77M TVL and still climbing!

Week 2: BasketDAO — the story so far

A brief summary to catch everyone up

So what’s BasketDAO?

BasketDAO creates token baskets. These are similar to ETFs in traditional finance, and each will have their own mandate.

We’ve committed to not charging the community any management fees, and will be capital efficient, e.g. via farming yield safely, where possible — this means you are paid instead of paying for asset exposure. We believe in returning as much value to the community as possible.

BASK is the BasketDAO governance token. It will be used to participate in governance and basket rebalancing decisions, and will also receive cash flows, with 20% of yield being directed to BASK holders.

So what’s BDPI?

BDPI is the first token basket created by BasketDAO. It initialized with the same constituents as DPI, but holds interest bearing versions of the constituents and also does not charge a 0.95% management fee. BDPI will also be community governed and rebalanced.

BDPI’s mandate will be to provide diversified exposure to DeFi blue chips, while charging no fees and farming yield safely. It is aimed at the long term passive investor as a safe set-and-forget investment.

BDPI will not be a yield maximizing token; safety and security of funds will always come first, and we will have strict inclusion criteria both for tokens and acceptable farms.

So what’s happened so far?

Quite a lot. It’s been a busy few weeks. Major events below:

March 25th

We kicked off by launching our pre-migration phase.

We opened our pools for DPI and DPI-ETH UNI LP stakers in preparation for the migration phase.

March 29th

Next, we began the migration phase, DPI and DPI-ETH LP stakers both began earning BASK emissions.

We later also began emissions for BASK-ETH LP stakers after feedback from the community.

April 5th

BDPI migration was a great success! All staked DPI was migrated to BDPI, with DPI-ETH LP positions being converted to BDPI-ETH LP positions, and with us live tweeting as we went.

All gas covered by yours truly of course. All migrators received BASKbonds as a thank you from us.

So where are we right now?

Thanks to the community, BasketDAO TVL is now at 77M!

  • The continuous DPI to BDPI migrator is now live and accepting DPI deposits, and we will be doing batches of migrations when the amount of DPI in the migrator hits a certain threshold (or when enough time has passed) — all gas covered by the BasketDAO treasury of course.

So what’s coming next?

For just a taste on what’s happening next…

  • Direct minting will soon hit our website, and you will be able to mint BDPI directly from ETH. Please be mindful that this is EXTREMELY gas intensive. Recommended for large whales only.
  • Audits are in progress with Haechi
  • Having received suggestions from the community, changes to the BASK emission schedule will be explored
  • Announcements regarding voting and governance will be coming out
  • And of course, we will have our first community governed rebalance vote!

Questions

Excited about the project? Find us on discord — https://discord.gg/28ZNtj2aW5