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Deprecation of DATA, GMI, MNYe, and Polygon FLIs | 11/02 Newsletter
Deprecation of DATA, GMI, MNYe, and Polygon FLIs | 11/02 Newsletter
In this week’s issue, we take a look at why we’re discontinuing nine Index Coop products and the next steps for holders and liquidity providers.
11/3/2022
Index Coop
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Deprecation of DATA, GMI, MNYe, and Polygon FLIs
In this week’s issue, we take a look at:
Why we’re discontinuing nine Index Coop products and the next steps for holders and liquidity providers
The recent Metaverse Index (MVI) rebalance and inclusion of ApeCoin (APE)
Web3 ATL, where we’ll take part in a mainstage panel
— The Index Coop team
Deprecation of DATA, GMI, MNYe, and Polygon FLI products
Over the past two years, Index Coop has become the market leader in building innovative, structured products. We’ve experimented by creating a diverse mix of offerings on different blockchains.
Earlier this year, we received an open letter from stakeholders/investors to define who we are and improve our collective focus. Our investors and founders provided constructive feedback about the current state and action items to consider for the future of the DAO. In response to this letter, we have implemented many changes to our operations that are helping facilitate long-term sustainability.
As part of that process we have decided to deprecate some of our products that have not found product market fit or accumulated significant TVL. While we value experimentation, the ongoing costs for maintenance and promotion outweigh their growth potential.
An IIP passed by token vote 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).
Next Steps for Holders and Liquidity Providers
For further details and the next steps for holders of these deprecated tokens, please read our full blog post or contact us in the Index Coop Discord for assistance.
Metaverse Index (MVI) Q3 Rebalance & Addition of ApeCoin
At the end of last month, Metaverse Index (MVI) went through its quarterly rebalance and methodologist DarkForestCapital shared the details.
The MVI token captures the trend of entertainment, social activity, and business in virtual economies powered by NFTs and blockchain technology. The MVI uses a combination of the square root of market cap and DEX liquidity to arrive at the final index weights.
During this rebalance, ApeCoin (APE) was added as an underlying component. APE has decent DEX liquidity and meets the inclusion criteria for MVI. Never mind that it's probably the most well-known metaverse project inside and outside crypto.
Below: The change in allocations with "current" allocation taken at the time of rebalance.
REVV Motorsport (REVV), Rarible (RARI), and Axie Infinity (AXS) were all frozen for this rebalance due to low liquidity.
Take a closer look at the MVI's Q3 rebalance
Web3 ATL with Index Coop’s Allen Gulley
At the end of last month, Metaverse Index (MVI) went through its quarterly rebalance and methodologist DarkForestCapital shared the details.
Index Coop’s Allen Gulley will take part this Saturday at 3:20 pm in a panel to discuss the “State of Decentralized Finance” at Web3 ATL. Web3 ATL is a student and community-led effort to empower students and crypto professionals in Atlanta.
Our Automated Products Lead will be on the main stage with Daniel Smith from Blockworks and Porter Smith from investment firm a16z.
If you’re in Atlanta or somewhere close by in the Southeast, Web3 ATL is an event you won’t want to miss. Tickets are available.
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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.
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Index Coop products protect you from liquidation with automated risk management that rebalances assets to maintain a target leverage ratio that avoids liquidation.
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