[Generic Gate 1] BasketDAO acquisition proposal

Relevant discussion can be found here https://forum.piedao.org/t/basketdao-acquisition-proposal/1177/18

Summary

BasketDAO has been 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.

Authors

Joint proposal put together by the PieDAO core team together with 0xMaki and the BasketDAO core team.

Passing Thresholds:

-> 5% or more of veDOUGH supply must participate -> 60% or more of participating tokens must vote FOR

Opportunity

-> Migration to PieDAO of the residual TVL in $BDI, BasketDAO’s DeFi Index (~$1.76M as of April 25th 2022) -> Onboarding to PieDAO of the BasketDAO community

Proposal

PieDAO to offer BDI holders a conversion through KPI option tokens, powered by UMA → The Option Nominal max payout corresponds to the current BASK Circulating Market Cap as of April 25th 2022 [ → $91,222] → Option will convert to DOUGH: The Option Nominal max payout defined above will be converted to DOUGH, according to its 30days avg price as of April 25th 2022 [ → $0.2153, resulting in an equivalent max payout of 423,674 DOUGH]. The resulting DOUGH at KPI conversion will be then staked to veDOUGH with a time-lock of 6 months. → The KPI Options will convert 12 months after distribution.

KPI measured → Proportional to stickiness of BDI Liquidity migrated → Min 50% of migrated liquidity should be sticky at conversion for KPI Option to convert to a non-zero value → Liquidity will be tracked as resulting “DEFI++” units after migration, corresponding to the BDI liquidity deposited by holders in the migration contract

Procedure

→ Migration contract developed by the BastekDAO & PieDAO core teams to be validated by May 7th 2022 → BDI holders will be offered the chance to deposit their $BDI in the migration contract, starting from May 12th for a period of 3 weeks. → BDI holders having deposited in the contract will be snapshotted, for distribution of KPI option tokens pro-rata to the amount of BDI deposited. → NOTE: A minimum of 50% of current BDI tokens should be deposited in the migration contract by the end of the 3 weeks for the KPI Option distribution to take place [BDI deposited >= 4372 tokens] → At closure of the BDI deposit, should the 50% threshold be met, the BDI deposited will be migrated to the new “DEFI++” index by PieDAO → BDI token holders having deposited their tokens will receive a NAV-equivalent amount of DEFI++ tokens (NAV values for both BDI & DEFI++ to be computed at migration). → BMI keys to be handed over to PieDAO , so that its liquidity could potentially be migrated over to PieDAO products in the next future → BasketDAO domain + social accounts to be handed over to PieDAO

Should PieDAO move on with this acquisition proposal?