyBaker # Modifier

• onlyAdmin # Modifier

• constructor

  • inputToken

  • outputToken

  • roundSize

  • recipe

  • Triggers these actions:

    • creates empty rounds

    • Approves tokens

    • Sets default role

    • Sets baker role

• deposit, depositTo, _depositTo

  • Transfers `amount` of `inputToken` from `msg.sender` to this address

  • Since each `round` has a max `roundSize` to prevent slippage, deposits loop to fill each round. Break when full `amount` assigned to `rounds`

• pushUserRound

  • links user to `roundId` particularly useful for deposits which span into multiple rounds

• withdraw, withdrawTo (`to`, `roundsLimit`)

  • Queries the `userRounds` and loops through participated `rounds`.

  • Calculates the relative share of baked asset the users deposit relates to in both `inputAmount` and `outputAmount`.

  • transfers `inputAmount` and `outputAmount` to entered address

  • emits `Withdraw` event

• bake (calldata_data, memory_rounds)

  • Can only be called by `Baker` role

  • Loops through `rounds` and calculates the unbaked amount of round as `maxInputAmount`. A fee is applied if applicable.

  • `recipe.bake` is triggered which bakes `inputToken` to `outputToken`

  • `rounds` are updated with new `totalBakedInput`

  • if fee set, transfer to feeReceiver

• setFee

  • only Admin can invoke

• setFeeReceiver

  • only admin call invoke

• roundInputBalanceOf (round, of)

  • returns total input token balance of a user minus baked amount

• inputBalanceOf (of)

  • sum of `roundInputBalanaceOf` for multiple rounds

• roundOutputBalanceOf (round, of)

  • returns total output balance of a user minus unbaked amount

• outputBalanceOf (of)

  • sum of `roundOutputBalanceOf` for multiple rounds

• getUserRoundsCount (user)

  • length of rounds per address

• getRoundsCount

  • total rounds length

Recipe.sol

• Bake

  • A recipe should route from one input token to one output token and the functionality to do so should be triggered by a `bake` function.

  • Should accept

    • _inputToken

      • address

    • _outputToken

      • address

    • _maxInput

      • Max input units unbaked for the round

      • If a fee is set, this will have applied.

  • Should return

    • inputAmountUsed

      • Defining units of inputToken spent

    • outputAmount

      • Defining units of outputToken produced.

• Any additional function needed to compose the outputToken should be defined in the recipe.

• For examples, please see contracts/recipes.

Converts Pie Smart Pools into ExperiPies 🥧

External deployed contracts

Diamond implementation: 0x1f863776975a69b6078fdafab6298d3e823e0190
Balancer factory: 0x9424B1412450D0f8Fc2255FAf6046b98213B76Bd
Smart pool implementation: 0x706f00ea85a71eb5d7c2ce2ad61dbbe62b616435

Deployed contracts

experinator: 0xd6a2AAeb7ee0243D7d3148cCDB10C0BD1bb56336
smartpool storage doctor: 0xd7Db1aE8193A12D0ee5e1cf53D7Bcf0f20D09757
experiPie storage doctor: 0xCA4Dc78E1BB0520606195DF3BBD24638fF996852

How to migrate a Pie Smart Pool to a PieVault

Set the proxy owner and smart pool controller to the experinator contract address 0xd6a2AAeb7ee0243D7d3148cCDB10C0BD1bb56336

Migrate pie

npx harhat to-experipie --experinator 0xd6a2AAeb7ee0243D7d3148cCDB10C0BD1bb56336 --pie [smart pool address]

Misc tools used for development.

Upgrading a contract is done by setting the implementation address on the proxy contract to the address of the new logic contract. Using this pattern allows smart pools to be upgraded while keeping the old storage.

Deploying a new implementation

copy the contents of env.example to a new file called .env and edit the relevant values inside. DO NOT share this file with anyone as it will contain sensitive data.

Install all dependencies:

yarn

Build the project

yarn build

To deploy the implementation contract run the following command replacing the impl-name value with the name you would like to give to the implementation contract and the --network value with whichever network you want to deploy the contract to.

npx buidler deploy-smart-pool-implementation-complete --impl-name [IMPL-NAME] --network kovan

In your terminal you will see the address of the implementation, copy this for the next step.

Setting the new implementation

The pie-proxy instance has a proxyOwner address, only this address is capable of changing the implementation contract by calling setImplementation(address _newImplementation).

The smart pools are currently controlled by a multisig wallet. To change the implementation you should do the following steps.

2. Connect your wallet.

3. Add a transaction.

4. Set destination to pool address.

5. Set contract name.

6. Set ABI (can be found on Etherscan).

7. Select setImplementation method.

8. Fill in the implementation address in the input.

9. Send multi sig tx.

10. Get enough confirmations by other multi sig owners.

11. Enjoy your upgraded contract.

Testing procedure

Because Pie smart pools deal with real value it is important to take extra precaution when upgrading them to minimize the risk to users funds.

Before upgrading any pool we do a test run using this pool first. To do this we take the following steps:

1. Deploy implementation (described above).

2. Set cap to zero.

3. Set implementation (described above).

4. Set Controller to testing address.

Automated testing

The automated test tests this functionality on mainnet:

1. Check the controller.

2. Check if the cap is zero.

3. Exiting the pool.

4. Check if cap is enforced.

5. Setting the cap.

6. Joining the pool.

7. Setting cap to zero

8. Setting public swap from non public swap setter (should fail).

9. Setting public swap setter from controller.

10. Setting public swap to true.

11. Setting public swap to false.

12. Setting the tokenBinder

13. Unbinding token from non tokenBinder address (should fail).

14. Binding token from non tokenBinder address (should fail)

15. Rebinding token from non tokenBinderAddress (should fail).

16. Rebinding token from tokenBinderAddress.

17. Binding token from tokenBinder address.

18. Unbinding token from tokenBinder address.

19. Setting token binder to 0x000...0000.

20. Binding a token (should fail).

To run this test execute the following command:

POOL=[POOL_ADDRESS] npx buidler test ./mainnet-test/test.ts --network [rinkeby|mainnet]

This command will throw an error if something is not as expected.

