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 —
An advisor either:
Topics include but not limited to:
Advisors will receive a signing bonus of 20 BASK, streamed over 2 weeks. Each advisor will also receive compensation as protocol reaches certain milestones:
The milestone is…
A brief summary to catch everyone up
BasketDAO creates token baskets. These are similar to ETFs in traditional finance, and each will have their own mandate.
We’ve committed to not charging the community any management fees, and will be capital efficient, e.g. via farming yield safely, where possible — this means you are paid instead of paying for asset exposure. We believe in returning as much value to the community as possible.
We will be announcing soon the details for community governance and rebalance voting. But before that, let’s get this out of the way so it’s unambiguous:
BDPI’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.
BDPI will not be a yield maximizing token; safety and security of funds will always come first, and we will have strict inclusion criteria both for tokens and acceptable farms.
New indices can be created to maximize-yield or carry out…
This message is sponsored by yours truly — BasketDAO Treasury 😘
The migration from DPI, and UNIV2-DPI-ETH to BDPI and SUSHI-BDPI-ETH was a success. As a thank you to everyone who stayed with us throughout the migration, you can now claim the special limited edition $BASKbond ERC-20 token on our website.
This article will explain how the allocations for $BASKbonds were calculated, and what they can be used for.
Background: As we migrated both DPI and UNIV2-DPI-ETH, the rewards for each user had to be calculated in relation to the amount they staked in USD, not the amount of tokens.