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
Inverse ETH FLI 🙃
Stani joins the Coop… for a chat 🎧
Q3 Priorities 🦉
Ambassador Program launches 🤝
Knowing the risks 👷♂️
Assets under vault: $184.1M (+3.5%)
Across 4 products:
$DPI: $297.72 (+38.2%%) | $ETH2x-FLI: $84.18 (+60.1%)
$MVI: $44.51 (+47.3%) | $BTC2x-FLI: $30.02 (+23.7%)
Index token: $22.70 (+54.9%)
Figures correct as of 4th July (7 day change shown in brackets)
Inverse ETH FLI 🙃
Like to make money even when number go down? Then DeFi Pulse have a product for you! Jo from the team posted to the forum this week detailing the plans for an inverse flexible leverage product, starting again with ETH.
An important step for the Coop, if we were to introduce a product for bear markets it would improve our ability to generate revenue in all conditions. The 2x Long product showed instant product-market fit, and if we assume traders are active in both directions this product should do the same. In terms of differences, the inverse product would be 1x leveraged targeting between 0.85x and 1.15x before rebalancing, given shorting crypto is already risky enough.
Stani joins the Coop… for a chat 🎧
AAVE founder Stani Kulechov is the special guest on Monday’s Conversations with the Coop. Make sure to queue up your questions on the tweet below, and drop into the Discord at 10:15 CDT (kinda time is that?!) to listen in!
Q3 Priorities 🦉
After a monster run since launching back in October, the time has come to take stock and refocus the community around our core priorities. We’ve reached a point where the Index Coop is somewhat constrained by our engineering resources, as the Set team have their own priorities and we need to build out our capabilities to be self-reliant.
Greg set the stall out on our forum, laying down tier 1, 2 and 3 priorities with a bit of colour as to the ‘why’ and next steps. The TL;DR is that engineering will be shielded from requests that are not product related, and product work itself will be prioritised. There is still a need for education, evangelism and a wide range of other contributions, but expect to see a lot more things be put on hold or parked completely for the time being.
You’ll begin to see this reflected in the rewards allocation, which will be targeted toward activities that support Product or Engineering primarily. That’s not to say other initiatives shouldn’t be pursued. A great example recently is the internship program where the team arranged and executed a well supported proposal with no cost or engineering lift to the Coop. In these situations it’s important that the community feels empowered to get moving without the need for extra governance steps. If you’re not sure, you can always drop a note to one of the Funding Council members but generally speaking: positive sentiment + no cost + minimal/no eng lift = go time!
Ambassador program launches 🤝
After the call went out a few weeks back for volunteers, Cedrick has assembled a crack team of ambassadors to keep us in close contact with other DeFi teams. Centred around the constituents in DPI, our ambassadors will:
Report on the latest developments at each project, using info from Discord & forum posts
Consult with the metagovernance team for protocol specific insight
Assist with enabling metagovernance where it is not already in place
Support initiatives others have initiated with a protocol & list DPI (if appropriate)
For the full list of ambassadors and their related project, head to the forum.
Knowing the risks 👷♂️
The FLI tokens are exciting and innovative, but it’s possible to have too much of a good thing! If you are a community member its worth understanding how these products work to share with others, and if you are a user it’s vital reading!
We always welcome new members to the community, if you like what you see come and join the discussion in our social channels. @darkforestcap