BasketDAO Money Market Index

DeFi’s Diversified High-yield Savings Account

What is BMI?

It’s an index of interest-bearing USD stablecoin exposure, initially made up of yVault tokens from Yearn.

https://www.bdpi.live/#bmi — thanks @zashtonEth 👏

BMI comes with the following benefits:

• Diversified exposure to some of DeFi’s best risk-adjusted yields sourced by Yearn strategist, while minimising your risk to any particular stablecoin and vault
• Monthly rebalances to chase the highest yields, managed and paid by us
• Low-gas entry and exit, paid by us
• BASK staking rewards for the first 4 weeks of launch
• Additional incentives for selected treasuries (read on)

Given Yearn’s solid track record and our existing revenue-sharing partnership, it made sense to launch BMI from yVaults. However, BMI is not restricted in its yield sourcing and will aim to chase high risk-adjusted yields across DeFi through other partnerships.

Interested in working with us? Drop us a line.

BMI Methodology

• No more than 20% of the fund in any one given vault
• Does not make up more than 30% of deposits in any one particular vault (to ensure minimal yield dilution)
• Vault inclusion chooses from highest to lowest yield from eligible vaults, assuming a minimum fund size of $100M
• Only invests in Vaults with at least $5M in TVL
• Rebalances monthly to follow the methodology. Fund will have some discretion around exact weights for the purposes of minimising slippage and rebalance costs.

How do I participate?

BMI launches on July 15th UTC, staking rewards begin on July 19th 2am UTC.

Low-gas Entry

1. Deposit your USDC, yvUSDC, yvDAI or yvUSDT in SocialMinter
2. BasketDAO will batch-mint periodically to cover gas cost for everyone
3. Claim your BMI and stake it into our rewards contract to earn BASK

Low-gas Exit

1. Deposit your BMI in SocialBurner
2. BasketDAO will batch-burn periodically to cover gas cost for everyone
3. Claim your USDC

High-gas Entry and Exit

Instantly mint & burn BMI yourself — coming soon.

Fees

0.5% for all exits, unless you’re a Treasury Partner.

Treasury Incentives

BMI aims to be a safe, set-and-forget product for treasuries to hold diversified stables. As part of the BMI launch, we invite treasuries to apply for the BMI Treasury Partnership.

BMI Treasury Partners are selected treasuries that make an initial deposit of any amount into BMI, during its 4-week launch period. Benefits include:

• Lifetime exit fee exemption
• If a partner’s initial deposit exceeds $100K, they get 10 BASK per $100K deposited, for up to 100 BASK. The minimum deposit period is 2 weeks, meaning an extra ~16% APY on top of default BASK incentives.

Applications open now, so reach out if you’re interested.

Referrals are greatly appreciated.

Security

The security of a yield farming product cannot be understated, especially one that manages money for protocol treasuries.

On the Yearn side, unsurprisingly things seem very solid. You may read about their risk assessments here, or see their contract audits here.

On our side — BMI uses the same set of contracts that BDI uses, which are audited by Haechi.

This is similar to how Yearn’s yVault operates — you have a base set of yVault contracts (in our case baskets-v0/*.sol) and various strategies (in our case the rebalancing modules).

We welcome devs and protocols to carry out their own due diligence.