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.

1. Migration to PieDAO of the residual TVL in $BDI, BasketDAO’s DeFi Index 3 (~$1.76M*)
2. 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.

Website | Twitter

SOURCE:

https://medium.com/piedao/piedao-acquires-basketdao-welcome-to-the-family-168881889c99

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