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
Loopring Liquidity Mining
New product updates
Unincentivised AUM
Governance Mining
#indexchallenge & survey winners
Assets under vault: $57.79m (+6%)
Across 1 product: $DPI: $247.03 (+10.9%)
Index token: $10.31 (+44.1%)
Figures correct as of 24th Jan, (7 day change shown in brackets)
Loopring Liquidity Mining
We are kicking off a Liquidity mining event in partnership with Loopring, using their Layer 2 scaling technology. Mining starts 00:00 UTC on January 25th with liquidity providers in the ETH-DPI pool able to earn $INDEX incentives for providing liquidity, and $LRC rewards for trading. Check out the announcement for full details.
This linkup with Loopring is powerful for DPI holders because once you’ve moved your assets onto layer 2, gas fees are non-existent. At Index Coop we know smaller size holders have recently felt the pain of gas fees and there are solutions to Ethereum’s scaling problem out there, so we are looking to help speed up their adoption.
New Product Updates
Flexible Leverage Index (FLI) - The FLI flew through its’ first round of voting (known as Decision Gate 1) which is used to gauge community sentiment for product additions. Next up the Index Coop Business Analysis team will perform a thorough review resulting in a prioritisation score for the product, tweaking it as necessary before creating a proposal to launch. Full details of the product onboarding process can be found here.
Coinshares Gold and Crypto Assets Index - Lite Version - Coinshares haven’t yet come up with a lite version of the title for the CGCI-LV index, but the good news is it’s nearly ready to launch! This week saw Michael from the team post a comprehensive summary of the target markets for the index which even included the potential market size, at over $10b.
Unincentivised AUM
Just as Lemonade continues to leak Alpha, $DPI continues to blow competitors out of the water when it comes to the number of straight-up holders in it for the tech.
Governance Mining
This week in the forum saw a proposal to implement ‘staking for governance’ AKA governance mining. Given that $INDEX is a governance token with extra governance sprinkled on top (holders are also able to execute votes on the tokens held within $DPI), it’s really important we get the voting design right.
The proposed model includes a two layer approach with incentives for both staking and voting. Discussion around the design included suggestions around using lockups to boost voting or earning power, similar to Curve or mStable. Community member @verto0912 also took the time this week to summarise both the governance mining and smart treasury proposals in a single post, explaining how they come together to positively influence $INDEX tokenomics while the Coop continues to grow.
#indexchallenge and survey winners
Congratulations to Thomas Hepner for winning the index challenge with his blog post Why I Invested in DeFi Pulse Index and Index Cooperative. And the winner of the prize draw for completing our $DPI survey @raputeng, and thanks to everyone who completed the survey, we are currently working through the results to understand how we can make $DPI better.
We always welcome new members to the community, if you like what you see come and join the discussion in our social channels. @darkforestcap