BDI Rebalance #1
So begins the path to a truly decentralised index
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 them to get more detail.
What’s in this rebalance?
The team will propose 2 token additions:
CRV, in the form of yveCRV by Yearn (Snapshot proposal here)
LINK, in the form linkCRV by Curve (Snapshot proposal here)
The team will also propose unwrapping of 3 aTokens for the time being (low yield, higher gas efficiency):
aKNC, aREN, aMKR (Snapshot proposal here)
The community will be able to cast a binary vote on those proposals when voting begins. Until then and during voting, you can join the discussion on our discord.
If all votes pass, the new index would look like this (subject to market caps observed on the days of rebalance):
Voting is done on Snapshot, there will be 3 proposals to vote on.
You can vote with the BASK in your wallets. If you have BASK staked in xBASK or BASK-ETH pools, the amount of equivalent BASK will be calculated and added to your voting power.
Your voting power is snapshotted when voting begins and will remain unchanged for the duration of voting, meaning you can’t buy more BASK to gain more voting power once voting begins.
Treasury will not participate in voting, but devfund can.
[NOW] Detailed proposals are published on Snapshot, rebalance #1 channel is created on our discord where discussions can take place. More BASK can be acquired to gain voting power before voting begins.
[Block #12390830, ~May 8th, UTC+2] Voting begins, voting power is snapshotted.
[May 12th, UTC-8] Voting ends, verdicts are announced. There is a grace period of 3 days before implementation.
[May 15th, UTC+2] BDI rebalancing begins. BasketDAO will implement the changes voted in by the community over the course of 7 days.