I am and I was involved in few crypto project but none of them required my attention and opinion as much as Index Coop. Constant evolution means new projects, new upgrades which are always backed by voting. Voting on the Index Snapshots makes me feel like an old wise owl, even is I am a lesser bird in the Council of Wise Owls.
Lots of decisions to take in July and probably more to come in August, as great things are unwrapping in the Index Coop workshop. I tried to maintain my voting record to 100% but I missed some short snapshots when I was in holiday. Recharged my batteries and now I am summer ready ... DeFi summer ready!
Great days ahead for Index Coop as the index market started to bloom. The $INDEX token registered a 52% growth in July and is slowly heading back towards the ATH from May. DeFi Pulse ($DPI) is enjoying the positive market and gained 26% in value in the last month. With NFTs back in trend, the Metaverse Index ($MVI) doubled the value, passing the $80 resistance.
The freshly launched Bankless BED Index grew at a steady pace since 21st of June. The BED Index composition is equal parts of Bitcoin (BTC), Ethereum (ETH) and DeFi Pulse (DPI) with rebalancing on the first Friday of each month.
IIP-59: Funding Council Grant - The snapshot was created to approve the grant of 65,311 INDEX (~$1.59 MM) from the Index Coop Funding Council in order to fund Q3-2020 operations, up to 30th of September. The amount will cover working group contributor compensations for business development, growth, product, engineering and ramifications into design, treasury and community. The previous grant was 35,000 INDEX, approximately $1.4MM. The quorum was 96149.70 INDEX which was reached.
Decision Gate 1: IIP-58 Launching PAY (Pulse Aggregate Yield) - The snapshot is the first of two votes required for PAY to be onboarded to the Index Coop. The passing vote will signal the intent to further feasibility research. The Pulse Aggregate Yield (PAY) aims to capture the best risk adjusted yield on USD stable coins and to become the index used by investors holding USD in stablecoins. PAY will be a tradable ERC-20 token that will give passive earn and compound stablecoin returns.
The automated yield aggregation will simplify the investors experience as multiple stable coins will be used to generate profit. The diversified revenue and the stablecoin demand from DAO treasuries created the opportunity for Index Coop to offer a product that will fill the gap in the stablecoin market. The ultimate vision for the Pulse Aggregate Yield is to become the number one stable coin allocation.
IIP-61: Head Of analytics - Full Time Offer Active - This snapshot was to set the guidance for hiring a full-time Head of Analytics. This job comes with a $10,000 USD month wage, $5,000 as USDC and $5,000 as INDEX, $20,000 per year stipend for family health insurance and 0.15% of total INDEX supply (15,000) over 2 years. This package will ensure long-term success. With a 100% votes in favor, JDCook was hired into a full time position as Head of Analytics.
[COMPOUND-53] and [COMPOUND-53] - The snapshots were created for voting on Compound's proposal using DeFi Pulse ($DPI). The quorum for both votes was 96150 INDEX. I used my voting power "For" even if my vote is not as massive, just because this is the right thing to do.
Resources:
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