PieDAO

Summary

The following proposal expands on the treasury DOUGH burning ritual, providing time periods for the burning, burning magnitudes, and methodology.

## Authors Gabo_o, Bennet

## Passing Thresholds 5% or more of veDOUGH supply must participate (22,300,000*0.05 = 1,115,000) 60% or more of participating tokens must vote FOR

## Motivation As already introduced in ‘the rise of Auxo’, prior to migration, excess DOUGH that will be migrated is planned to be burned in four discrete events. These consist of: tokens that were allocated to the DAO Treasury in order to foster ecosystem development, incentivising initiatives (liquidity pools, staking, bounties, etc), and tokens the DAO will be buying back during the buyback program. As the protocol will be migrating to a purely non-dilutive yield-generating operation, and considering all incentive programs have been officially faced off, DOUGH tokens currently sitting in the treasury cease to serve their initial purpose and, as a result, are eligible for burning.

Scope

The burning process is proposed to start around mid-December and will unfold over four different events. Each event will take place one month after the previous one and will burn 10% more tokens compared to the previous round. The burning timeline below displays both the burning period and magnitude. This process will anyhow terminate in sync with the planned migration to AUXO.

Tokens that will be burned are the ones held in the following addresses:

• DAO Treasury: 0x4efd8cead66bb0fa64c8d53ebe65f31663199c6d
• Dough Buyback contract: 0xf3e82afa0ffa086a96147ce5f2d49f2989d02d13
• eDough buyback contract: 0x44EE9e89EFAE48bc4033437d7FE1807182Ec257A
• DAO Treasury multi-sig: 0x3bcf3db69897125aa61496fc8a8b55a5e3f245d5
• DAO Development multi-sig: 0xad32A8e6220741182940c5aBF610bDE99E737b2D

From the addresses above, DOUGH will be collected in the DAO Treasury multi-sig (0x3bcf3db69897125aa61496fc8a8b55a5e3f245d5) and from there sent to the 0x000000000000000000000000000000000000dEaD address.

Benefits

The main benefits of this burning proposal will be:

• (1) the reduction in supply
• (2) the reduction in FDV (fully diluted valuation). In particular, by reducing FDV, the DAO would also increase the MCAP/FDV ratio, which gives a sense of how much of the supply is circulating compared to the total supply.

Risks

A “side-risk” of this would be a possible appreciation of DOUGH price over time.

## Next steps Shall the proposal pass, the treasury will:

1. Schedule the burning events, and communicate their dates.
2. Begin burning its DOUGH as per the timeline above by sending the DOUGH to be burnt to the 0x000000000000000000000000000000000000dEaD address.
3. Inform in the monthly Treasury Report the amount of burnt DOUGH

Closing notes

In light of the Auxo Migration vote having passed, and having gauged community sentiment we are now formalising the proposal into a snapshot vote. Let us know if you support it, or not, or even if more information or further discussion may be needed.

FOR: I support burning DOUGH as scheduled

AGAINST: I do not support burning DOUGH

MORE INFO: This require’s further discussion