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
Flexible Leverage Index has launched!
Bankless share their BED with Index Coop
Full time contributor retention
MVI DG2
Incoming…
Assets under vault: $135.43m (-4%)
Across 3 products:
$DPI: $445.06 (-6.8%)
$CGI: $111.99 (-0.9%)
$FLI: $94.58
Index token: $31.43 (+76.6%)
Figures correct as of 21st March, (7 day change shown in brackets)
Flexible Leverage Index has launched!
Wednesday saw our third successful product launch with the ETH2x FLI going live on Uniswap. The pool very quickly ramped up to over $1m in liquidity and has settled somewhere around $2m for now. You can read the launch article, penned by our very own Lemonade Alpha, here.
As the token is seemingly more popular with traders, fees in the Uniswap pool are providing quite a nice yield for the time being.
There is also a proposal in the works to add liquidity mining incentives, further encouraging LPs to deposit and grow the pool size. What more could you need to go levered long on the internet’s native bond.
Bankless share their BED with Index Coop
New product additions continue to move apace, with the gents from @BanklessHQ dropping by for a community call to talk through their plans for a Bitcoin - Ethereum - DPI based index.
For those who weren’t able to make the call, the recording has been made available here, and if you still need to catch up with the original proposal it’s waiting for you in our forum.
Discussion on the call covered marketing, productivity, user base, integrations and much more. Overall David and Ryan did a great job fielding all the questions and for those that turned up, it was nice to feel like a guest on probably the most famous crypto podcast in DeFi #starstruck.
Full time contributor retention
The Index Coop took another important step this week with the announcement of a structure around contributing full time. The first cohort of community members being offered roles are:
Lemonade Alpha - Growth
Big Sky - Business Development
Verto - MVI methodologist
DarkForestCapital - MVI Methodologist and Treasury Strategy
Following in the footsteps of other communities like Yearn, Sushi and Badger we are now enabling people to choose Index Coop as their career. It can be easy to lose sight of the fact that it’s still a huge risk to dedicate all your time to pursuing a job at a DAO. Retaining talent is a core tenet of sustainability for the Coop, it also clarifies for newer community members what the path/goal is to get there.
Look for a formal IIP vote in the coming week to confirm the offer as presented.
MVI DG2
The Metaverse Index proposal has been updated with all the latest info required for launch, that includes a draft portfolio and the fee split (100% to Index Coop). The only thing left to do is vote FOR the index when the vote goes live on snapshot tomorrow 22nd March! Oh and make memes to tease everyone that it’s coming…
Bonus points for those who spotted the Index Owl on the left there (we still don’t have a name for our mascot!).
There has been a lot of pent up demand for an index like this, the next few weeks are going to be hectic but I’m super excited to get this out the door and let the people get that one click exposure to the Metaverse.
Incoming…
After we discussed last week in the newsletter how $INDEX represents a cheap way to govern certain protocols through the power of metagovernance, it seems more and more people are waking up to the value we are creating at Index Coop.
Of course the other big part of it is the sheer number of fantastic products we are rolling out. Expect to see this virtuous cycle play out not just in token price, but in the talent we see coming into our community as well.
We always welcome new members to the community, if you like what you see come and join the discussion in our social channels. @darkforestcap