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Today in DeFi Early Look: BasketDAO
BasketDAO is a recently launched project that has vampire-forked Index Coop's DeFi Pulse Index(DPI)
But more than a copy and paste, they've improved on DPI
1/6:
BasketDAO is a recently launched project that has vampire-forked Index Coop's DeFi Pulse Index(DPI)
But more than a copy and paste, they've improved on DPI
1/6:
2/6 BDPI has the same composition as DPI, but instead of DPI's 0.95% management fee, BDPI has none.
In fact, users "get paid" to hold BDPI
This is because BDPI uses interest-bearing versions of DPI assets when possible:
Compound UNI instead of UNI, xSUSHI instead of SUSHI..
In fact, users "get paid" to hold BDPI
This is because BDPI uses interest-bearing versions of DPI assets when possible:
Compound UNI instead of UNI, xSUSHI instead of SUSHI..
3/6 On April 5th, BDPI was Launched
~28M of DPI and DPI-ETH liquidity was migrated to BDPI and BDPI-ETH.
Since then, TVL has grown steadily (and rapidly)
~28M of DPI and DPI-ETH liquidity was migrated to BDPI and BDPI-ETH.
Since then, TVL has grown steadily (and rapidly)
4/6 The BASK token is a value-accruing governance token for BasketDAO
Similar to INDEX, users can liquidity mine BASK-ETH for BASK rewards
Unlike INDEX, BASK can (in the future) be staked to earn 20% of the interest from the protocol.
Similar to INDEX, users can liquidity mine BASK-ETH for BASK rewards
Unlike INDEX, BASK can (in the future) be staked to earn 20% of the interest from the protocol.
5/6 Security and Risk is the biggest challenge BasketDAO currently faces
BasketDAO is currently unaudited, and funds are under dev control (with time lock)
An audit is in progress, and the team aims to decentralize fund control over time (most defi projects do this)
BasketDAO is currently unaudited, and funds are under dev control (with time lock)
An audit is in progress, and the team aims to decentralize fund control over time (most defi projects do this)
6/6 With a currently fully anon team, there is a significant chance of rug risk and smart contract risk.
Users and token speculators should be careful.
That being said, BasketDAO is the highest value "fork" we've seen in DeFi, improving on the original in every single way.
Users and token speculators should be careful.
That being said, BasketDAO is the highest value "fork" we've seen in DeFi, improving on the original in every single way.
