Submission Date
October 11, 2021
Project Links
https://indexpool.org/
Twitter: https://twitter.com/indexpool
Discord: DeFi Basket
Project Description
IndexPool is about buying a DeFi Portfolio in a single transaction. Anyone can create and share portfolios of tokens and DeFi assets.
The main feature of IndexPool is to wrap all necessary transactions to build a DeFi portfolio into one. Suppose that you want to build a portfolio with USDC, USDT and DAI and deposit those tokens into Aave. Today, you would have to swap MATIC into each of those tokens and then deposit them on Aave. That would take 6 transactions in total (3 swaps + 3 deposits) for a relatively simple portfolio. With IndexPool you can do it in only 1 transaction.
Making fewer transactions and using fewer UIs is definitely a relevant step to make DeFi easier and consequently to increase its adoption, but it is not enough. Using DeFi is still hard: you need to go through a broker, create a wallet, move funds to your wallet. For a new user, that is a lot to go through. And what better way to deal with this than having a friend to help you through this process?
That is why we are building a strong social element into IndexPool. We enable anyone to easily create a portfolio and share it with friends and audiences, and to receive incentives in the form of IndexPool tokens according to volume brought into the protocol. We believe that a solid incentive architecture will drive the onboarding of people into DeFi with jurisdiction specific advice and in a level of customization we would never be able to achieve on our own.
We are obsessed about making the user experience as simple as possible. Building a standardized experience is key for that: portfolios share the same fees (0.1%) and are passive, meaning that once a portfolio is created, only the portfolio owner can change its allocation, adding an extra layer of security to avoid rug pulls. This, in turn, makes the decision process for the user to invest in a portfolio easier, as there is no need to trust the portfolio creator, only the underlying assets.
Building DeFi portfolios is about enabling composability and integrations. Any protocol can be integrated with IndexPool and made available for portfolio creation. To jumpstart our project we have built integrations ourselves with Aave (deposits), DEXes (Quickswap and Sushi - swaps, add liquidity and staking), and a Yield farming protocol (Autofarm) and will continue to build more integrations this year.
It is also key to enable IndexPool portfolios to be composable with other projects in the ecosystem, and for that reason we mint an NFT of ownership of the portfolio. The NFT architecture was picked to avoid issues with slippage and yields, as each NFT has a separate smart contract just to hold its funds.
Amount requested
30000 USD
Milestones
Token + DAO → Create an ERC20 token for IndexPool that governs a DAO that owns the protocol → 15k USD
Integrations → Integrate IndexPool with Curve, Balancer and Adamant Finance and work through the UX issues of having many protocols → 15k USD