Overview
Keeping up with the progress in a DAO can be hard work! Our newsletter aims to share what we’ve been up to week by week in the Coop, highlighting progress across products, governance and the Index community as a whole.
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Weekly Summary
Time for BED 🛌
Index Interns 🧑💼
The Smart Pool returns! 🤓
ARCx DPI allocation 💜
Assets under vault: $182.1M (-28.9%)
Across 4 products:
$DPI: $294.56 (-21.6%) | $ETH2x-FLI: $98.18 (+27.5%)
$MVI: $39.73 (-16%) | $BTC2x-FLI: $32.78 (-0.4%)
Index token: $22.40 (-18.8%)
Figures correct as of 13th June (7 day change shown in brackets)
Time for BED 🛌
After being on the radar for months now, the Bitcoin Ethereum and DPI (BED) index finally passed through DG2, and is now preparing for launch! Lucky, because I’m sure you’re all tired of my bed based puns at this point…
There are a few key changes that have taken place since it was last up for vote. Namely:
The fees have been dropped to 0.25% split between Index Coop and the Bankless DAO, which the fee for end users approximately 0.52% (because of the DPI portion).
Bankless has indeed become a DAO, meaning we are combining forces with not just the team on Bankless LLC, but the entire Bankless community! The streaming fees will also accrue to the DAO not the founding team.
Product aside then, this is a pretty exciting opportunity for two relatively young DAOs to come together, and to see what is possible when communities work toward a common goal. We might be able to unlock partnerships and integrations that were not previously possible, (Gemini is a Bankless podcast sponsor for example) and it feels pretty cool to be working at the frontier of this new wave of organisational innovation.
Index Interns 🧑💼
In what I think might be a first for DeFi DAOs, Oneski and Pepperoni Joe are proposing Index Coop runs a (paid!) internship program. In the now updated forum post they cover off the main details including the likely application process (questions measuring motivation and problem solving), the working groups available (pretty much all of them), and of course, the pay ($500/week for 6 weeks).
If this sounds like something you want to get involved with, or you know someone that would be suited to apply, the application process is slated to open 21st June. Any applicants should be sure to read the forum post in detail, and have a nose around the forum more widely if new to the Coop. A bit of insider knowledge dropped here and there goes a long way to impressing those who are reviewing your application!
The Smart Pool returns! 🤓
Another topic resurfacing again this week is the smart treasury. Treasury Working Group lead Matthew Graham dropped the details into the forum in the shape of a draft IIP.
The latest proposal is an improvement over the previous iteration, and utilises funding from the recent strategic sale to procure the ETH required. By setting the pool up with $2.5m ETH to begin with (from FLI earnings and USDC), but programming a change in weights, the pool dynamically rebalances to a 70/30 configuration ending with $17.5M INDEX and $7.5M ETH.
Interestingly this leaves us with a pool that is much more efficient for trades than if we were to use the same amount of ETH but provided to Uniswap or Sushiswap.
This will finally give $INDEX a deep liquid market to absorb trade volume and should reduce token price volatility, better for contributors and the Coop alike. A second order effect is that improved price stability ticks the final box for inclusion into DPI, completing the circle of life.
ARCx DPI allocation 💜
Treasury management as a service is quickly becoming a thing. It began with Yam and DAOHouse, now Llama are scaling their efforts and getting involved. The cool thing about being an index provider, is that our products are a natural fit for risk adjusted exposure to certain trends. DPI for DeFi bulls, MVI for Metaverse bulls and ETH2x-FLI for friendly neighbourhood ETH maxis (not really a good choice for treasuries).
This inevitably leads to cool integrations like Sushiswap planning to allocate to DPI, and now a proposal to ARCx to do the same.
As an ARCx community member you can have your say on the forum, and as a token holder vote in the subsequent snapshot poll.
We always welcome new members to the community, if you like what you see come and join the discussion in our social channels. @darkforestcap
I’ve been eagerly excited about qualifying as one of the interns.
My Career and contribution to the community sort of depends on this internship opportunity.
And I look forward to qualifying.
But I’m bother about the date, 21st of June, because I’m not sure the application link and deadlines are announced yet.🥰🦉
Fired up about the Index Coop working with the Bankless DAO. And yes, wouldn't it be great to see DPI and MVI on Gemini!