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
BTC2x FLI Launches 🛫
Protocol Ambassadors wanted 🕴️
Revamped Instagram 🤳
The Index Coop is a startup 🐣
KPI Options
Assets under vault: $329.8m (+17.1%)
Across 4 products:
$DPI: $591.14 (+7.6%) | $ETH2x-FLI: $344.60 (-2.9%)
$MVI: $77.25 (-18.3%) | $BTC2x-FLI: $73.56
Index token: $54.74 (-17.0%)
Figures correct as of 16th May (7 day change shown in brackets)
BTC2x FLI Launches 🛫
Just 2 months after launching the first of its kind leveraged index token, ETH2x-FLI, the next member of the FLI suite is here! BTC2x-FLI is ideal for all those looking to put their Bitcoin to productive use!
Launching in a similar way to the ETH2x product, BTC2x will be capped at 200k units to begin with to ensure everything is working first before scaling up, safety first. The underlying mechanisms are the same as with ETH2x, but you can get a refresher on all the details in the launch post.
The one exciting difference with BTC2x-FLI is that we have partnered with Sushiswap for the launch! This means you can earn Sushi rewards (currently 70% APR) while longing Bitcoin on leverage, plus you will get trading fees as a liquidity provider to the pool, win-win-win.
Protocol Ambassadors wanted 🕴️
@Cedrick took to the forums this week calling for anyone with close links to the projects underlying DPI. The idea being that by strengthening our relationships we can create an unforkable moat, and the Index Coop can truly become a trusted and responsible governor of these protocols.
Potential ambassadors would initially be responsible for understanding governance proposals and reporting back with updates to advise the Coop accordingly. With the recent efforts to register ourselves as a delegate with AAVE it once again feels like we are pretty early to be exploring this space (delegates are commonly individuals or funds, not so much DAOs). If you are:
Reading this
Have links to one of the underlying projects within DPI
Think being an ambassador sounds interesting
Be sure to check out the post and let Cedrick know.
Revamped Instagram 🤳
New arrivals to the Index Coop @TFAM made a splash not only with their awesome MVI logo designs, but have followed up with a plan of attack for our social media accounts.
Starting with Instagram and Reddit, they intend to use the latest brand framework from the Creative and Design working group to give our social channels a fresh and consistent look. Coupled with the upcoming changes to the website the Coop is going to be looking ‘on fleek’ (are we still saying that?).
The Index Coop is a startup 🐣
Or at least that’s how fellow owl @Greg like to think of it! He shared his thoughts on the forum this past week and gave everyone an extensive list of blog posts and books to read (not homework!).
The point of the post was to spark discussion and frame how we can apply startup type principles to what we do at the Coop. The post garnered a lot of responses with community members adding their own thoughts or recommended reading, maybe it’s time for an IC book club?
KPI Options
One of the initiatives we identified back in Feb to help the Coop move to better token distribution was the idea of a token airdrop to holders. Since then a number of contributors have pushed forward the idea of incentivising performance, measured by our Key Performance Indicators (e.g Value Locked) and combining success with token distribution. Weeks of discussion came to fruition recentlh with a post on the forum to describe how we might achieve our goals in partnership with UMA, using their platform to build out an ‘option’ contract.
Since a poll has now been added it’s worth checking out the post and casting a vote to help either move the plan forward, or suggest we leave it for now. For the TL;DR, Clayton from UMA dropped in this handy guide:
We always welcome new members to the community, if you like what you see come and join the discussion in our social channels. @darkforestcap