BDPI — by 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.
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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.
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Staking safety 💪
Stakers can withdraw at anytime, before or after the migration.
Tokenomics
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.
