BDPI — by BasketDAO

Interest bearing DPI, with 0 management fee.

BasketDAO

--

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

Interest bearing, with no fee? How? 😳

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.

Built on safety 💪

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 🚀

Pre-migration

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.

Migration Phase

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.

BDPI Launch

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.

Staking safety 💪

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.

--

--