BDPI Launch — The Great DPI Migration
The genesis of capital efficient 0 fee baskets
The road so far
As of Saturday, 3 April 2021 UTC+0 22:00:00, we have amassed ~32.2mil in the form of DPI and UNIV2-DPI-ETH, giving us the second spot in Defi Llama’s index category.
This article will entail what we are planning to do with the staked DPI and UNIV2-DPI-ETH.
What will happen during the DPI migration?
During the DPI migration, we will first be burning the DPI in the staked DPI and DPI-ETH LP pools to retrieve the constituent tokens, e.g. UNI, COMP etc. We will then mint an equivalent amount of BDPI tokens and also create a BDPI-ETH pool on Sushiswap.
Once DPI is successfully migrated to BDPI, we will then convert the constituent tokens to the interest bearing equivalents where possible; for example, SNX will be converted to aSNX.
For DPI stakers, post migration, you will automatically be staking BDPI and continue earning BASK emission rewards.
For DPI-ETH LP stakers, post migration, you will automatically be staking BDPI-ETH LP tokens on Sushiswap and continue earning BASK emission rewards.
When is this happening?
This will happen around 4:30 UTC Apr 5th.
Will I still be able to farm $BASK post migration?
Yes. Post migration, BDPI stakers, BDPI-ETH LP stakers and BASK-ETH LP stakers will all continue to earn BASK emission rewards.
The reward allocation between the pools post migration will be:
- BDPI staking — ~111 $BASK / day
- BDPI-ETH LP staking — ~444 $BASK / day
- BASK-ETH LP staking — ~222 $BASK / day
What do I need to do to continue farming $BASK post migration?
Nothing. We will automatically convert all DPI staking positions to BDPI staking positions, and DPI-ETH LP staking positions to BDPI-ETH LP staking positions. You will automatically continue earning $BASK rewards, and will be able to claim previously earned BASK. All you need to do is stake now.
As a special thank you to everyone that stakes either DPI or DPI-ETH LP positions through migration, we will be doing a retroactive airdrop of $BASK bonds in the future. You will be able to stake $BASK bonds to earn $BASK for a period of time.
We’ll be experimenting with a new way to retroactively reward users. Stay tuned for info.
The road ahead
BDPI is just one of the many innovative and exciting products the BasketDAO team has lined up, so stay tuned for more!
If you have an idea and would like the share it with the team, please join the discussion on discord — https://discord.gg/28ZNtj2aW5