View from the Nest #23
Catch up with the Co-op (Back to the regular format!)
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
$INDEX strategic raise
A new arRAIval
Cashback campaign
SDI and BED move along the pipeline
Metafactory Merch
Assets under vault: $184.26m (+12.5%)
Across 4 products:
$DPI: $450.71 (+4.5%) | $CGI: $159.60 (+41.3%) | $ETH2x-FLI: $131.99 (+12.3%)
$MVI: $87.38 (-12.4%)
Index token: $35.86 (-12.2%)
Figures correct as of 18th April, (14 day change shown in brackets)
$INDEX Strategic Raise
The Index Coop is currently in discussions with a number of funds interested in purchasing $INDEX to get on board with what we are building as a community. This is fantastic for our plans to diversify the treasury but also signals the strong support for us as a DAO. IIP-32 is the culmination of efforts from both our BD and Treasury working groups, as we look to raise $10m of capital through a sale to these potential strategic partners.
The best part is that the community will have the option to participate at the same or better terms than these partners! Index Coop Gold, Silver & Bronze owls from January, February, and March will be allowed to purchase up to $100,000 worth of INDEX each, with a likely discount of 10-30% from the market price as added incentive.
A new arRAIval
This week saw the team from Reflexer Finance and Fire Eyes DAO swing by the forums to suggest the formation of a credit facility within Index Coop. Reflexer are the team behind $RAI, a stablecoin backed by ETH and with a novel mechanism for maintaining price stability based on supply and demand. I won’t dive into it here, but be sure to read up on how it came about and the impact of summoning the money god.
The basic idea behind approaching Index Coop is to kick off a volatility minimised asset backed (initially) by $DPI. In future there would be potential for adding more index products as collateral, all of which allow the minting of iRAI (name TBD - comment on the post if you have a better ticker for it!) which opens up utility for Index Coop assets. Currently we have to approach Maker, AAVE or Cream with a proposal to onboard each index product as collateral, setting up with iRAI would make us the AAVE of the situation, totally in control of the onboarding and subsequent parameter changes. The main issue with this approach is the huge governance, community and technical lift to get it off the ground.
The teams are looking to hold an AMA (currently slated for 7pm UTC on Wednesday 21st, but check Discord for confirmation) to answer questions and explain more about the proposal.
Cashback Campaign
Who doesn’t love a bit of cashback when they make a purchase? Index Coop recently partnered with Zerion to offer 5% back in INDEX when purchasing DPI through Zerion’s dashboard.
It took just 3 days for the $2m or so of DPI to be snatched up before the INDEX ran dry! I hope you managed to take advantage of the offer, given the runaway success I would expect the growth team to explore similar campaigns in the future. Better get those stablecoins ready…
SDI and BED move along the pipeline
In the two weeks since the last newsletter both BED and SDI passed their respective Decision Gate 1 votes. BTC2x-FLI looks set to do the same this evening. Fortunately we’ve had an influx of talented individuals to the community in recent weeks, giving us the firepower we need to keep pumping these fantastic products out and maintaining them to a professional standard. The Index train keeps on rolling.
Metafactory Merch
Resident owl @kiba hooked us up with the opportunity to collaborate on some Index Coop swag. With input from IC community designers, there is a proposal to gauge appetite for such an initiative, which even has some mockup designs. I recommend checking out the post and keeping an eye out for a final vote to decide type of clothing/design in the near future! Being an Index Coop owl is about to get real comfy.
We always welcome new members to the community, if you like what you see come and join the discussion in our social channels. @darkforestcap