Title: Bankless Index Growth Squad
Authors: @0xLucas
Squad: @Airbayer, @LemonadeAlpha, @FunkMasterFlex, @Bo, @bgov
Date Created: December 2nd, 2021
Summary
Remuneration for the Bankless Indices Growth Squad and formally establishing the working group around Bankless Indices (BED, GMI, etc).
BACKGROUND
Bankless DAO has been working with the Index Coop to launch one-click index products for the crypto ecosystem. This has culminated in the BED index and the soon-to-launch GMI index.
We currently have a group working towards growing these indexes and are requesting remuneration for the work. To date, the index growth team has pursued treasury diversification via the BED index to bootstrap the initial liquidity. We’ve seen a significant amount of success with these efforts, resulting in treasury diversifications from UMA, Pickle Finance, Visor Finance and others.
We’re currently collaborating with individuals from the Index Coop’s treasury diversification team to double down on this initiative and push the ball forward.
MISSION & VALUES ALIGNMENT
Bankless DAO’s goal is to onboard billions of people into crypto. Index products are a great avenue to achieve this. They enable new users to get easy, set-it-and-forget-it exposure to emerging trends in the crypto economy. As such, we’re closely working with the Index Coop to design, launch, and market these products to the world.
SPECIFICATION
Index Products Background
Bankless DAO has already launched one product for the Index Coop in July 2021, the BED index. This is an equal-exposure index to the main themes in crypto: digital gold (BTC), programmable money (ETH), and Decentralized Finance (DPI). The DAO receives a 50/50 split on the 0.25% streaming fee. We’re in discussions to double this fee in the coming future.
In addition, we’re currently in the final process for launching the Bankless GMI index–an index featuring more aggressive DeFi protocols, dubbed “DeFi 2.0”. The current verbal agreement is a 60/40 split on a 1.95% annualized streaming fee (but still requires approval via governance). Given the success of the DPI, and the narrative of DeFi 2.0, we believe this product will be extremely successful once it hits the market and will be comparable to the DPI.
These are just the first of many index products that we want to launch with the Index Coop. As such, we’re establishing a working group to grow, market, and drive adoption of these products across the crypto ecosystem.
Growth Squad Workstreams
The Bankless Indices Growth Squad has a handful of initiatives that we want to pursue as these products continue to hit the market:
1. Business Development
Right now, this is the bread and butter for scaling the BED index. We’re in discussions with different protocols and teams on leveraging the BED index as a bedrock (ha) asset for their treasury. After multiple discussions, we believe this is the optimal route to bootstrapping the initial liquidity and unit supply for BED in the coming months.
TBD for GMI and how it’s received by the market.
2. Integrations
We want to get BED and GMI everywhere. This includes leading mobile wallets like Dharma and Rainbow to help drive user growth and DeFi protocols like Aave and Maker, using the assets as collateral. Both of these steps require a fair amount of liquidity (unit supply) on the market, bringing us to point #1 for the BED index (and soon GMI).
3. Liquidity & Exchanges
This ties into the Business Development, but the growth squad is also responsible for helping bootstrap liquidity on DEXs and facilitating CEX listings. This requires a substantial amount of market cap for centralized exchanges to support, so we’re still working towards this goal.
4. Marketing
The last area we want to work on is general marketing and education. This encompasses creating useful content surrounding the benefits of the indices (whether treasury diversification, market performance, simplicity, etc.) and ensuring it propagates throughout the crypto sphere. We currently need help on this front so if you’re interested in marketing & education for the Bankless indices, reach out!
FINANCIAL IMPLICATIONS
150,000 BANK for contributor remuneration, to be distributed via internal Coordinape round.
BRAND USAGE
The Bankless Brand will be used on each and every index product name, to help with positioning and awareness within the broader community.
SUCCESS METRICS OR KPIS
Key Metric:
NEXT STEPS
- Request Grant Committee funding for contributor remuneration
- Launch the GMI index
- Prepare for Season 3
SQUAD BACKGROUND
- 0xLucas - Champion
- Airbayer - Business Development
- AlphaLemonade (Index Coop) - Methodologist
- FunkMasterFlex (Index Coop) - Business Developemnt
- Bo - Business Development
- Ben Giove - Methodologist
POLL (Discourse Post Usage Only)
- Fund Bankless Index Growth Squad Remuneration
- Don’t Fund Bankless Index Growth Squad Remuneration
0 voters
. Long time listener first time caller lol.
