Submission Date
October 19,2021
Project Links
https://twitter.com/indexcoop, The Index Coop – Medium, https://www.linkedin.com/company/index-coop,
Project Description
Index Coop is the largest index token provider in crypto with over $420 million assets under management(AUM)/total value locked(TVL). We create index products that gives holders unique, sustainable and safe exposure to the defi and crypto ecosystem. Index Coop is operated using a DAO model that has built one of the strongest communities in DeFi. Mainly because of it’s unique contributor rewards program, affiliations with the most reputable platforms in DeFi, and being back by the most successful VC’s in crypto.
Amount requested
2000000
Milestones
<Milestone 1: Initial $2 million dollar seed Liquidity for PDI><Description: Polygon Ecosystem Fund to seed liquidity of $1 million dollars WMATIC/PDI LP on Quickswap. This will enable a smooth customer experience as users can purchase sizeable PDI positions on the DEX without incurring high slippage - The eco-system development fund will mint a $500k PDI position directly through Tokensets and provide the other side of the $500k WMATIC. Besides the additional $1 million liquidity we predict this will bring an additiontial $1 million dollars of liquidity from our market maker and VC investor Wintermute as they tend to support Index Coop products with seed liquidity i.e DATA Index. We believe this will bring $2 million dollars in TVL><Budget: $1 Million WMATIC>
<Milestone 2: $800k Liquidity Mining on Dragon Syrup Quickswap><Description: Polygon Eco-system Fund to mint an additional $400K million of PDI on Tokensets to and swap for $400k of QUICK to create the LP pair to participate in the Dragon Syrup Rewards program on Quickswap. These funds will be used to create a QUICK/PDI LP pool and will be matched by Quickswap with $800K of QUICK rewards according to their program. We believe this program will attract TVL of around $20 million as Liquidity providers will mint the PDI to farm the rewards, we have seen this with similar products like MVI where our liquidity mining program attracted a total of $22 million in TVL><Budget: $800k WMATIC>
<Milestone 3: Setting up a $200k working group for the period of a year to fund initiatives to further grow the product and Index Coop Set Protocol Product deployments><These funds will be used to set up bounties, set up hackathons & fund BD initiatives that will help scale the PDI over the period of a year. This will include improving Set & Index Coop support for Polygon products, supporting PDI integration initiatives i.e PDI deployments on AAVE, Qi DAO, Adamant Finance><Total: $200k WMATIC>
Milestone 1 & 2 are initiatives that will seed the liquidity of the Index, so LP tokens will still be owned by the fund. We believe if properly supported we can attract a total of $130 million in total value locked over a 1-year period. This will result in estimated annual fees of $123k-$247k accrued to the eco-system fund on an annual basis. However, as the projects in the Index scale and more adoption of polygon eco-system grows this figure could grow drastically. Our most successful product DPI $200 million TVL earns fees of $570k annually for our methadologist partner DeFi Pulse.
NB: All LP tokens created will be held in a multi-sig controlled by members of Index Coop and Polygon Team.