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Deprecation of DATA, GMI, MNYe, and Polygon FLI Products
Deprecation of DATA, GMI, MNYe, and Polygon FLI Products
INDEX tokenholders have taken the steps necessary to discontinue further development and support of nine Index Coop products.
10/27/2022
Index Coop
Content
Over the past two years, Index Coop has become the market leader in building innovative, structured products. We’ve experimented by building a diverse mix of offerings on different blockchains.
Earlier this year, we received an open letter from stakeholders/investors providing constructive feedback about the current state and future of the DAO. Many substantial changes have taken place to our operations, helping facilitate long-term sustainability.
Along those same lines, our products have undergone a thorough evaluation. We’ve left no stone unturned to ensure that every Index Coop product is aligned with our DAO’s mission and provides substantial value to our customers.
Deprecating GMI, MNYe, DATA, and Polygon FLI products
During this review, it became clear that not all of our products have found product market fit or accumulated significant TVL. Their growth potential does not outweigh the ongoing costs of maintaining and promoting these products. So the DAO and community have taken the steps necessary to deprecate these products.
Today, an IIP passed to discontinue further development and support of nine Index Coop products: Bankless DeFi Innovation Index (GMI), Market Neutral Yield ETH (MNYe), Web3 Data Economy Index (DATA), and the suite of Polygon FLIs (ETH2x-FLI-P, BTC2x-FLI-P, Matic2x-FLI-P, iETH-FLI-P, iBTC-FLI-P, iMatic-FLI-P).
Redemption Paths/Timeline for Holders and Liquidity Providers
We’ve worked diligently to provide a clear timeline and simple redemption paths for all token holders. The three distinct phases of the deprecation and recommended steps for holders to take are:
Phase 1 (October 27, 2022 - November 27, 2022)
A 30-day phase begins with no changes to the products
Flash Mint removed from
Token holders with smaller positions can utilize a decentralized exchange (DEX) like Uniswap, CowSwap, Matcha, or 1inch to perform a swap
Token holders with larger positions can use Flash Redeem at
to wrap their tokens into the underlying holdings.
Note: If price impact or high gas costs become an issue during this phase, holders with small positions are encouraged to hold until the next phase when tokens will be rebalanced into a single asset
Liquidity providers withdraw funds from applicable pools
Phase 2 (November 28, 2022 - December 26, 2022)
Index Coop will continue supporting users trading and redeeming positions during this phase
On November 28th, the underlying tokens of each product will be rebalanced into a single asset:
GMI -> USDC
MNYe -> USDC
DATA -> USDC
iETH-FLI-P -> USDC
iBTC-FLI-P -> USDC
iMATIC-FLI-P -> USDC
ETH2x-FLI-P -> wETH
BTC2x-FLI-P -> wBTC
MATIC2x-FLI-P -> wMATIC
For example, after the rebalance, DATA will go from holding tokens of 8 data economy protocols to 100% USDC.
Token holders can swap these tokens via a DEX or use Flash Redeem at
to unwrap into the token’s single asset.
Phase 3 (December 27, 2022 - onwards)
Active support ends.
Holders will be able to redeem via
https://legacyproducts.indexcoop.com/
or direct smart contract interaction only.
Additional Information
For further details, please read our forum post or reach out to us in the Index Coop Discord for assistance.
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FAQs
Index Coop yield tokens simplify earning yield in DeFi by automating complex strategies and diversifying across protocols. They are user-friendly and cost-efficient, appealing to both new and seasoned DeFi users.
Leverage tokens automate a leveraged position by utilizing onchain money markets like Aave or Morpho to borrow funds, amplifying a user's exposure to an asset without requiring manual management. The token's smart contracts autonomously handle the borrowing, lending, and rebalancing of assets, maintaining a consistent leverage ratio despite market fluctuations. This automation eliminates the complexities of collateral management and liquidation risks, while also charging low, transparent fees that avoid expensive funding rates often charged by perps.
Index Coop is a decentralized autonomous organization (DAO) that specializes in creating and maintaining onchain structured products. Index Coop aims to democratize access to the crypto market, empowering everyone to participate in the growing digital asset ecosystem with ease.
No, yield automatically compounds and accrues to the token price. The value of the tokens you hold in your wallet will simply go up over time without the need to claim or compound rewards.
Index Coop products protect you from liquidation with automated risk management that rebalances assets to maintain a target leverage ratio that avoids liquidation.
INDEX is the ERC-20 governance token on Ethereum for Index Coop. INDEX empowers its holders to participate in decision-making processes that shape the future of Index Coop.
Yes, all Index Coop products are instantly redeemable for their underlying value at all times.
Yes, all Index Coop smart contracts have been audited by leading independent security firms such as OpenZeppelin, ABDK, Isosiro, & more. There is also an active bug bounty program through ImmuneFi. Audit information is published in the docs here.
Streaming fees (an annual fee paid continuously block-by-block), mint and redeem fees (only on leverage tokens), and borrow costs (interest paid to borrow funds from onchain markets when using leverage).