YES

(VAR x0 x1 x2 x y)
(RULES
  *(*(x0,x1),x2) -> *(x0,*(x1,x2))
  *(x0,*(i(x0),x1)) -> x1
  *(i(x0),*(x0,x1)) -> x1
  i(*(x0,x1)) -> *(i(x1),i(x0))
  *(x,i(x)) -> one()
  *(x0,one()) -> x0
  d(x0,x1) -> *(x0,i(x1))
  *(i(x0),x0) -> one()
  i(one()) -> one()
  *(one(),y) -> y
  i(i(y)) -> y
)

(COMMENT
Termination is shown by KBO with weight

  w0 = 1
  w(d) = 1
  w(one) = 1
  w(i) = 0
  w(*) = 1

and precedence:

  i > d > * > one
)