BDPI — by BasketDAO

Interest bearing DPI, with 0 management fee.

What is BDPI 👀

BasketDAO’s first product on Ethereum: BDPI, an evolution of DPI with the following upgrades:

  • Holds interest-bearing tokens from trusted protocols (Aave & Compound)
  • No streaming fee
  • Community governed re-balances

At launch, BDPI follows the same token and weight distribution of DPI, except it holds interest-bearing version of those tokens where possible:

cUNI, aAAVE, aSNX, xSUSHI, aMKR, cCOMP, aYFI, aREN, LRC, aKNC, aBAL, FARM, CREAM and MTA.

By this fact alone BDPI will strictly perform better than DPI. But wait, there are also no streaming fees with a portion of earned yield going back into the protocol. Economies of scale will also make this process extremely gas efficient.

BDPI is currently built on the safest, most trusted protocols, starting with Aave & Compound. Further protocols & strategies can be chosen by the community. You can join the discussion on discord.

Liquidity safety is also guaranteed through the exit mechanism — you can always burn BDPI for the underlying tokens at any time.

Timeline 🚀

Starting: NOW

To bootstrap the initial liquidity, BasketDAO will allow DPI holders to stake their DPI or Uniswap DPI/ETH LP.

Staking rewards contract has been deployed and you can manage your staking here.

Starting: Monday, Mar 29 2021, 04:30:00 UTC+0
During: 1 week

Emissions begin, all stakers will earn $BASK — BasketDAO’s governance token, proportionally to their staking.

DPI stakers will earn 1x.

DPI-ETH stakers will earn 2x.

Both pools will remain open through this phase so you may stake (and unstake) at anytime.

Starting: Monday, Apr 5 2021, 04:30:00 UTC+0

After migration, BDPI will be launched. Along with staking pools for Sushiswap BDPI-ETH LP (1x) and Sushiwap BASK-ETH LP (2x).

Previous DPI pools will now close and all staked DPI and LP tokens will be converted to BDPI and Sushiswap BDPI/ETH LP tokens with no conversion loss. Stakers who stay through the migration will be rewarded retroactively, more details to come. Follow our twitter for more updates.

Stakers can withdraw at anytime, before or after the migration.

Tokenomics

$BASK emission details

0.2 $BASK will be distributed per block, breakdown as follows

  • 0.12 $BASK per block to stakers
  • 0.02 $BASK per block to developers
  • 0.06 $BASK per block to treasury for future development

Governance 🏛

The protocol will initially be governed via snapshot, an off-chain voting tool, with a goal of slowly transitioning into compound-esque governance model.

Final Words 😲

BDPI is just the begining.

BasketDAO intends to create more community-governed baskets to improve the efficiency of this space.

Roadmap coming soon.

Feel free to contact us at basketdao@protonmail.com

Links

Contracts: https://github.com/basketdao/contracts

Twitter: https://twitter.com/basketdaoorg

Discord: https://discord.gg/PGnHhWAReu

Github: https://github.com/basketdao

Website: https://basketdao.org

Disclaimers

Contributors to BasketDAO have made reasonable efforts at ensuring the integrity of the protocol including tests. $BASK is completely valueless and has 0 financial value. Please feel free to reach out to us if this interests you.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store