We’re dropping a new low-risk product — BMI: BasketDAO Money Market Index. It’s a diversified stablecoin farming index powered by Yearn, aimed at stable farmers and treasuries. We feel it’s a strong product and it complements BDI on the risk spectrum, particularly in this bear market. So we’ll aim to give it the best launch boost we can.
Before we do that though, we need to talk about BASK.
BASK in its current form does not make good incentivisation. Its flaws raise a lot of questions among buyers and low BASK appeal = ineffective incentivisation.
With all of our learnings…
All 7 votes failed to reach our initial quorum of 10000 votes or even the reduced quorum of 6700 votes.
Our voting token BASKV — a token set up to track your BASK that may or may not be in your wallet, has failed to consider
Lessons from BASKV failures have been learned and will be applied to future proposals.
Over the past few months, we’ve…
Updated on June 15th for revote
Following our successful rebalance #1, rebalance #2 continues with more proposals for the community. Proposals are based on discussions from within the community.
Assuming smooth success this time as well, we will soon begin giving proposal powers to the community, to work towards our vision of a decentralised yield-bearing index.
The Snapshot proposal combines the following items:
The community came out in force and all 3 proposals have passed. This means that the following changes will take place:
We were glad to see the wide…
The team has been working with our advisors on a transitional plan to realise our “truly decentralised index” vision. The general idea is that with each rebalance, more power is transferred from the team to the community.
Rebalance #1 is the first step of this power transfer where the community will be allowed to make some binary choices regarding tokens and farms. Subsequent rebalances will see the community gaining proposition power, the ability to change tokens, weight factors, farms, and eventually gaining full control over BDI.
There will be many links in this article, follow…
BDI’s mandate will be to provide diversified exposure to DeFi blue chips, while charging no fees and farming yield safely. It is aimed at the long term passive investor as a safe set-and-forget investment.
The following inclusion criteria ensure that BDI follows its mandate, by controlling the tokens that may be included and the risk appetite of the farming.
In the past 5 weeks, we have leveraged what we can from the market that existed before us to bootstrap liquidity for BDPI:
These are the numbers are post a heavy reward reduction, confirming our belief that BDPI is becoming self-sustaining. It’s time for BDPI to take on its own evolution.
New Symbol: BDI
New Name: BasketDAO DeFi Index
The rebrand further distils BDI’s mandate:
BDPI holds yield bearing tokens, in the form of cTokens from Compound, aTokens from Aave and xSushi.
These tokens accrue yield in a variety of ways.
We refer to the claimable COMP rewards and streamed aToken as harvestable yield.
The initial plan was to distribute harvestable yield as detailed below:
However, the BasketDAO Treasury has kindly agreed to sponsor BASK holders (😘) and will be donating its portion of yield for the foreseeable future. …
Our vision of BasketDAO consists of an ecosystem of financial products centered around our decentralized indices. For example, as an investor you might want to buy insurance on your BDPI during a period of high volatility, or you might want to borrow against your BDPI position. The S&P500 has its own ecosystem within TradFi —