Premise
Auxo is the natural evolution of iterating on our vision and focus activities on what works and expand them. It gives the change to fix a couple of things in the process and perform a long-due re-branding the community discussed by the community for over a year, in order to improve the perception of trust in the brand. Because of that the upgrade has been thought out in continuity with PieDAO.

To recap, besides branding improvement, the upgrade to AUXO brings several benefit from a technical prospective:

It’s more gas-efficient to transfer
Enables gas-less approval via EIP-2612
Allows on-chain governance
LSD: Liquid Staking Derivative native to the protocol.
As you might have realized by now AUXO is a lot more similar to what a pie used to be than DOUGH, in fact you can think about AUXO as a Defi Farming “Index” which govern it self. Because a lot of the modules around AUXO, such as non-dilutive bonding, require a NAV price it’s important the migration happens relatively fast, the NAV price of AUXO in fact can only be computed once the entire migration is completed and there aren’t any leftover tokens that can bridge to the new systems. Failing to timebox the possibility to migrate would leave AUXO into a limbo-state where it is impossible to operate.

Another interesting point to explode is the change of the Timelock contract which now supports a single lock per address compared to multiple locks. The are a number of technical benefits in doing so, as the contract would be much cheaper to operate (for instance to boost your lock), makes the compounding easier and users have a much cleared picture of what’s their position compared to a fragmented state in multiple locks. This type of lock is likely more familiar to the average DeFi user as it is a lot more similar to other veTokens.

Because in veDOUGH users have multiple locks, mostly created through compounding, options will be offered to make the process as smooth as possible, it will be possible to:

Aggregate all your locks in one-tx - Suggested option
(all locks are aggregated with the longest timeframe in the array)
Aggreate all locks to xAUXO in one-tx - Suggested option
Migrate a single lock to veAUXO
(One per address, it’s possible to select a different address)
Migrate a single lock to xAUXO
(One per address, it’s possible to select a different address)
Contract Migration Dynamics
Taking in consideration the need to a due date which brings finality to the upgrade process, the options below for different stakeholders are mapped between: Before Upgrade-day, After Upgrade-day, specific dates and Anytime.

- Option When
veDOUGH Migrate to veAUXO (Users are asked to aggregate their locks into a single one) Before
veDOUGH Migrate to xAUXO (Minting fee applies) Before
veDOUGH Choose not to participate and exit to DOUGH After Upgrade-day all remaining locks expire
DOUGH Stake to veDOUGH to join the veAUXO migration. Before
DOUGH Burn my DOUGH Anytime
DOUGH Sell to the market Anytime
DOUGH Participate to the buyback Until Upgrade-day
eDOUGH Participate to the buyback Until Upgrade-day
eDOUGH Migrate to veDOUGH if my vesting time > 6 months Until DATE
eDOUGH Burn your eDOUGH Anytime
eDOUGH Keep vesting Anytime
More people stake ahead of migration, more AUXO rewards will be diluted at upgrade finality.
After the upgrade is finalized that becomes no longer the case, because new users bonding at NAV price does not change the APR (NAV lower, $ payout lower, APR constant).

The burning ritual
A Ritual of Letting Go, Cleansing, Intention, and Hope.

Through the dark hours of this night
We burn to cleanse our Karma
Flame and fire and searing heat
Burn all my fears to ash
Forgive the pride that we have shown.

Now send your sparks up
On the breath of the wind
Up to the sun, moon and stars
May we be reborn from the ashes

Doer of the good gather good,
evil of evil reaps
Karma is as karma does

This night and every night
grant to me the light
The sacred yield be on my sight

-

Ode to Auxo
A great burning ritual will take place, because of the nature of Auxo, token reserve outside of the one used for market making don’t need to be kept in the DAO since the supply of Auxo can expand via bonding and there will not be token used as incentives.

Burning events will begin in December, starting from the DAO reverse and ending with the leftover DOUGH in the liquidity pools to be dismissed once the upgrade is finalized. While the DAO will burn the vast majority of the token supply during the ritual, only 10% of the new supply of AUXO are minted to the treasury address to be utilized for liquidity pools and market making.

The DAO will cleanse, and you can too.
Everyone will be given instruction on how to participate to the ritual using your DOUGH and eDOUGH.

Burn to let go.
Burn to cleanse.
Burn to hope.
Burn for good Karma.