Announcing Oven V2
The community Oven has been a huge success and one of the most-loved features since PieDAO launched in March last year.
In a nutshell, it allows users to pool their ETH and bake pies together, saving them expensive gas transactions. It’s a shining example of our community’s strength working together, demonstrating vividly our core value of keeping wealth creation tools accessible for everyone.
Today we are excited to announce the release Oven V2, addressing all the user requests we’ve received: same core principles at heart, but much more generalised functionality and an even more robust architecture.
Oven V2 is now open for baking, following the launch of PLAY. To celebrate, we’re subsidising all baking for the next 48h hours (until 5pm UTC on March 26th)! Mint your PLAY now.
What’s baking in the new Oven V2?
- The range of bakeable pies will now include DeFi+L, DeFi+S and all the other community favourites.
- Ability to choose between a range of input assets, with specific Ovens for ETH, DAI, USDC and more.
- Generalised design allowing anyone to build specific Ovens tackling new use-cases across the wider DeFi ecosystem.
- Ability to use Ovens to share the costs of adding liquidity together, opening up liquidity provision to a wider audience
- Ability to use Ovens to participate in arbitrage opportunities between Nav and Pie price.
Overall, Oven V2 will greatly improve the user experience, increase the consistency of baking frequency, and continue serving PieDAO’s mission to make wealth creation tools accessible to anyone with an internet connection
Understanding Oven
Tl;dr: Ovens allow users to perform an action together, sharing the cost between all participants.
Instead of every single user needing to perform a costly action (e.g. minting a pie), users can pool their resources and perform the action together, reducing the total costs and saving everyone money.
Historically Ovens have just been used for minting pies, sourcing the required underlying assets from across decentralized exchanges.
Oven V2 opens the door for a myriad of applications, both within PieDAO and across the wider DeFi ecosystem.
If you are a developer and would like to build an Oven that would allow your users to save on expensive transactions, read the full technical breakdown here.
Oven V2 Features & Future Use-Cases
Expanding the Range
Previously, the Oven allowed users to pool their ETH and mint BCP, DEFI++ and YPIE. With Oven V2, all the other pies are getting added, including DEFI+S, DEFI+L, USD++, and more upcoming Pies.
More Baking Options
Until now Ovens have required ETH as the only baking ingredient. With Oven V2 users will be able to choose between a range of input assets, with specific Ovens for ETH, DAI, USDC and more! More input assets can be added as we move forwards. If you’d like to see an Oven added, come and help build it! More options, more happy bakers.
Provide Liquidity Together
The new architecture allows to easily build Ovens for community members to share the costs of adding liquidity together, handling everything on the back end. Currently the multiple transactions needed to provide liquidity to Balancer pools and others can make the experience unprofitable for many users. We think this would be a massive step towards making wealth creation accessible, and encourage the community to build an Oven for this use-case.
Arbitrage Together
You might have noticed that there’s a price ticker on each pie page titled NAV. This Net Asset Value shows the market price of the underlying assets. This NAV price differs from the Pie price because pies are freely tradable.
When the NAV and pie price differ this is an opportunity for arbitragers to either buy and redeem, or mint and sell and pocket that difference. This arbitrage opportunity means the pie price consistently moves towards the NAV peg.
With Oven V2 architecture a specific Oven can easily be built, enabling anyone to take advantage of this arbitrage opportunity together. Check out the technical specs, reach out on Discord, and initiate the conversation on the Forum to put this to action!
Finally, a note on the sustainability of PieDAO Ovens. Until now the DAO treasury has subsidised the entire minting process in order to bootstrap the product. This has helped us to onboard thousands of users into Pies, iterate the early versions of the products, and has proven to be one of the most-loved features. As this isn’t sustainable long-term, Oven V2 baking will begin to share the cost of the bake between all participants. Don’t worry, this will still be substantially cheaper than minting new pies on your own.
Beyond PieDAO
As we’ve seen already, Oven V2 is a powerful beast. But it doesn’t stop there.
With the V2 framework other projects can easily build custom Ovens.
Any protocol that requires expensive transactions can build an Oven to share the transaction costs among their users.
Anyone can whip up a recipe defining how to get from input token to output token, and the Oven framework will abstract away all the user pooling complexity. It’s all open source, and we encourage anyone with expensive entry to try it out.
A recipe can be as simple or as complex as needed. So long as users stand to benefit from pooling costs, the Oven V2 framework serves as an easy way to make any dApp more accessible to its users.
Conclusion
We couldn’t be happier to take further this incredible product that has already benefited so many PieDAO users and share it with the wider DeFi community.
Oven V2 is currently being audited by MixBytes and we expect to be able to launch within the next week.
Developers who are as excited about the possibilities for integrating Oven, don’t hesitate to get in touch and check the documentation.
Make sure to check out the Oven today.
PieDAO is a decentralised organisation governing tokenized portfolio allocations, with a mission to give its users access to wealth creation, no matter their economic status or geolocation. PieDAO’s products, Pies, combine the convenience of a passively held, diversified basket of assets, with crypto-native, automated active strategies to generate the highest possible returns. $DOUGH is the engine powering the entire ecosystem, giving its holders the right to participate in governance and be rewarded through a share of fees.
If you want to know more about PieDAO:
👉 PieDAO website
👉 PieDAO on Aragon
👉 Discord
👉 PieDAO Forum
👉 Github
