PieDAO Acquires BasketDAO
PieDAO acquires BasketDAO, this deal is one of the first DAO-to-DAO acquisitions in Ethereum’s history.
Participating parties
The acquisition is between two DAOs in the crypto indices space on Ethereum:
- PieDAO is a user-owned community that provides mechanisms that aim to generate wealth. It was the first to propose crypto index products (known as PIEs).
- BasketDAO was a protocol that offered yield-bearing crypto indices powered by Yearn. Their products targeted long-term passive investors with features such as no management fees.
At the core, both projects have a similar goal: offering products that allow users to capture the wealth crypto is creating. The similarities don’t stop there. For example, BasketDAO’s flagship token BDI is conceptually a PieVault. As a reminder, PieVaults allow for lending, staking, and yield-farming of underlying assets. This natural fit between both projects allowed acquisition talks to move quickly.
The proposal
The passed proposal provides a migration option for BDI holders. BDI holders will be able to deposit their tokens into the mixer and exchange them for DeFi token.
- Migration to PieDAO of the residual TVL in $BDI, BasketDAO’s DeFi Index 3 (~$1.76M*)
- Onboarding of the BasketDAO community into PieDAO
*all figures as of April 25th 2022
Timeline
- PieDAO governance vote complete | May 11th, 2022
- Migration contract deployment | May 23rd, 2022
- Migration dates| Open: Jun 29th, 2022 / Close: Jul 21st, 2022
- KPI Options: Snapshot taken | Target date: Jul 21st, 2022
- KPI Options mint day | Target date to be announced at PieDAO’s discord
- Options expiration | 12 months from Options mint date
About PieDAO
PieDAO is the asset allocation DAO for decentralized market-weighted portfolio allocations.
SOURCE:
https://medium.com/piedao/piedao-acquires-basketdao-welcome-to-the-family-168881889c99