Only AFTER these tests should the implementation be set on the actual smart pool contract. See above on how to do this.

Collaboration Decisions are made through community consensus by the development of PIPs (Pie Improvement Proposals). From new products to budgets, everything is decided as a community of voters through the DOUGH token. Why is it important to write a correct PIP? A well-crafted PIP enables devs to take action quickly on the desire of the community, empowers ownership to members as they are following every step of their own proposal, and allows the organization to scale as more contributors can pick up a proposal to work on easily.

❌ Voting poorly constructed PIPs creates confusion ✅ It’s better to use a poll inside the forum post to gather sentiment instead.

The process of creating a proposal usually begins with informal discussion, either through our Discord community or other social media platforms such as Twitter. The process to create a PIP follows three stages. Stage 1: Discussion / Idea

An idea-discussion is the first step in proposing a PIP. If it's a proposal for a new Pie, it is likely that during this phase the proposal won't have a model or a technical spec attached to it yet. Ideas are important as they allow members to be creative, but it’s important to make sure those ideas progress into actionable PIP in order to be implemented.

Stage 2: Pie Improvement Proposal / PIP

A PIP is a proposal with actionable steps for the DAO to be working on.

In the case of a new Pie, it includes a detailed model and the motivation behind the new product, any relevant partnership to launch it, and a timeline to make it happen.

In the case of a rebalance for a Pie, it includes a detailed breakdown of the new allocation and how it compared to the old one, the reasoning behind it, and other relevant information for devs to execute on it.

Stage 3: Voting a PIP

The proposal is now mature, it has everything it needs to be implemented and there is a rough consensus in the forum post. It is time to submit it to the judgment of the community.

2. Create a proposal with your PIP Number

3. Set the Start and End Date (min: 24h unless emergency)

4. Bring the attention of Members to the vote.

Voting

PieDAO utilizes two voting mechanisms. The first is gas-free voting via Snapshot, which can be used for DOUGH holders to signal their support for a decision.

Deposit

function depositByMonths(uint256 amount, uint256 months, address receiver) external;

Withdraw

function withdraw(uint256 lockId) external;

Distribute rewards

Any address is able to call the distributeRewards function on the dToken (veDOUGH) contract. A sufficient approval and balance for the token specified in the dToken contract is needed.

function distributeRewards(uint256 amount) external;

Participation

Participation is tracked in the participation merkle tree. There are three states an address can be in

• INACTIVE - included in the merkle tree as 0

• ACTIVE - included in the merkle tree as 1

• UNSPECIFIED - not included in the merkle tree, default state

INACTIVE

An address which gets labeled as such can have its reward redistributed by other participants. This can be done by any other address and other stakers are incentivised to do so to increase their own rewards. This can be done in batches using the following smart contract call:

function redistribute(address[] calldata accounts, bytes32[][] calldata proofs) 

ACTIVE

An address which gets labeled as such has been active in governance and is able to claim its accrued rewards:

function claim(bytes32[] calldata proof) external;

Its also possible to claim rewards for another address:

function claimFor(address account, bytes32[] memory proof) public;

UNSPECIFIED

Not included in the merkle tree. Rewards cannot be claimed but also not redistributed

Recurrent meetings cadence

• Community Calls: Monthly

• Inside the Backery Newsletter: Fortnightly

Audiece: Everyone!

PieDAO Events will be broadcasted through:

If any of PieDAO contracts are exploited putting at risk funds or compromising any process or functionality, the PieDAO Core Team will keep the community updated on the status of the situation, the next steps, the port mortem analysis and next steps.

The following sources will be updated accordingly

Two types that aim to cover the most relevant activities regarding:

• Organizational deliverables: Structure improvements and Growth

• Innovation deliverables: Engineering improvements and New Features & Products

Reporting

• Cadence: No cadence, the initiatives shows their current status

• Format: Online webpage / Notion

Being a DAO member is first and foremost being part of a community, it's about have long-term alignment with the organization's goals and mission. It's about presence and engagement.

Sometimes the DAO requires services that cannot be found inside the community, because of that we engage with freelancers on a temporary basis with precise scope.

We hope that every freelancer / third party we engage with would eventually become part of the community but they are not required to. The ones who do join the community can consider forming a working group ( aka committee ) to keep doing their work on a regular basis while contributing to the organization's mission.

Sometimes the DAO finds resources for specific services inside the community and between token holders, those groups of people usually end up organizing into a working group and formally requesting the DAO for a budget.

The cover topics related to latest news and announcements, committee reporting debriefing and token performance relevant information. This is a contributor lead effort, so share your love on discord if you like it and help spread the news!

Impleented to facilitate addressing community found issues, keep reporters up to date on their status, and auto-assign them to the CoreDev team for an improved support experience.

The DAO working groups are expected to issue reports on a regular basis, which cadence is determined on a case-by-case basis. All reports are published on different channels, like discord or at the community calls, nonetheless their historical records will be kept public on the following published pages.

Worth mentioning

• Reports are read-only documents and won't be modified after their publication

• Their structures and contents are not immutable, so please reach out on Discord to suggest improvements

The PieDAO team meets on a daily basis to discuss progress, issues and blockers, as well as to prioritize current Sprint tasks. This ceremony, taken from the Agile practices, helps increase team synergy.