PieDAO

Relevant discussion can be found here https://forum.piedao.org/t/btc-health-check/1284/6

Summary

As part of the newly introduced Products Refinement Initiative initiative we here propose a health check of BTC++

Motivation

BTC++ was the very first product ever discussed within the PieDAO community, and launched back as of early April 2020 as an innovative weighted allocation of different representations of Bitcoin on the Ethereum network.

Main motivation being the fact that, back then, an open race was on for bridging Bitcoin to the Ethereum Network, with a number of projects moving in that direction, with different tradeoffs in terms of security and decentralization, but with no clear winner (note that solutions like wBTC were still emerging back then). A more comprehensive background can be found here PIP 1- BTC++, BTC on Ethereum diversified

Specification

From the analysis provided, it seems that the majority of current holders have been there since the “farming” opportunity back in mid 2020, but contributing dust positions overall, denoting an overall lack of Market fit in this product.

Proposal

The proposed solution would be to discontinue BTC++ from the PieDAO offering. Should this proposal be approved, BTC++ would be added to the deprecated PieDAO products page. Current BTC++ holders may either opt to keep their position or exit the pie through the option of Social Exit detailed below:

• PieDAO to share a multisig address for a certain period of time (~ 1 month), where all BTC++ holders could send in their BTC++
• PieDAO to redeem the liquidity collected and swap for ETH
• BTC++ holders to receive back an equivalent $value in ETH, after deducting a small 2% fee as partial compensation for the gas cost incurred.

Do you support the proposal to discontinue BTC++?